NORTHWEST AIRLINES CORP, 10-K, 2000-03-28

Exhibit 12.1

Northwest Airlines Corporation

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

	Year ended December 31,
	1999		1998			1997		1996		1995

Earnings:
Income (loss) before income taxes and 1997 and 1995 extraordinary items	$	487	$	(430	)	$	985	$	872	$	544
Less: Income (loss) from less than 50% owned investees		86		9			19		16		(10	)
Add:
Rent expense representative of interest(1)		199		193			198		192		194
Interest expense net of capitalized interest		348		294			228		252		374
Interest of preferred security holder		27		22			24		27		7
Amortization of debt discount and expense		15		18			6		11		13
Amortization of interest capitalized		4		4			3		3		4

Adjusted earnings	$	994	$	92		$	1,425	$	1,341	$	1,146

Fixed charges:
Rent expense representative of interest(1)	$	199	$	193		$	198	$	192	$	194
Interest expense net of capitalized interest		348		294			228		252		374
Interest of preferred security holder		27		22			24		27		7
Amortization of debt discount and expense		15		18			6		11		13
Capitalized interest		16		17			11		7		14

Fixed charges	$	605	$	544		$	467	$	489	$	602

Ratio of earnings to fixed charges		1.64		—	(2)		3.05		2.74		1.90

(1): Calculated as one-third of rentals, which is considered representative of the interest factor.
(2): Earnings were inadequate to cover fixed charges by $452 million for the year ended December 31, 1998.