EX-12.1
Published on August 1, 2014
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. 28, 2013 |
Dec. 29, 2012 |
Dec. 31, 2011 |
Dec. 25, 2010 |
Dec. 26, 2009 |
Jun. 28, 2014 |
Jun. 29, 2013 |
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| Interest expense |
$ | 177 | $ | 175 | $ | 180 | $ | 199 | $ | 438 | $ | 93 | $ | 86 | ||||||||||||||
| Capitalized interest |
0 | 0 | 0 | 0 | 1 | 0 | 0 | |||||||||||||||||||||
| Estimated interest portion of rent expense |
14 | 14 | 16 | 16 | 20 | 6 | 9 | |||||||||||||||||||||
| Class B preferred accretion |
0 | 0 | 0 | 0 | 72 | 0 | 0 | |||||||||||||||||||||
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| Fixed charges |
$ | 191 | $ | 189 | $ | 196 | $ | 215 | $ | 531 | $ | 99 | $ | 95 | ||||||||||||||
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| Income (loss) from continuing operations before equity income (loss) and dilution in investees, income taxes and noncontrolling interest |
$ | (74 | ) | $ | (1,217 | ) | $ | (1 | ) | $ | 971 | $ | 408 | $ | (50 | ) | $ | (215 | ) | |||||||||
| Fixed charges |
191 | 189 | 196 | 215 | 531 | 99 | 95 | |||||||||||||||||||||
| Less: Class B preferred accretion |
0 | 0 | 0 | 0 | (72 | ) | 0 | 0 | ||||||||||||||||||||
| Less: interest charges capitalized |
0 | 0 | 0 | 0 | (1 | ) | 0 | 0 | ||||||||||||||||||||
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| Earnings (loss) |
$ | 117 | $ | (1,028 | ) | $ | 195 | $ | 1,186 | $ | 866 | $ | 49 | $ | (120 | ) | ||||||||||||
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| Ratio of earnings to fixed charges |
* | * | * | 5.52 | 1.63 | * | * | |||||||||||||||||||||
| * | For the years ended December 28, 2013, December 29, 2012 and December 31, 2011, earnings were insufficient to cover fixed charges by approximately $74 million, $1.2 billion and $1 million, respectively. For the six-months ended June 28, 2014 and June 29, 2013, earnings were insufficient to cover fixed charges by approximately $50 million and $215 million, respectively. |