EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(in millions, except ratio amounts)
Year-to-Date ended | ||||||||
September 7, 2007 | September 8, 2006 | |||||||
Income from continuing operations before income taxes | $ | 287 | $ | 147 | ||||
Add (deduct): | ||||||||
Fixed charges | 359 | 350 | ||||||
Capitalized interest | (6 | ) | (2 | ) | ||||
Amortization of capitalized interest | 4 | 4 | ||||||
Minority interest in consolidated affiliates | 21 | 30 | ||||||
Equity in (earnings) losses related to certain 50% or less owned affiliates | (5 | ) | 8 | |||||
Distributions from equity investments | 4 | 3 | ||||||
Dividends on preferred stock | (6 | ) | (12 | ) | ||||
Issuance costs of redeemed preferred stock | — | (6 | ) | |||||
Adjusted earnings | $ | 658 | $ | 522 | ||||
Fixed charges: | ||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 312 | $ | 298 | ||||
Capitalized interest | 6 | 2 | ||||||
Dividends on preferred stock | 6 | 12 | ||||||
Portion of rents representative of the interest factor | 35 | 32 | ||||||
Issuance costs of redeemed preferred stock | — | 6 | ||||||
Total fixed charges and preferred stock dividends | $ | 359 | $ | 350 | ||||
Ratio of earning to fixed charges and preferred stock dividends | 1.8 | 1.5 |