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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
unitedcoverlogoa01.jpg
Commission
File Number
Exact Name of Registrant as Specified in its Charter,
Principal Executive Office Address and Telephone Number
State of
Incorporation
I.R.S. Employer
Identification No.
001-06033United Airlines Holdings, Inc.Delaware36-2675207
233 South Wacker Drive,Chicago,Illinois60606
(872) 825-4000
001-10323United Airlines, Inc.Delaware74-2099724
233 South Wacker Drive, Chicago,Illinois60606
(872)825-4000
Securities registered pursuant to Section 12(b) of the Act
RegistrantTitle of Each ClassTrading SymbolName of Each Exchange on Which Registered
United Airlines Holdings, Inc.Common Stock, $0.01 par valueUALThe Nasdaq Stock Market LLC
United Airlines Holdings, Inc.Preferred Stock Purchase RightsNoneThe Nasdaq Stock Market LLC
United Airlines, Inc.NoneNoneNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
United Airlines Holdings, Inc.YesNoUnited Airlines, Inc.YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
United Airlines Holdings, Inc.YesNoUnited Airlines, Inc.YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
United Airlines Holdings, Inc.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
United Airlines, Inc.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
United Airlines Holdings, Inc.
United Airlines, Inc.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
United Airlines Holdings, Inc.YesNo
United Airlines, Inc.YesNo
The number of shares outstanding of each of the issuer's classes of common stock as of July 11, 2024 is shown below:
United Airlines Holdings, Inc. 328,833,907 shares of common stock ($0.01 par value)
United Airlines, Inc.1,000 shares of common stock ($0.01 par value) (100% owned by United Airlines Holdings, Inc.)
OMISSION OF CERTAIN INFORMATION
This combined Quarterly Report on Form 10-Q is separately filed by United Airlines Holdings, Inc. and United Airlines, Inc. United Airlines, Inc. meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format allowed under that General Instruction.



United Airlines Holdings, Inc.
United Airlines, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended June 30, 2024

Table of Contents
 
 Page



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions, except per share amounts)
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Operating revenue: 
Passenger$13,680 $13,002 $24,993 $23,276 
Cargo414 362 805 760 
Other892 814 1,727 1,571 
Total operating revenue14,986 14,178 27,525 25,607 
Operating expense:
Salaries and related costs4,098 3,710 8,030 7,032 
Aircraft fuel3,133 2,820 6,087 5,994 
Landing fees and other rent866 765 1,670 1,482 
Aircraft maintenance materials and outside repairs716 686 1,489 1,388 
Depreciation and amortization719 669 1,427 1,324 
Regional capacity purchase612 599 1,197 1,214 
Distribution expenses626 487 1,106 890 
Aircraft rent40 49 83 105 
Special charges36 859 49 873 
Other2,211 2,017 4,359 3,831 
Total operating expense13,057 12,661 25,497 24,133 
Operating income1,929 1,517 2,028 1,474 
Nonoperating income (expense):
Interest expense(427)(493)(881)(979)
Interest income190 216 367 386 
Interest capitalized60 42 121 80 
Unrealized gains (losses) on investments, net(33)84 (70)108 
Miscellaneous, net 20 21 10 62 
Total nonoperating expense, net(190)(130)(453)(343)
Income before income tax expense1,739 1,387 1,575 1,131 
Income tax expense416 312 376 250 
Net income$1,323 $1,075 $1,199 $881 
Earnings per share, basic$4.02 $3.28 $3.65 $2.69 
Earnings per share, diluted$3.96 $3.24 $3.60 $2.66 

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.


3

UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In millions)

 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Net income$1,323 $1,075 $1,199 $881 
Other comprehensive income (loss), net of tax:
Employee benefit plans(17)(34)(34)(69)
Investments and other1 (24)(1)(3)
Total other comprehensive loss, net of tax(16)(58)(35)(72)
Total comprehensive income, net$1,307 $1,017 $1,164 $809 


The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.



4

UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 June 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$10,864 $6,058 
Short-term investments4,384 8,330 
Restricted cash30 31 
Receivables, less allowance for credit losses (2024 — $20; 2023 — $18)
2,376 1,898 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2024 — $754; 2023 — $689)
1,680 1,561 
Prepaid expenses and other669 609 
Total current assets20,003 18,487 
Operating property and equipment:
Flight equipment49,814 48,448 
Other property and equipment11,295 10,527 
Purchase deposits for flight equipment3,457 3,550 
Total operating property and equipment64,566 62,525 
Less — Accumulated depreciation and amortization(23,901)(22,710)
Total operating property and equipment, net40,665 39,815 
Operating lease right-of-use assets3,803 3,914 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2024 — $1,347; 2023 — $1,495)
2,699 2,725 
Restricted cash220 245 
Investments in affiliates and other, less allowance for credit losses (2024 — $32; 2023 — $38)
1,337 1,391 
Total other assets8,783 8,888 
Total assets$73,254 $71,104 
(continued on next page)
















5


UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 June 30, 2024December 31, 2023
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$4,478 $3,835 
Accrued salaries and benefits2,383 2,940 
Advance ticket sales9,365 6,704 
Frequent flyer deferred revenue3,252 3,095 
Current maturities of long-term debt4,757 4,018 
Current maturities of operating leases548 576 
Current maturities of finance leases110 172 
Current maturities of other financial liabilities68 57 
Other894 806 
Total current liabilities25,855 22,203 
Long-term debt21,687 25,057 
Long-term obligations under operating leases4,443 4,503 
Long-term obligations under finance leases65 91 
Other liabilities and deferred credits:
Frequent flyer deferred revenue4,101 4,048 
Pension liability998 968 
Postretirement benefit liability612 637 
Deferred income taxes951 594 
Other financial liabilities2,576 2,265 
Other1,440 1,414 
Total other liabilities and deferred credits10,678 9,926 
Commitments and contingencies
Stockholders' equity:
Preferred stock  
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 328,832,139 and 328,018,739 shares at June 30, 2024 and December 31, 2023, respectively
4 4 
Additional capital invested9,001 8,992 
Stock held in treasury, at cost(3,368)(3,441)
Retained earnings4,986 3,831 
Accumulated other comprehensive loss(97)(62)
Total stockholders' equity10,526 9,324 
Total liabilities and stockholders' equity$73,254 $71,104 

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.




6

UNITED AIRLINES HOLDINGS, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)
 Six Months Ended June 30,
 20242023
Cash Flows from Operating Activities:
Net cash provided by operating activities$5,723 $6,941 
Cash Flows from Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns(2,530)(3,263)
Purchases of short-term and other investments(1,754)(6,876)
Proceeds from sale of short-term and other investments5,820 6,702 
Proceeds from sale of property and equipment42 9 
Other, net(3)1 
Net cash provided by (used in) investing activities1,575 (3,427)
Cash Flows from Financing Activities:
Proceeds from issuance of debt and other financing liabilities, net of discounts and fees3,718 1,591 
Payments of long-term debt, finance leases and other financing liabilities(6,217)(2,614)
Other, net(19)(31)
Net cash used in financing activities(2,518)(1,054)
Net increase in cash, cash equivalents and restricted cash4,780 2,460 
Cash, cash equivalents and restricted cash at beginning of the period6,334 7,421 
Cash, cash equivalents and restricted cash at end of the period (a)$11,114 $9,881 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$(206)$559 
Right-of-use assets acquired through operating leases143 434 
Lease modifications and lease conversions73 349 
Investment interests received in exchange for loans, goods and services18 25 

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
Current assets:
Cash and cash equivalents$10,864 $9,605 
Restricted cash — Current30 38 
Restricted cash — Non-Current220 238 
Total cash, cash equivalents and restricted cash $11,114 $9,881 

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
7

UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED)
(In millions)
 Common
Stock
Additional
Capital Invested
Treasury StockRetained EarningsAccumulated
Other Comprehensive Income (Loss)
Total
SharesAmount
Balance at March 31, 2024328.8 $4 $8,973 $(3,372)$3,664 $(81)$9,188 
Net income— — — — 1,323 — 1,323 
Other comprehensive loss— — — — — (16)(16)
Stock-settled share-based compensation— — 31 — — — 31 
Stock issued for share-based awards, net of shares withheld for tax— — (3)4 (1)—  
Balance at June 30, 2024328.8 $4 $9,001 $(3,368)$4,986 $(97)$10,526 
Balance at December 31, 2023328.0$4 $8,992 $(3,441)$3,831 $(62)$9,324 
Net income— — — — 1,199 — 1,199 
Other comprehensive loss— — — — — (35)(35)
Stock-settled share-based compensation— — 56 — — — 56 
Stock issued for share-based awards, net of shares withheld for tax0.8 — (47)73 (44)— (18)
Balance at June 30, 2024328.8 $4 $9,001 $(3,368)$4,986 $(97)$10,526 
Balance at March 31, 2023328.0$4 $8,926 $(3,443)$1,020 $161 $6,668 
Net income— — — — 1,075 — 1,075 
Other comprehensive loss— — — — — (58)(58)
Stock-settled share-based compensation— — 21 — — — 21 
Stock issued for share-based awards, net of shares withheld for tax— — (2)1 — — (1)
Balance at June 30, 2023328.0 $4 $8,945 $(3,442)$2,095 $103 $7,705 
Balance at December 31, 2022326.9$4 $8,986 $(3,534)$1,265 $175 $6,896 
Net income— — — — 881 — 881 
Other comprehensive loss— — — — — (72)(72)
Stock-settled share-based compensation— — 32 — — — 32 
Stock issued for share-based awards, net of shares withheld for tax1.1 — (73)92 (51)— (32)
Balance at June 30, 2023328.0 $4 $8,945 $(3,442)$2,095 $103 $7,705 


The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
8


UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions)
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Operating revenue:
Passenger$13,680 $13,002 $24,993 $23,276 
Cargo414 362 805 760 
Other892 814 1,727 1,571 
Total operating revenue14,986 14,178 27,525 25,607 
Operating expense:
Salaries and related costs4,098 3,710 8,030 7,032 
Aircraft fuel3,133 2,820 6,087 5,994 
Landing fees and other rent866 765 1,670 1,482 
Aircraft maintenance materials and outside repairs716 686 1,489 1,388 
Depreciation and amortization719 669 1,427 1,324 
Regional capacity purchase612 599 1,197 1,214 
Distribution expenses626 487 1,106 890 
Aircraft rent40 49 83 105 
Special charges36 859 49 873 
Other2,210 2,016 4,358 3,830 
Total operating expense13,056 12,660 25,496 24,132 
Operating income1,930 1,518 2,029 1,475 
Nonoperating income (expense): 
Interest expense(427)(493)(881)(979)
Interest income190 216 367 386 
Interest capitalized60 42 121 80 
Unrealized gains (losses) on investments, net(33)84 (70)108 
Miscellaneous, net 20 21 10 62 
Total nonoperating expense, net(190)(130)(453)(343)
Income before income tax expense1,740 1,388 1,576 1,132 
Income tax expense416 313 376 251 
Net income$1,324 $1,075 $1,200 $881 
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.



9

UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In millions)

 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Net income$1,324 $1,075 $1,200 $881 
Other comprehensive income (loss), net of tax:
Employee benefit plans(17)(34)(34)(69)
Investments and other1 (24)(1)(3)
Total other comprehensive loss, net of tax(16)(58)(35)(72)
Total comprehensive income, net$1,308 $1,017 $1,165 $809 
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

10

UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 June 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$10,864 $6,058 
Short-term investments4,384 8,330 
Restricted cash30 31 
Receivables, less allowance for credit losses (2024 — $20; 2023 — $18)
2,376 1,898 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2024 — $754; 2023 — $689)
1,680 1,561 
Prepaid expenses and other669 609 
Total current assets20,003 18,487 
Operating property and equipment:
Flight equipment49,814 48,448 
Other property and equipment11,295 10,527 
Purchase deposits for flight equipment3,457 3,550 
Total operating property and equipment64,566 62,525 
Less — Accumulated depreciation and amortization(23,901)(22,710)
Total operating property and equipment, net40,665 39,815 
Operating lease right-of-use assets3,803 3,914 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2024 — $1,347; 2023 — $1,495)
2,699 2,725 
Restricted cash220 245 
Investments in affiliates and other, less allowance for credit losses (2024 — $32; 2023 —$38)
1,337 1,391 
Total other assets8,783 8,888 
Total assets$73,254 $71,104 

(continued on next page)
11

UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 June 30, 2024December 31, 2023
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable$4,478 $3,835 
Accrued salaries and benefits2,383 2,940 
Advance ticket sales9,365 6,704 
Frequent flyer deferred revenue3,252 3,095 
Current maturities of long-term debt4,757 4,018 
Current maturities of operating leases548 576 
Current maturities of finance leases110 172 
Current maturities of other financial liabilities68 57 
Other895 808 
Total current liabilities25,856 22,205 
Long-term debt21,687 25,057 
Long-term obligations under operating leases4,443 4,503 
Long-term obligations under finance leases65 91 
Other liabilities and deferred credits:
Frequent flyer deferred revenue4,101 4,048 
Pension liability998 968 
Postretirement benefit liability612 637 
Deferred income taxes981 622 
Other financial liabilities2,576 2,265 
Other1,440 1,414 
Total other liabilities and deferred credits10,708 9,954 
Commitments and contingencies
Stockholder's equity:
Common stock at par, $0.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at both June 30, 2024 and December 31, 2023
  
Additional capital invested538 482 
Retained earnings7,536 6,336 
Accumulated other comprehensive loss(97)(62)
Payable to parent2,518 2,538 
Total stockholder's equity10,495 9,294 
Total liabilities and stockholder's equity$73,254 $71,104 

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.





12

UNITED AIRLINES, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)
 Six Months Ended June 30,
 20242023
Cash Flows from Operating Activities:
Net cash provided by operating activities$5,704 $6,910 
Cash Flows from Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns(2,530)(3,263)
Purchases of short-term and other investments(1,754)(6,876)
Proceeds from sale of short-term and other investments5,820 6,702 
Proceeds from sale of property and equipment42 9 
Other, net(3)1 
Net cash provided by (used in) investing activities1,575  (3,427)
Cash Flows from Financing Activities:
Proceeds from issuance of debt and other financing liabilities, net of discounts and fees3,718 1,591 
Payments of long-term debt, finance leases and other financing liabilities(6,217)(2,614)
Net cash used in financing activities(2,499)(1,023)
Net increase in cash, cash equivalents and restricted cash4,780 2,460 
Cash, cash equivalents and restricted cash at beginning of the period6,334 7,421 
Cash, cash equivalents and restricted cash at end of the period (a)$11,114 $9,881 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$(206)$559 
Right-of-use assets acquired through operating leases143 434 
Lease modifications and lease conversions73 349 
Investment interests received in exchange for loans, goods and services18 25 

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
Current assets:
Cash and cash equivalents$10,864 $9,605 
Restricted cash — Current30 38 
Restricted cash — Non-Current220 238 
Total cash, cash equivalents and restricted cash$11,114 $9,881 

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
13

UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED STOCKHOLDER'S EQUITY (UNAUDITED)
(In millions)
 Additional
Capital Invested
Retained EarningsAccumulated
Other Comprehensive Income (Loss)
Payable to ParentTotal
Balance at March 31, 2024$507 $6,212 $(81)$2,520 $9,158 
Net income— 1,324 — — 1,324 
Other comprehensive loss— — (16)— (16)
Stock-settled share-based compensation31 — — — 31 
Other— — — (2)(2)
Balance at June 30, 2024$538 $7,536 $(97)$2,518 $10,495 
Balance at December 31, 2023$482 $6,336 $(62)$2,538 $9,294 
Net income— 1,200 — — 1,200 
Other comprehensive loss— — (35)— (35)
Stock-settled share-based compensation56 — — — 56 
Other— — — (20)(20)
Balance at June 30, 2024$538 $7,536 $(97)$2,518 $10,495 
Balance at March 31, 2023$414 $3,522 $161 $2,539 $6,636 
Net income— 1,075 — — 1,075 
Other comprehensive loss— — (58)— (58)
Stock-settled share-based compensation21 — — — 21 
Balance at June 30, 2023$435 $4,597 $103 $2,539 $7,674 
Balance at December 31, 2022$403 $3,716 $175 $2,571 $6,865 
Net income— 881 — — 881 
Other comprehensive loss— — (72)— (72)
Stock-settled share-based compensation32 — — — 32 
Other— — — (32)(32)
Balance at June 30, 2023$435 $4,597 $103 $2,539 $7,674 



The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
14

UNITED AIRLINES HOLDINGS, INC. AND UNITED AIRLINES, INC.
COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). This Quarterly Report on Form 10-Q is a combined report of UAL and United, including their respective consolidated financial statements. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures, and any significant differences between the operations and results of UAL and United are separately disclosed and explained. We sometimes use the words "we," "our," "us," and the "Company" in this report for disclosures that relate to all of UAL and United.
The UAL and United unaudited condensed consolidated financial statements shown here have been prepared as required by the U.S. Securities and Exchange Commission (the "SEC"). Some information and footnote disclosures normally included in financial statements that comply with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted as permitted by the SEC. The financial statements include all adjustments, including normal recurring adjustments and other adjustments, which are considered necessary for a fair presentation of the Company's financial position and results of operations for interim periods presented. The UAL and United financial statements should be read together with the information included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "2023 Form 10-K"). The Company's quarterly financial data is subject to seasonal fluctuations. Historically its second and third quarter financial results have reflected higher travel demand and were better than its first and fourth quarter financial results.
NOTE 1 — REVENUE
Revenue by Geography. The table below presents the Company's operating revenue by principal geographic region (as defined by the U.S. Department of Transportation) (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Domestic (U.S. and Canada)$8,761 $8,417 $16,434 $15,584 
Atlantic3,277 3,229 5,110 5,061 
Latin America1,346 1,273 2,791 2,589 
Pacific1,602 1,259 3,190 2,373 
Total$14,986 $14,178 $27,525 $25,607 
Advance Ticket Sales. The Company defers amounts related to future travel in its Advance ticket sales liability account. All tickets sold at any given point in time have travel dates through the next 12 months. The Company estimates the value of Advance ticket sales that will expire unused ("breakage") and recognizes revenue and any changes in estimates in proportion to the usage of the related tickets. To determine breakage, the Company uses its historical experience with expired tickets and certificates and other facts, such as recent aging trends, program changes and modifications that could affect the ultimate expiration patterns.
In the six months ended June 30, 2024 and 2023, the Company recognized approximately $5.0 billion and $4.6 billion, respectively, of passenger revenue for tickets that were included in Advance ticket sales at the beginning of those periods.
Ancillary Fees. The Company charges fees, separately from ticket sales, for certain ancillary services that are directly related to passengers' travel. This includes fees for baggage, premium seats, inflight amenities and other ticket-related fees. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs. The Company recorded $1.2 billion and $2.2 billion of ancillary fees within passenger revenue in the three and six months ended June 30, 2024, respectively. The Company recorded $1.0 billion and $1.9 billion of ancillary fees within passenger revenue in the three and six months ended June 30, 2023, respectively.
15

Frequent Flyer Accounting. The table below presents a roll forward of Frequent flyer deferred revenue (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Total Frequent flyer deferred revenue - beginning balance$7,279 $6,860 $7,143 $6,675 
Total miles awarded919 902 1,759 1,649 
Travel miles redeemed(818)(712)(1,483)(1,243)
Non-travel miles redeemed(27)(26)(66)(57)
Total Frequent flyer deferred revenue - ending balance$7,353 $7,024 $7,353 $7,024 
In the three and six months ended June 30, 2024, the Company recognized, in Other operating revenue, $0.7 billion and $1.5 billion, respectively, related to the marketing, advertising, non-travel miles redeemed (net of related costs) and other travel-related benefits of the mileage revenue associated with our various partner agreements including, but not limited to, our JPMorgan Chase Bank, N.A. MileagePlus co-brand agreement. The Company recognized $0.7 billion and $1.3 billion, respectively, in the three and six months ended June 30, 2023, related to those agreements. The portion related to the MileagePlus miles awarded of the total amounts received from our various partner agreements is deferred and presented in the table above as an increase to the Frequent flyer deferred revenue. We determine the current portion of that account based on our estimate of expected redemptions in the next 12 months.
NOTE 2 — EARNINGS PER SHARE
The following table shows the computation of basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of UAL's potential common stock (in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Earnings available to common stockholders$1,323 $1,075 $1,199 $881 
Basic weighted-average shares outstanding328.8 328.0 328.6 327.7 
Dilutive effect of stock warrants (a)2.7 2.3 2.2 2.3 
Dilutive effect of employee stock awards2.4 1.2 2.3 1.5 
Diluted weighted-average shares outstanding333.9 331.5 333.1 331.5 
Earnings per share, basic$4.02 $3.28 $3.65 $2.69 
Earnings per share, diluted$3.96 $3.24 $3.60 $2.66 
Potentially dilutive securities (b)
Stock warrants (a)1.5 1.5 1.5 1.5 
Employee stock awards0.6 0.7 0.6 0.7 
(a) Represent warrants for purchase up to approximately 10 million shares of UAL common stock at exercise prices ranging from $31.50 to $53.92 and expiration dates ranging from April 20, 2025 to June 10, 2026. These warrants were originally issued to the U.S. Treasury Department ("Treasury") pursuant to the payroll support program, including extensions, and the loan program established under the Coronavirus Aid, Relief, and Economic Security Act. Treasury sold these warrants at an auction held on June 6, 2024. All warrants were outstanding as of June 30, 2024.
(b) Weighted-average potentially dilutive securities outstanding excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect.

16

NOTE 3 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The table below presents the components of the Company's accumulated other comprehensive income (loss), net of tax ("AOCI") (in millions):
Pension and Other Postretirement LiabilitiesInvestments and OtherDeferred Taxes (a)Total
Balance at March 31, 2024$267 $(6)$(342)$(81)
Changes in value3 1 (1)3 
Amounts reclassified to earnings(25)(b) 6 (19)
Balance at June 30, 2024$245 $(5)$(337)$(97)
Balance at December 31, 2023$289 $(4)$(347)$(62)
Changes in value6 (1)(1)4 
Amounts reclassified to earnings(50)(b) 11 (39)
Balance at June 30, 2024$245 $(5)$(337)$(97)
Balance at March 31, 2023$582 $(8)$(413)$161 
Changes in value(8)(31)8 (31)
Amounts reclassified to earnings(35)(b) 8 (27)
Balance at June 30, 2023$539 $(39)$(397)$103 
Balance at December 31, 2022$626 $(35)$(416)$175 
Changes in value(17)(4)4 (17)
Amounts reclassified to earnings(70)(b) 15 (55)
Balance at June 30, 2023$539 $(39)$(397)$103 
(a) Includes approximately $285 million of deferred income tax expense that will not be recognized in net income until the related pension and postretirement benefit obligations are fully extinguished. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to results from operations.
(b) This AOCI component is included in the computation of net periodic pension and other postretirement costs, specifically the following components: amortization of unrecognized (gain) loss, amortization of prior service credit and other (see Note 5 of this report for additional information).
NOTE 4 — INCOME TAXES
The Company's effective tax rates for the three and six months ended June 30, 2024 were 23.9% and 23.9%, respectively. The Company's effective tax rates for the three and six months ended June 30, 2023 were 22.5% and 22.1%, respectively. The provision for income taxes is based on the estimated annual effective tax rate, which represents a blend of federal, state and foreign taxes and includes the impact of certain nondeductible items.
NOTE 5 — EMPLOYEE BENEFIT PLANS
Defined Benefit Pension and Other Postretirement Benefit Plans. The Company's net periodic benefit cost includes the following components for the three months ended June 30 (in millions):
Pension BenefitsOther Postretirement BenefitsAffected Line Item
in the Statements of
 Consolidated Operations
2024202320242023
Service cost$34 $31 $2 $1 Salaries and related costs
Interest cost58 55 9 11