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Content analysis
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New words:
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Removed:
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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 | ) | |||||||||||
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Earnings as adjusted | $ | 4,309 | $ | 5,129 | $ | 5,609 | $ | 2,736 | $ | 2,129 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 643 | $ | 614 | $ | 669 | $ | 735 | $ | 783 | ||||||||||
Portion of rent expense representative of the interest factor (a) | 746 | 756 | 759 | 913 | 846 | |||||||||||||||
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Fixed charges | $ | 1,389 | $ | 1,370 | $ | 1,428 | $ | 1,648 | $ | 1,629 | ||||||||||
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Ratio of earnings to fixed charges | 3.10 | 3.74 | 3.93 | 1.66 | 1.31 | |||||||||||||||
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| (a) | Imputed interest applied to rent expense. |