Delta Airlines 2014 Annual Report Download - page 451

Exhibit 12.1
Delta Air Lines, Inc.
Computation of Ratio of Earnings to Fixed Charges
The following are included in the results above:
Year Ended December 31,
(in millions, except for ratio data) 2014 2013 2012 2011 2010
Earnings (loss) before income taxes
$
1,072
$
2,527
$
1,025
$
769
$
608
Add (deduct):
Fixed charges from below
737
947
1,116
1,202
1,315
Capitalized interest
(33
)
(29
)
(21
)
(9
)
(6
)
Earnings (loss) as adjusted
$
1,776
$
3,445
$
2,120
$
1,962
$
1,917
Fixed charges:
Interest expense, including capitalized amounts and amortization of debt costs
$
691
$
891
$
1,044
$
1,122
$
1,226
Portion of rental expense representative of the interest factor
46
56
72
80
89
Fixed charges
$
737
$
947
$
1,116
$
1,202
$
1,315
Ratio of earnings to fixed charges
2.41
3.64
1.90
1.63
1.46
Year Ended December 31,
(in millions) 2014 2013 2012 2011 2010
MTM adjustments
$
2,346
$
(276
)
$
(27
)
$
26
$
—
Restructuring and other
716
424
452
242
227
Loss on extinguishment of debt
268
—
118
68
391
Virgin Atlantic MTM adjustments
134
—
—
—
—
Merger-related items
—
—
—
—
233
Total
$
3,464
$
148
$
543
$
336
$
851