Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratios)
Ratio of Earnings to Fixed Charges:
Fiscal Year Ended | ||||||||||||||||||||
Dec 29, 2012 | Dec 31, 2011 | Dec 25, 2010 | Dec 26, 2009 | Dec 27, 2008 | ||||||||||||||||
Interest expense | $ | 175 | $ | 180 | $ | 199 | $ | 438 | $ | 391 | ||||||||||
Capitalized interest | — | — | — | 1 | 9 | |||||||||||||||
Estimated interest portion of rent expense | 14 | 16 | 16 | 20 | 28 | |||||||||||||||
Class B preferred accretion | — | — | — | 72 | — | |||||||||||||||
Fixed charges | $ | 189 | $ | 196 | $ | 215 | $ | 531 | $ | 428 | ||||||||||
Income (loss) from continuing operations before equity income (loss) and dilution in investees, income taxes and noncontrolling interest | $ | (1,217 | ) | $ | (1 | ) | $ | 971 | $ | 408 | $ | (2,344 | ) | |||||||
Fixed charges | 189 | 196 | 215 | 531 | 428 | |||||||||||||||
Less: Class B preferred accretion | — | — | — | (72 | ) | — | ||||||||||||||
Less: interest charges capitalized | — | — | — | (1 | ) | (9 | ) | |||||||||||||
Earnings (loss) | $ | (1,028 | ) | $ | 195 | $ | 1,186 | $ | 866 | $ | (1,925 | ) | ||||||||
Ratio of earnings to fixed charges | * | * | 5.52 | 1.63 | * |
* | For the years ended December 29, 2012, December 31, 2011 and December 27, 2008, earnings were insufficient to cover fixed charges by approximately $1.0 billion, $1 million and $2.4 billion, respectively. |