Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratios)
Ratio of Earnings to Fixed Charges:
| Fiscal Year Ended | Six Months Ended | |||||||||||||||||||||||||||
| Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jun. 25, 2016 | Jun. 27, 2015 | ||||||||||||||||||||||
Interest expense | $ | 146 | $ | 159 | $ | 152 | $ | 146 | $ | 150 | $ | 73 | $ | 73 | ||||||||||||||
Capitalized interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 6 | 9 | 11 | 10 | 10 | 3 | 3 | |||||||||||||||||||||
Estimated interest portion of rent expense | 19 | 20 | 14 | 14 | 16 | 11 | 10 | |||||||||||||||||||||
Other | 3 | 0 | 0 | 0 | (2 | ) | 0 | 0 | ||||||||||||||||||||
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Fixed charges | $ | 174 | $ | 188 | $ | 177 | $ | 170 | $ | 174 | $ | 87 | $ | 86 | ||||||||||||||
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Income (loss) from continuing operations before equity income (loss) and dilution in investees, income taxes and noncontrolling interest | $ | (646 | ) | $ | (398 | ) | $ | (74 | ) | $ | (1,217 | ) | $ | (1 | ) | $ | (157 | ) | $ | (357 | ) | |||||||
Fixed charges | 174 | 188 | 177 | 170 | 174 | 87 | 86 | |||||||||||||||||||||
Less: interest charges capitalized | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
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Earnings (loss) | $ | (472 | ) | $ | (210 | ) | $ | 103 | $ | (1,047 | ) | $ | 173 | $ | (70 | ) | $ | (271 | ) | |||||||||
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Ratio of earnings to fixed charges | * | * | 0.6x | * | 1.0x | * | * | |||||||||||||||||||||
| * | For the years ended December 26, 2015, December 27, 2014, December 28, 2013, December 29, 2012 and December 31, 2011, earnings were insufficient to cover fixed charges by approximately $646 million, $398 million, $74 million, $1.2 billion and $1 million, respectively. For the six-months ended June 26, 2015 and June 27, 2015, earnings were insufficient to cover fixed charges by approximately $157 million and $357 million, respectively. |
