EX-12.1
Published on February 9, 2018
Exhibit 12.1
SOUTHWEST AIRLINES CO.
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
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Year Ended December 31, |
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| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| Earnings |
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| Income before income taxes and cumulative effect of accounting changes |
$3,251 | $3,547 | $3,479 | $1,816 | $1,210 | |||||||||||||||
| Add: Fixed charges |
$397 | $407 | $401 | $410 | $406 | |||||||||||||||
| Deduct: Interest capitalized |
($49 | ) | ($47 | ) | ($31 | ) | ($23 | ) | ($24 | ) | ||||||||||
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| Total |
$3,599 | $3,907 | $3,849 | $2,203 | $1,592 | |||||||||||||||
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| Fixed charges |
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| Interest expense (net) |
$65 | $75 | $90 | $107 | $107 | |||||||||||||||
| Add: Interest capitalized |
$49 | $47 | $31 | $23 | $24 | |||||||||||||||
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| Gross interest expense |
$114 | $122 | $121 | $130 | $131 | |||||||||||||||
| Add: Interest factor of operating lease expense |
$283 | $284 | $280 | $280 | $275 | |||||||||||||||
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| Total |
$397 | $406 | $401 | $410 | $406 | |||||||||||||||
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| Ratio of earnings to fixed charges |
9.07 | 9.62 | 9.60 | 5.37 | 3.92 | |||||||||||||||
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