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EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions) | Three | ||||||||||||||||||||||
Months | |||||||||||||||||||||||
Ending | Fiscal Years | ||||||||||||||||||||||
December 29, 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity method investment earnings | $ | 261 | $ | 911 | $ | 1,063 | $ | 1,206 | $ | (541 | ) | $ | 148 | ||||||||||
Add: Fixed charges | 55 | 264 | 305 | 360 | 388 | 272 | |||||||||||||||||
Add: Amortization of capitalized interest | 1 | 5 | 4 | 3 | 4 | 4 | |||||||||||||||||
Less: Capitalized interest | (2 | ) | (10 | ) | (9 | ) | (11 | ) | (3 | ) | (3 | ) | |||||||||||
Total adjusted earnings | 315 | 1,170 | 1,363 | 1,558 | (152 | ) | 421 | ||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||
Interest | 30 | 150 | 191 | 240 | 289 | 212 | |||||||||||||||||
Capitalized interest | 2 | 10 | 9 | 11 | 3 | 3 | |||||||||||||||||
Amortization of debt discount expense | 7 | 39 | 44 | 46 | 38 | 3 | |||||||||||||||||
Rentals at computed interest factor (1) | 16 | 65 | 61 | 63 | 58 | 54 | |||||||||||||||||
Total fixed charges | $ | 55 | $ | 264 | $ | 305 | $ | 360 | $ | 388 | $ | 272 | |||||||||||
Ratio of Earnings to Fixed Charges | 5.73 | 4.43 | 4.47 | 4.33 | 1.55 | ||||||||||||||||||
Insufficient Coverage | 540 |
(1) | Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs. |