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Previous: NORTHWEST AIRLINES CORP, 10-Q, EX-10.2, 2000-11-14 |
Next: NORTHWEST AIRLINES CORP, 10-Q, EX-12.2, 2000-11-14 |
<PAGE>
EXHIBIT 12.1
NORTHWEST AIRLINES CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
2000 1999 2000 1999
------------ ------------ ------------ -------------
EARNINGS:
<S> <C> <C> <C> <C>
Income before income taxes $ 342 $ 294 $ 537 $ 444
Less: Income from less than 50%
owned investees 49 23 106 58
Add:
Rent expense representative of interest(1) 59 50 170 147
Interest expense net of capitalized interest 77 87 241 264
Interest of mandatorily redeemable
preferred security holder 8 7 22 20
Amortization of debt discount and expense 3 4 8 11
Amortization of interest capitalized 1 1 3 3
------------ ------------ ------------ -------------
ADJUSTED EARNINGS $ 441 $ 420 $ 875 $ 831
============ ============ ============ =============
FIXED CHARGES:
Rent expense representative of interest(1) $ 59 $ 50 $ 170 $ 147
Interest expense net of capitalized interest 77 87 241 264
Interest of mandatorily redeemable
preferred security holder 8 7 22 20
Amortization of debt discount and expense 3 4 8 11
Capitalized interest 6 4 15 12
------------ ------------ ------------ -------------
FIXED CHARGES $ 153 $ 152 $ 456 $ 454
============ ============ ============ =============
RATIO OF EARNINGS TO FIXED CHARGES 2.88 2.76 1.92 1.83
============ ============ ============ =============
</TABLE>
(1) Calculated as one-third of rentals, which is considered representative of
the interest factor.
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