EX-12.1 6 d471340dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

United Continental Holdings, Inc. and Subsidiary Companies

Computation of Ratio of Earnings to Fixed Charges

 

(In millions, except ratios)    2017     2016     2015     2014     2013  

Earnings:

           

Earnings before income taxes

    $ 2,999     $ 3,819     $ 4,219     $ 1,128     $ 539  

Add (deduct):

           

Fixed charges, from below

      1,389       1,370       1,428       1,648       1,629  

Amortization of capitalized interest

      9       11       12       12       11  

Distributed earnings of affiliates

      —         1       1       1       —    

Interest capitalized

      (84 )      (72 )      (49 )      (52 )      (49 ) 

Equity earnings in affiliates

      (4 )      —         (2 )      (1 )      (1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings as adjusted

    $ 4,309     $ 5,129     $ 5,609     $ 2,736     $ 2,129  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expense

    $ 643     $ 614     $ 669     $ 735     $ 783  

Portion of rent expense representative of the interest factor (a)

      746       756       759       913       846  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

    $ 1,389     $ 1,370     $ 1,428     $ 1,648     $ 1,629  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      3.10       3.74       3.93       1.66       1.31  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Imputed interest applied to rent expense.