Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Year-ended December 31, | Six Months Ended July 4, 2009 | |||||||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Earnings/(loss) before income taxes and noncontrolling interests | $ | 1,806,731 | $ | 2,137,733 | $ | 2,911,556 | $ | 2,546,816 | $ | 3,104,391 | $ | (482,504 | ) | |||||||||||
Plus/(Less): losses/(earnings) from equity investments | (4,070 | ) | (476 | ) | 17,690 | 24,618 | 36,920 | 59,798 | ||||||||||||||||
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense) | 30,645 | 36,571 | 40,351 | 55,402 | 146,360 | 87,272 | ||||||||||||||||||
Plus: amortization of capitalized interest | 108 | 216 | 216 | 216 | 300 | 276 | ||||||||||||||||||
Plus: distributed income of equity investees | — | — | 3,172 | 8,072 | 20,117 | 6,317 | ||||||||||||||||||
Less: interest capitalized | (1,310 | ) | — | — | (3,700 | ) | (10,020 | ) | (11,110 | ) | ||||||||||||||
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges | (80,840 | ) | (110,650 | ) | (219,121 | ) | (293,604 | ) | (314,277 | ) | (5,683 | ) | ||||||||||||
Total earnings/(loss) before fixed charges | $ | 1,751,264 | $ | 2,063,394 | $ | 2,753,864 | $ | 2,337,820 | $ | 2,983,791 | $ | (345,634 | ) | |||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense and amortization of bond issuance and settled swaps | 30,645 | 36,571 | 40,351 | 55,052 | 144,845 | 86,270 | ||||||||||||||||||
Estimated interest on rent expense | — | — | — | 350 | 1,515 | 1,002 | ||||||||||||||||||
Total Fixed Charges | 30,645 | 36,571 | 40,351 | 55,402 | 146,360 | 87,272 | ||||||||||||||||||
Ratio of earnings to fixed charges | 57.15 | 56.42 | 68.25 | 42.20 | 20.39 | * |
* | Earnings for the six months ended July 4, 2009 were inadequate to cover fixed charges. The coverage deficiency was $432,906. |