EX-12.2 4 ual_09301810qex122.htm EXHIBIT 12.2
Exhibit 12.2
United Airlines, Inc. and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios) |  | Nine Months Ended September 30, 2018 |  | 2017 (a) |  | 2016 (a) |  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Earnings before income taxes |  | $ | 2,103 |  |  | $ | 3,042 |  |  | $ | 3,775 |  |  | $ | 4,221 |  |  | $ | 1,110 |  |  | $ | 637 |
Add (deduct): |  |  |  |  |  |  |  |  |  |  |  |
Fixed charges, from below |  | 1,056 |  |  | 1,417 |  |  | 1,430 |  |  | 1,429 |  |  | 1,655 |  |  | 1,627 |
Amortization of capitalized interest |  | 8 |  |  | 9 |  |  | 11 |  |  | 12 |  |  | 12 |  |  | 11 |
Distributed earnings of affiliates |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |
Interest capitalized |  | (51 | ) |  | (84 | ) |  | (72 | ) |  | (49 | ) |  | (52 | ) |  | (49 | )
Equity earnings in affiliates |  | (13 | ) |  | (4 | ) |  | — |  |  | (2 | ) |  | (1 | ) |  | (1 | )
Earnings as adjusted |  | $ | 3,103 |  |  | $ | 4,380 |  |  | $ | 5,145 |  |  | $ | 5,612 |  |  | $ | 2,725 |  |  | $ | 2,225 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 540 |  |  | $ | 671 |  |  | $ | 674 |  |  | $ | 670 |  |  | $ | 742 |  |  | $ | 781 |
Portion of rent expense representative of the interest factor (b) |  | 516 |  |  | 746 |  |  | 756 |  |  | 759 |  |  | 913 |  |  | 846 |
Fixed charges |  | $ | 1,056 |  |  | $ | 1,417 |  |  | $ | 1,430 |  |  | $ | 1,429 |  |  | $ | 1,655 |  |  | $ | 1,627 |
Ratio of earnings to fixed charges |  | 2.94 |  |  | 3.09 |  |  | 3.60 |  |  | 3.93 |  |  | 1.65 |  |  | 1.37 |

(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 1 to the financial statements contained in Part I, Item 1 of United Airlines, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 for additional information related to the adjusted results.
(b) Imputed interest applied to rent expense.