United Airlines 2009 Annual Report Download - page 166
Download and view the complete annual report
Please find page 166 of the 2009 United Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156 -
157 -
158 -
159 -
160 -
161 -
162 -
163 -
164 -
165 -
166 -
167 -
168 -
169 -
170 -
171 -
172 -
173 -
174 -
175 -
176
 |
 |
Exhibit 12.1
UAL Corporation and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements
Successor Predecessor
Period from
February 1 to
December 31,
Period from
January 1 to
January 31,
(In millions, except ratios) 2009 2008 2007 2006 2006 2005
Earnings (losses):
Earnings (loss) before income taxes & adjustments for minority interest
and equity earnings (losses) in affiliates $ (671) $ (5,424) $ 654 $ 29 $ 22,846 $ (21,178)
Add (deduct):
Fixed charges, from below 911 868 938 1,069 63 775
Distributed earnings of affiliates 2 2 3 4 — 3
Amortization of capitalized interest 3 1 1 — 1 14
Minority interest (1) (2) (2) (4) — —
Interest capitalized (10) (20) (19) (15) — 3
Earnings (loss) as adjusted $ 234 $ (4,575) $ 1,575 $ 1,083 $ 22,910 $ (20,383)
Fixed charges:
Interest expensed and capitalized and amortization of debt discounts
and issuance costs (a) $ 577 $ 571 $ 704 $ 746 $ 42 $ 484
Portion of rental expense representative of the interest factor 334 297 234 323 21 291
Fixed charges, as above 911 868 938 1,069 63 775
Preferred stock dividend requirements (pre-tax) (b) — 3 18 21 1 10
Fixed charges including preferred stock dividends $ 911 $ 871 $ 956 $ 1,090 $ 64 $ 785
Ratio of earnings to fixed charges (c) (d) 1.68 1.01 363.65 (d)
Ratio of earnings to fixed charges and preferred dividend requirements N/A (d) 1.65 (e) 357.97 (d)
(a) Amortization of debt discounts includes amortization of fresh-start valuation discounts.
(b) Successor Company dividends were adjusted using the effective tax rate for each applicable year, except 2006. In 2006, preferred dividends were
grossed-up based on the Company’s effective tax rate only to the extent of the Company’s income tax provision for the period.
(c) Earnings were inadequate to cover fixed charges by $677 million in 2009.
(d) Earnings were inadequate to cover both fixed charges and fixed charges and preferred dividend requirements by $5.4 billion in 2008 and $21.2 billion in
2005.
(e) Earnings were inadequate to cover combined fixed charges and preferred dividend requirements by $7 million in the 2006 Successor period.
N/A Not applicable.