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 5, 2008 | September 7, 2007 | |||||||
Income from continuing operations before income taxes | $ | 291 | $ | 280 | ||||
Add (deduct): | ||||||||
Fixed charges | 290 | 359 | ||||||
Capitalized interest | (8 | ) | (6 | ) | ||||
Amortization of capitalized interest | 4 | 4 | ||||||
Minority interest in consolidated affiliates | 19 | 21 | ||||||
Equity in earnings related to certain 50% or less owned affiliates | (3 | ) | (5 | ) | ||||
Distributions from equity investments | 3 | 3 | ||||||
Dividends on preferred stock | (6 | ) | (6 | ) | ||||
Adjusted earnings | $ | 590 | $ | 650 | ||||
Fixed charges: | ||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 240 | $ | 312 | ||||
Capitalized interest | 8 | 6 | ||||||
Dividends on preferred stock | 6 | 6 | ||||||
Portion of rents representative of the interest factor | 36 | 35 | ||||||
Total fixed charges and preferred stock dividends | $ | 290 | $ | 359 | ||||
Ratio of earning to fixed charges and preferred stock dividends | 2.0 | 1.8 |
37