Statement Regarding Computation of Ratios Exhibit 12.1
Summary of Earnings to Fixed Charges
Pro Forma
Nine Month Nine Month Nine Month Pro Forma
Period Ended Period Ended Period Ended Year Ended
September 27, 1998 September 28, 1998 September 27, 1998 December 31, 1997
------------------ ------------------ ------------------ -----------------
Income from continuing operations
before taxes on income 70.3 77.6 69.0 66.3
Plus:
Interest expensed and capitalized and
amortization of financing costs 50.3 43.5 96.8 136.3
Interest expense within rent 13.6 9.4 14.0 13.3
Amortization of capitalized interest 1.5 1.7 1.5 2.6
Distributed income of equity
investees 2.5 4.4 2.5 6.9
Less:
Interest capitalized (1.8) (3.9) (1.8) (4.4)
Adjusted Earnings 136.4 132.7 182.0 221.0
Fixed Charges 63.9 52.9 110.8 149.6
Ratio of earnings to fixed charges 2.1 2.5 1.6 1.5
Year Ended Year Ended Year Ended Year Ended
December 31, 1997 December 31, 1996 December 31, 1995 December 31, 1994
------------------ ------------------ ------------------ -----------------
Income from continuing operations
before taxes on income 85.9 29.6 76.9 95.9
Plus:
Interest expensed and capitalized and
amortization of financing costs 57.9 45.4 41.3 43.2
Interest expense within rent 12.7 9.1 5.6 11.6
Amortization of capitalized interest 2.6 2.1 1.9 1.9
Distributed income of equity
investees 6.9 -- 0.4 0.7
Less:
Interest capitalized (4.4) (6.6) (3.5) (2.2)
Adjusted Earnings 161.6 79.6 122.6 151.1
Fixed Charges 70.6 54.5 46.9 54.8
Ratio of earnings to fixed charges 2.3 1.5 2.6 2.8
Year Ended
December 31, 1993
------------------
Income from continuing operations
before taxes on income (0.1)
Plus:
Interest expensed and capitalized and
amortization of financing costs 47.5
Interest expense within rent 10.6
Amortization of capitalized interest 1.8
Distributed income of equity
investees 0.4
Less:
Interest capitalized (1.6)
Adjusted Earnings 58.6
Fixed Charges 58.1
Ratio of earnings to fixed charges 1.0