Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
For the Three Months ended March 31, 2009, the Years ended December 31, 2008 and 2007,
the Periods from May 24, 2006 to December 31, 2006 and January 1, 2006 to May 23, 2006 and the
Years ended December 31, 2005 and 2004
Successor | Predecessor | ||||||||||||||||||||||||||||
(IN MILLIONS) | Three months ended March 31, 2009 | Year ended December 31, 2008 | Year ended December 31, 2007 | May 24 - December 31, 2006 | January 1 - May 23, 2006 | Year ended December 31, 2005 | Year ended December 31, 2004 | ||||||||||||||||||||||
Fixed charges | |||||||||||||||||||||||||||||
Interest expense | $ | 163 | $ | 639 | $ | 650 | $ | 386 | $ | 49 | $ | 133 | $ | 192 | |||||||||||||||
Interest capitalized | 1 | 2 | 1 | — | — | 1 | 4 | ||||||||||||||||||||||
Appropriate portion of rental expense representative of the interest factor | 8 | 36 | 37 | 27 | 17 | 47 | 51 | ||||||||||||||||||||||
Total fixed charges | $ | 172 | $ | 677 | $ | 688 | $ | 413 | $ | 66 | $ | 181 | $ | 247 | |||||||||||||||
Earnings | |||||||||||||||||||||||||||||
(Loss)/income from continuing operations before income taxes and equity in net (loss)/income of affiliates | $ | — | $ | (510 | ) | $ | (266 | ) | $ | (390 | ) | $ | 19 | $ | 194 | $ | 310 | ||||||||||||
Fixed charges per above | 172 | 677 | 688 | 413 | 66 | 181 | 247 | ||||||||||||||||||||||
Amortization of capitalized interest | 1 | 2 | 1 | 1 | 1 | 1 | — | ||||||||||||||||||||||
Dividends received from affiliates | 4 | 11 | 8 | 4 | 8 | 11 | 11 | ||||||||||||||||||||||
(Income)/loss attributable to noncontrolling interests | (1 | ) | — | — | — | — | — | 5 | |||||||||||||||||||||
Interest capitalized | (1 | ) | (2 | ) | (1 | ) | — | — | (1 | ) | (4 | ) | |||||||||||||||||
Total earnings | $ | 175 | $ | 178 | $ | 430 | $ | 28 | $ | 94 | $ | 386 | $ | 569 | |||||||||||||||
Ratio of earnings to fixed charges | 1.0 | (a | ) | (a | ) | (a | ) | 1.4 | 2.1 | 2.3 |
(a) | Earnings for the years ended December 31, 2008 and 2007 and for the successor period of May 24, 2006 to December 31, 2006 were inadequate to cover fixed charges by $499 million, $258 million and $385 million, respectively. |