Attached files
Exhibit 12.2
United Airlines, Inc. and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
| (In millions, except ratios) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
| Earnings (losses): |
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| Earnings (loss) before income taxes | $ | 3,822 | $ | 4,221 | $ | 1,110 | $ | 637 | $ | (657) | ||||||||||
| Add (deduct): |
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| Fixed charges, from below |
1,370 | 1,429 | 1,655 | 1,627 | 1,514 | |||||||||||||||
| Amortization of capitalized interest |
11 | 12 | 12 | 11 | 9 | |||||||||||||||
| Distributed earnings of affiliates |
1 | 1 | 1 | — | — | |||||||||||||||
| Interest capitalized |
(72) | (49) | (52) | (49) | (37) | |||||||||||||||
| Equity earnings in affiliates |
— | (2) | (1) | (1) | (4) | |||||||||||||||
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| Earnings as adjusted |
$ | 5,132 | $ | 5,612 | $ | 2,725 | $ | 2,225 | $ | 825 | ||||||||||
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| Fixed charges: |
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| Interest expense | $ | 614 | $ | 670 | $ | 742 | $ | 781 | $ | 823 | ||||||||||
| Portion of rent expense representative of the interest factor (a) | 756 | 759 | 913 | 846 | 691 | |||||||||||||||
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| Fixed charges |
$ | 1,370 | $ | 1,429 | $ | 1,655 | $ | 1,627 | $ | 1,514 | ||||||||||
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| Ratio of earnings to fixed charges | 3.75 | 3.93 | 1.65 | 1.37 | (b) | |||||||||||||||
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(a) Imputed interest applied to rent expense.
(b) Earnings were inadequate to cover fixed charges by $689 million in 2012.