Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
Year-ended December 31, | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
October 2, | October 3, | |||||||||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2009 | ||||||||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Earnings/(loss) before income taxes and noncontrolling interests | $ | 2,137,733 | $ | 2,911,556 | $ | 2,546,816 | $ | 3,104,391 | $ | (413,978 | ) | $ | 277,615 | (503,988 | ) | |||||||||||||
Plus/(Less): losses/(earnings) from equity investments | (476 | ) | 17,690 | 24,618 | 36,920 | 82,341 | 31,481 | 69,431 | ||||||||||||||||||||
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense) | 36,571 | 40,351 | 55,381 | 146,360 | 168,317 | 119,395 | 127,571 | |||||||||||||||||||||
Plus: amortization of capitalized interest | 216 | 216 | 216 | 300 | 962 | 1,674 | 576 | |||||||||||||||||||||
Plus: distributed income of equity investees | — | 3,172 | 8,072 | 20,117 | 7,373 | 4,923 | 7,373 | |||||||||||||||||||||
Less: interest capitalized | — | — | (3,700 | ) | (10,020 | ) | (16,390 | ) | (400 | ) | (13,740 | ) | ||||||||||||||||
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges | (110,650 | ) | (219,121 | ) | (293,604 | ) | (314,277 | ) | (57,865 | ) | (52,620 | ) | (29,797 | ) | ||||||||||||||
Total earnings/(loss) before fixed charges | $ | 2,063,394 | $ | 2,753,864 | $ | 2,337,799 | $ | 2,983,791 | $ | (229,240 | ) | $ | 382,068 | $ | (342,574 | ) | ||||||||||||
Fixed charges | ||||||||||||||||||||||||||||
Interest cost and amortization of bond issuance and settled swaps | 36,571 | 40,351 | 55,052 | 144,845 | 166,313 | 118,123 | 126,068 | |||||||||||||||||||||
Estimated interest on rent expense | — | — | 329 | 1,515 | 2,004 | 1,272 | 1,503 | |||||||||||||||||||||
Total Fixed Charges | 36,571 | 40,351 | 55,381 | 146,360 | 168,317 | 119,395 | 127,571 | |||||||||||||||||||||
Ratio of earnings to fixed charges | 56.42 | 68.25 | 42.21 | 20.39 | * | 3.20 | * |
* | Earnings for the nine months ended October 3, 2009 and for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiencies were $470,145 and $397,557 respectively. |