Kodak 2008 Annual Report Download - page 117

Download and view the complete annual report

Please find page 117 of the 2008 Kodak annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 216

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216

115
EXHIBIT (12)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31
(in millions) 2008 2007 2006 2005 2004
Loss from continuing operations
before provision for income taxes $ (874) $ (256) $ (583) $ (1,208) $ (625)
Adjustments:
Minority interest in income of
subsidiaries with fixed charges - (1) - (3) (3)
Undistributed (earnings) loss of
equity method investees - (1) (7) (12) (30)
Interest expense 108 113 172 139 111
Interest component of rental
expense (1) 39 43 53 50 54
Amortization of capitalized interest 2 943 22 25
Earnings as adjusted $ (725)$ (93) $ (322) $ (1,012) $ (468)
Fixed charges:
Interest expense 108 113 172 139 111
Interest component of rental
expense (1) 39 43 53 50 54
Capitalized interest 3 2 3 3 2
Total fixed charges $ 150 $ 158 $ 228 $ 192 $ 167
Ratio of earnings to fixed charges * ** *** **** *****
(1) Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable
approximation of the interest factor.
* Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges.
The coverage deficiency was $875 million.
** Earnings for the year ended December 31, 2007 were inadequate to cover fixed charges.
The coverage deficiency was $251 million.
*** Earnings for the year ended December 31, 2006 were in adequate to cover fixed charges.
The coverage deficiency was $550 million.
**** Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges.
The coverage deficiency was $1,204 million.
***** Earnings for the year ended December 31, 2004 were inadequate to cover fixed charges.
The coverage deficiency was $635 million.