EX-12.1 93 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO

(in thousands of dollars, except ratio data)

 

     Year Ended     Quarter Ended  
     Dec 27,
2009		     Dec 28,
2008		     Dec 30,
2007		     Dec 31,
2006		     Dec 25,
2005		     Mar. 28,
2010		     Mar. 29,
2009		  

Fixed Charge Computation

               

Interest Expenses:

               

Net interest expense

    $ 127,276      $ 157,385      $ 197,997      $ 93,664      $ 7,705      $ 40,767      $ 33,921   

Plus Capitalized interest

      200        192        468        2,148        636        13        35   
                                                        

Gross interest

      127,476        157,577        198,465        95,812        8,341        40,780        33,956   

Interest on Unrecognized Tax Benefits (1)

      (920 )      (9,478 )      (7,270 )      —            (1,502 )      (2,086 ) 

Amortization of debt discount

      (7,442 )      (4,911 )      (2,352 )      (1,174 )      —          (2,365 )      (1,791 ) 

Interest Component of Rent Expense

      5,501        6,098        5,679        5,287        1,428        —          —     
                                                        

Total Fixed Charges

    $ 124,615      $ 149,286      $ 194,522      $ 99,925      $ 9,769      $ 36,913      $ 30,079   
                                                        

Earnings Computation

               

Income (loss) from Continuing Operations

               

Before Income Taxes

    $ 89,411      $ 22,085      $ (2,883,191 )    $ 270,885      $ 263,227      $ (2,586 )    $ (47,983 ) 

(Earnings) Losses of Equity Investments

      (2,130 )      14,021        36,899        (4,951 )      (712 )      954        3,130   

Impairment Related Charge Recorded by Equity Investee (2)

      2,022        16,947        —          —          —          3,708     

Interest on Unrecognized Tax Benefits

      920        9,478        7,270        —            1,502        2,086   

Distributed Income of Equity Investees

      1,135        1,740        7,424        4,345        9,769        —          1,740   

Add: Fixed Charges

      124,615        149,286        194,522        99,925          36,913        30,079   

Less: Capitalized Interest

      (200 )      (192 )      (468 )      (2,148 )      (636 )      (13 )      (35 ) 
                                                        

Total Earnings as Adjusted

    $ 215,773      $ 213,365      $ (2,637,544 )    $ 68,056      $ 271,648      $ 40,478      $ (10,983 ) 
                                                        

Ratio Of Earnings to Fixed Charges (3)

      1.73        1.43        —          3.68        27.81        1.10        —     

 

(1) The Company began recording the interest on unrecognized tax benefits in interest expense in fiscal 2007 when it adopted FIN 48.
(2) Reflects the Company’s portion of loss related to an impairment and recorded in “Write-down of investments and land held for sale” in the Consolidated Statement of Income.
(3) Earnings were inadequate to cover fixed charges by $2.8 billion for the year ended December 30, 2007 and the quarter ended March 29, 2009, as a result of non-cash impairment charges of $3.0 billion in 2007 and a loss from continuing operations in the first quarter of 2009.