EX-12.1 4 dal12312013ex121.htm EXHIBIT 12.1 DAL 12.31.2013 EX 12.1


Exhibit 12.1

Delta Air Lines, Inc.
Computation of Ratio of Earnings to Fixed Charges
 
Year Ended December 31,
(in millions, except for ratio data)
2013
2012
2011
2010
2009
Earnings (loss) before income taxes
$
2,527

$
1,025

$
769

$
608

$
(1,581
)
Add (deduct):
 
 
 
 
 
Fixed charges from below
947

1,116

1,202

1,315

1,416

Capitalized interest
(29
)
(21
)
(9
)
(6
)
(12
)
Earnings (loss) as adjusted
$
3,445

$
2,120

$
1,962

$
1,917

$
(177
)
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense, including capitalized amounts and amortization of debt costs
$
891

$
1,044

$
1,122

$
1,226

$
1,290

Portion of rental expense representative of the interest factor
56

72

80

89

126

Fixed charges
$
947

$
1,116

$
1,202

$
1,315

$
1,416

 
 
 
 
 
 
Ratio of earnings to fixed charges(1)
3.64
1.90

1.63

1.46

(0.13
)


(1) 
For the year ended December 31, 2009, earnings were not sufficient to cover fixed charges by $1.6 billion.

The following are included in the results above:
 
Year Ended December 31,
(in millions)
2013
2012
2011
2010
2009
Severance, impairment charges and other
$
424

$
452

$
242

$
227

$
132

MTM adjustments
(276
)
(27
)
26

—

—

Loss on extinguishment of debt
—

118

68

391

83

Merger-related items
—

—

—

233

275

Total
$
148

$
543

$
336

$
851

$
490