Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended | ||||
June 26, | March 27, | December 27, | ||
2004 | 2004 | 2003 | ||
Net income for the period | 160,804 | 118,375 | 57,393 | |
Add: Provision for income taxes | 97,703 | 69,029 | 31,607 | |
Add: Minority interest | (68) | (29) | 29 | |
Fixed charges | 77,706 | 78,718 | 79,105 | |
Less: Capitalized interest | (1,187) | (520) | (552) | |
Income before taxes on income and fixed charges | 334,958 | 265,573 | 167,582 | |
Fixed Charges: | ||||
Interest | 65,362 | 67,724 | 68,365 | |
Capitalized interest | 1,187 | 520 | 552 | |
Rentals at computed interest factor (1) | 9,471 | 8,983 | 8,893 | |
Amortization of debt discount expense | 1,686 | 1,491 | 1,295 | |
Total fixed charges | 77,706 | 78,718 | 79,105 | |
Ratio of earnings to fixed charges | 4.31 | 3.37 | 2.12 |
Fiscal Years Ending | ||||||
2003 | 2002 | 2001 | 2000 | 1999 | ||
Net income for the period | 337,408 | 382,727 | 87,859 | 151,221 | 230,048 | |
Add: Provision for income taxes | 185,493 | 210,237 | 58,362 | 83,520 | 129,355 | |
Add: Minority interest | 248 | (97) | 18,750 | (182) | 11,526 | |
Fixed charges | 337,164 | 351,622 | 175,457 | 142,613 | 159,072 | |
Less: Capitalized interest | (3,325) | (9,264) | (3,249) | (1,746) | (5,226) | |
Income before taxes on income and fixed charges | 856,988 | 935,225 | 337,179 | 375,426 | 524,775 | |
Fixed Charges: | ||||||
Interest | 294,175 | 296,983 | 143,718 | 115,261 | 128,035 | |
Capitalized interest | 3,325 | 9,264 | 3,249 | 1,746 | 5,226 | |
Rentals at computed interest factor (1) | 34,730 | 37,504 | 25,343 | 22,052 | 21,398 | |
Amortization of debt discount expense | 4,934 | 7,871 | 3,147 | 3,554 | 4,413 | |
Total fixed charges | 337,164 | 351,622 | 175,457 | 142,613 | 159,072 | |
Ratio of earnings to fixed charges | 2.54 | 2.66 | 1.92 | 2.63 | 3.30 |
(1) Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs.
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