Twelve Months Ended | |||||||||||||||||||||
(Amounts in millions, except ratios) | April 1, 2016 | April 3, 2015(h) | March 28, 2014(h) | March 29, 2013(h) | March 30, 2012(h) | ||||||||||||||||
Earnings: | |||||||||||||||||||||
Pre-tax (loss) income from continuing operations before adjustment for income or loss from equity investees | $ | 10 | $ | (671 | ) | $ | 694 | $ | (249 | ) | $ | (1,000 | ) | ||||||||
Fixed charges | 271 | 172 | 193 | 235 | 222 | ||||||||||||||||
Less: Preference security dividend requirements of consolidated subsidiaries | (2 | ) | (3 | ) | (2 | ) | — | — | |||||||||||||
Earnings as adjusted | $ | 279 | $ | (502 | ) | $ | 885 | $ | (14 | ) | $ | (778 | ) | ||||||||
Fixed charges: | |||||||||||||||||||||
Interest expense (a) | $ | 123 | $ | 126 | $ | 128 | $ | 165 | $ | 151 | |||||||||||
Loss on early extinguishment of debt(b) | 97 | — | — | — | — | ||||||||||||||||
Portion of rental expense representative of the interest factor (b) | 51 | 46 | 65 | 70 | 71 | ||||||||||||||||
Fixed Charges | $ | 271 | $ | 172 | $ | 193 | $ | 235 | $ | 222 | |||||||||||
Combined fixed charges and preference dividends: | |||||||||||||||||||||
Interest expense (a) | $ | 123 | $ | 126 | $ | 128 | $ | 165 | $ | 151 | |||||||||||
Loss on early extinguishment of debt(b) | 97 | — | — | — | — | ||||||||||||||||
Portion of rental expense representative of the interest factor (c) | 51 | 46 | 65 | 70 | 71 | ||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | 2 | 3 | 2 | — | — | ||||||||||||||||
Combined fixed charges and preference dividends | $ | 273 | $ | 175 | $ | 195 | $ | 235 | $ | 222 | |||||||||||
Ratios: | |||||||||||||||||||||
Ratio of earnings to fixed charges | 1.0 | — | (d) | 4.6 | — | (f) | — | (g) | |||||||||||||
Ratio of earnings to combined fixed charges and preference dividends | 1.0 | — | (e) | 4.5 | — | (f) | — | (g) | |||||||||||||
(a) | Interest expense includes amortization of debt discount and deferred loan costs. |
(b) | Loss on early extinguishment of debt is related to the Company's redemption of all outstanding 6.50% term notes due March 2018. See Note 13 of the Notes to the Consolidated Financial Statements. |
(c) | One-third of the rent expense is the portion of rental expense deemed representative of the interest factor. |
(d) | Earnings were insufficient to cover fixed charges during fiscal 2015 by $674 million. |
(e) | Earnings were insufficient to cover combined fixed charges and preference dividends during fiscal 2015 by $677 million. |
(f) | Earnings were insufficient to cover both fixed charges and combined fixed charges and preference dividends during fiscal 2012 by $249 million. |
(g) | Earnings were insufficient to cover both fixed charges and combined fixed charges and preference dividends during fiscal 2012 by $1.0 billion. |
(h) | Fiscal 2012 through fiscal 2015 have been adjusted to present discontinued operations for the divestiture of the Company's NPS segment in the third quarter of fiscal 2016 (see Note 4 of the Notes to the Consolidated Financial Statements). |