RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated.
|
| Three Months |
| Twelve Months Ended |
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|
| April 3, |
| December 31, |
| December 31, |
| December 31, |
| December 31, |
| December 31, |
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Earnings: |
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Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees |
| $ | 160.3 |
| $ | (430.8 | ) | $ | 11.4 |
| $ | 280.3 |
| $ | 297.8 |
| $ | 272.8 |
|
Add: Fixed Charge (from below) |
| 42.4 |
| 81.9 |
| 95.1 |
| 89.6 |
| 73.0 |
| 54.0 |
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Add: Amortization of capitalized interest |
| 1.5 |
| 3.8 |
| 3.6 |
| 2.9 |
| 2.1 |
| 2.3 |
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Add: Distributed income of equity investee |
| 0.2 |
| 0.5 |
| (0.7 | ) | (1.0 | ) | (0.7 | ) | (0.2 | ) | ||||||
Subtract: Capitalized interest expense |
| 1.0 |
| 5.8 |
| 7.5 |
| — |
| — |
| 7.1 |
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|
| $ | 203.4 |
| $ | (81.8 | ) | $ | 101.9 |
| $ | 371.8 |
| $ | 372.2 |
| $ | 321.8 |
|
Fixed charges: |
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Interest expense (including amortization of debt issuance costs, debt discounts and premiums) |
| $ | 35.4 |
| $ | 70.1 |
| $ | 82.9 |
| $ | 77.5 |
| $ | 59.1 |
| $ | 43.6 |
|
Add: Capitalized interest expense |
| 1.0 |
| 5.8 |
| 7.5 |
| 5.4 |
| 10.3 |
| 7.1 |
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Add: Portion of rentals representing interest (1/3 of Operating Lease Payments) |
| 6.0 |
| 6.0 |
| 4.6 |
| 6.7 |
| 3.6 |
| 3.3 |
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|
| $ | 42.4 |
| $ | 81.9 |
| $ | 95.0 |
| $ | 89.6 |
| $ | 73.0 |
| $ | 54.0 |
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Ratio of earnings to fixed charges |
| 4.8 |
| — | (1) | 1.1 |
| 4.1 |
| 5.1 |
| 6.0 |
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(1) Due to the registrant’s loss in 2013, the ratio coverage was less than 1:1. The registrant needed to generate additional earnings of $432.3 million to achieve a coverage ratio of 1:1.
