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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 September 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 October 10, 2024 is shown below:
United Airlines Holdings, Inc. 328,875,900 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 September 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 September 30,Nine Months Ended September 30,
 2024202320242023
Operating revenue: 
Passenger$13,561 $13,349 $38,554 $36,625 
Cargo417 333 1,222 1,093 
Other865 802 2,592 2,373 
Total operating revenue14,843 14,484 42,368 40,091 
Operating expense:
Salaries and related costs4,323 3,914 12,353 10,946 
Aircraft fuel2,993 3,342 9,080 9,336 
Landing fees and other rent866 801 2,536 2,283 
Aircraft maintenance materials and outside repairs765 684 2,254 2,072 
Depreciation and amortization742 663 2,169 1,987 
Regional capacity purchase651 592 1,848 1,806 
Distribution expenses574 516 1,680 1,406 
Aircraft rent65 46 148 151 
Special charges(5)29 44 902 
Other2,304 2,158 6,663 5,989 
Total operating expense13,278 12,745 38,775 36,878 
Operating income1,565 1,739 3,593 3,213 
Nonoperating income (expense):
Interest expense(379)(493)(1,260)(1,472)
Interest income187 234 554 620 
Interest capitalized53 48 174 128 
Unrealized gains (losses) on investments, net(90)(54)(160)54 
Miscellaneous, net (50)11 (40)73 
Total nonoperating expense, net(279)(254)(732)(597)
Income before income tax expense1,286 1,485 2,861 2,616 
Income tax expense321 348 697 598 
Net income$965 $1,137 $2,164 $2,018 
Earnings per share, basic$2.93 $3.47 $6.58 $6.16 
Earnings per share, diluted$2.90 $3.42 $6.49 $6.08 

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 September 30,Nine Months Ended September 30,
 2024202320242023
Net income$965 $1,137 $2,164 $2,018 
Other comprehensive income (loss), net of tax:
Employee benefit plans(24)(20)(58)(89)
Investments and other12 8 11 5 
Total other comprehensive loss, net of tax(12)(12)(47)(84)
Total comprehensive income, net$953 $1,125 $2,117 $1,934 


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)
 
September 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$8,812 $6,058 
Short-term investments5,352 8,330 
Restricted cash36 31 
Receivables, less allowance for credit losses (2024 — $21; 2023 — $18)
2,042 1,898 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2024 — $788; 2023 — $689)
1,639 1,561 
Prepaid expenses and other690 609 
Total current assets18,571 18,487 
Operating property and equipment:
Flight equipment50,933 48,448 
Other property and equipment11,865 10,527 
Purchase deposits for flight equipment3,414 3,550 
Total operating property and equipment66,212 62,525 
Less — Accumulated depreciation and amortization(24,532)(22,710)
Total operating property and equipment, net41,680 39,815 
Operating lease right-of-use assets3,782 3,914 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2024 — $1,355; 2023 — $1,495)
2,691 2,725 
Restricted cash180 245 
Investments in affiliates and other, less allowance for credit losses (2024 — $32; 2023 — $38)
1,209 1,391 
Total other assets8,607 8,888 
Total assets$72,640 $71,104 
(continued on next page)


















5


UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 September 30, 2024December 31, 2023
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$4,008 $3,835 
Accrued salaries and benefits2,802 2,940 
Advance ticket sales8,477 6,704 
Frequent flyer deferred revenue3,314 3,095 
Current maturities of long-term debt3,279 4,018 
Current maturities of operating leases491 576 
Current maturities of finance leases87 172 
Current maturities of other financial liabilities69 57 
Other838 806 
Total current liabilities23,365 22,203 
Long-term debt22,207 25,057 
Long-term obligations under operating leases4,432 4,503 
Long-term obligations under finance leases89 91 
Other liabilities and deferred credits:
Frequent flyer deferred revenue4,057 4,048 
Pension liability1,030 968 
Postretirement benefit liability594 637 
Deferred income taxes1,224 594 
Other financial liabilities2,705 2,265 
Other1,500 1,414 
Total other liabilities and deferred credits11,110 9,926 
Commitments and contingencies
Stockholders' equity:
Preferred stock  
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 328,846,178 and 328,018,739 shares at September 30, 2024 and December 31, 2023, respectively
4 4 
Additional capital invested8,945 8,992 
Stock held in treasury, at cost(3,299)(3,441)
Retained earnings5,896 3,831 
Accumulated other comprehensive loss(109)(62)
Total stockholders' equity11,437 9,324 
Total liabilities and stockholders' equity$72,640 $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)
 Nine Months Ended September 30,
 20242023
Cash Flows from Operating Activities:
Net cash provided by operating activities$7,221 $7,821 
Cash Flows from Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns(3,940)(5,105)
Purchases of short-term and other investments(4,057)(8,875)
Proceeds from sale of short-term and other investments7,206 8,614 
Proceeds from sale of property and equipment66 20 
Other, net(211)(17)
Net cash used in investing activities(936)(5,363)
Cash Flows from Financing Activities:
Proceeds from issuance of debt and other financing liabilities, net of discounts and fees5,302 1,685 
Payments of long-term debt, finance leases and other financing liabilities(8,792)(3,423)
Repurchase of common stock(82) 
Other, net(19)(31)
Net cash used in financing activities(3,591)(1,769)
Net increase in cash, cash equivalents and restricted cash2,694 689 
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)$9,028 $8,110 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$(159)$677 
Right-of-use assets acquired through operating leases376 470 
Lease modifications and lease conversions117 438 
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:
Cash and cash equivalents$8,812 $7,478 
Restricted cash — Current36 392 
Restricted cash — Non-Current180 240 
Total cash, cash equivalents and restricted cash $9,028 $8,110 

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 June 30, 2024328.8 $4 $9,001 $(3,368)$4,986 $(97)$10,526 
Net income— — — — 965 — 965 
Other comprehensive loss— — — — — (12)(12)
Stock-settled share-based compensation— — 41 — — — 41 
Repurchases of common stock(2.0)— — (82)— — (82)
Share issued for settlement of warrants2.0 — (96)150 (54)—  
Stock issued for share-based awards, net of shares withheld for tax— — (1)1 (1)— (1)
Balance at September 30, 2024328.8 $4 $8,945 $(3,299)$5,896 $(109)$11,437 
Balance at December 31, 2023328.0$4 $8,992 $(3,441)$3,831 $(62)$9,324 
Net income— — — — 2,164 — 2,164 
Other comprehensive loss— — — — — (47)(47)
Stock-settled share-based compensation— — 97 — — — 97 
Repurchases of common stock(2.0)— — (82)— — (82)
Share issued for settlement of warrants2.0 — (96)150 (54)—  
Stock issued for share-based awards, net of shares withheld for tax0.8 — (48)74 (45)— (19)
Balance at September 30, 2024328.8 $4 $8,945 $(3,299)$5,896 $(109)$11,437 
Balance at June 30, 2023328.0$4 $8,945 $(3,442)$2,095 $103 $7,705 
Net income— — — — 1,137 — 1,137 
Other comprehensive loss— — — — — (12)(12)
Stock-settled share-based compensation— — 23 — — — 23 
Balance at September 30, 2023328.0 $4 $8,968 $(3,442)$3,232 $91 $8,853 
Balance at December 31, 2022326.9$4 $8,986 $(3,534)$1,265 $175 $6,896 
Net income— — — — 2,018 — 2,018 
Other comprehensive loss— — — — — (84)(84)
Stock-settled share-based compensation— — 55 — — — 55 
Stock issued for share-based awards, net of shares withheld for tax1.1 — (73)92 (51)— (32)
Balance at September 30, 2023328.0 $4 $8,968 $(3,442)$3,232 $91 $8,853 


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 September 30,Nine Months Ended September 30,
 2024202320242023
Operating revenue:
Passenger$13,561 $13,349 $38,554 $36,625 
Cargo417 333 1,222 1,093 
Other865 802 2,592 2,373 
Total operating revenue14,843 14,484 42,368 40,091 
Operating expense:
Salaries and related costs4,323 3,914 12,353 10,946 
Aircraft fuel2,993 3,342 9,080 9,336 
Landing fees and other rent866 801 2,536 2,283 
Aircraft maintenance materials and outside repairs765 684 2,254 2,072 
Depreciation and amortization742 663 2,169 1,987 
Regional capacity purchase651 592 1,848 1,806 
Distribution expenses574 516 1,680 1,406 
Aircraft rent65 46 148 151 
Special charges(5)29 44 902 
Other2,304 2,158 6,662 5,988 
Total operating expense13,278 12,745 38,774 36,877 
Operating income1,565 1,739 3,594 3,214 
Nonoperating income (expense): 
Interest expense(379)(493)(1,260)(1,472)
Interest income187 234 554 620 
Interest capitalized53 48 174 128 
Unrealized gains (losses) on investments, net(90)(54)(160)54 
Miscellaneous, net (50)12 (40)74 
Total nonoperating expense, net(279)(253)(732)(596)
Income before income tax expense1,286 1,486 2,862 2,618 
Income tax expense321 348 697 599 
Net income$965 $1,138 $2,165 $2,019 
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 September 30,Nine Months Ended September 30,
 2024202320242023
Net income$965 $1,138 $2,165 $2,019 
Other comprehensive income (loss), net of tax:
Employee benefit plans(24)(20)(58)(89)
Investments and other12 8 11 5 
Total other comprehensive loss, net of tax(12)(12)(47)(84)
Total comprehensive income, net$953 $1,126 $2,118 $1,935 
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)
 
September 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$8,812 $6,058 
Short-term investments5,352 8,330 
Restricted cash36 31 
Receivables, less allowance for credit losses (2024 — $21; 2023 — $18)
2,042 1,898 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2024 — $788; 2023 — $689)
1,639 1,561 
Prepaid expenses and other690 609 
Total current assets18,571 18,487 
Operating property and equipment:
Flight equipment50,933 48,448 
Other property and equipment11,865 10,527 
Purchase deposits for flight equipment3,414 3,550 
Total operating property and equipment66,212 62,525 
Less — Accumulated depreciation and amortization(24,532)(22,710)
Total operating property and equipment, net41,680 39,815 
Operating lease right-of-use assets3,782 3,914 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2024 — $1,355; 2023 — $1,495)
2,691 2,725 
Restricted cash180 245 
Investments in affiliates and other, less allowance for credit losses (2024 — $32; 2023 —$38)
1,209 1,391 
Total other assets8,607 8,888 
Total assets$72,640 $71,104 

(continued on next page)
11

UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 September 30, 2024December 31, 2023
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable$4,008 $3,835 
Accrued salaries and benefits2,802 2,940 
Advance ticket sales8,477 6,704 
Frequent flyer deferred revenue3,314 3,095 
Current maturities of long-term debt3,279 4,018 
Current maturities of operating leases491 576 
Current maturities of finance leases87 172 
Current maturities of other financial liabilities69 57 
Other839 808 
Total current liabilities23,366 22,205 
Long-term debt22,207 25,057 
Long-term obligations under operating leases4,432 4,503 
Long-term obligations under finance leases89 91 
Other liabilities and deferred credits:
Frequent flyer deferred revenue4,057 4,048 
Pension liability1,030 968 
Postretirement benefit liability594 637 
Deferred income taxes1,254 622 
Other financial liabilities2,705 2,265 
Other1,500 1,414 
Total other liabilities and deferred credits11,140 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 September 30, 2024 and December 31, 2023
  
Additional capital invested579 482 
Retained earnings8,501 6,336 
Accumulated other comprehensive loss(109)(62)
Payable to parent2,435 2,538 
Total stockholder's equity11,406 9,294 
Total liabilities and stockholder's equity$72,640 $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)
 Nine Months Ended September 30,
 20242023
Cash Flows from Operating Activities:
Net cash provided by operating activities$7,120 $7,790 
Cash Flows from Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns(3,940)(5,105)
Purchases of short-term and other investments(4,057)(8,875)
Proceeds from sale of short-term and other investments7,206 8,614 
Proceeds from sale of property and equipment66 20 
Other, net(211)(17)
Net cash used in investing activities(936) (5,363)
Cash Flows from Financing Activities:
Proceeds from issuance of debt and other financing liabilities, net of discounts and fees5,302 1,685 
Payments of long-term debt, finance leases and other financing liabilities(8,792)(3,423)
Net cash used in financing activities(3,490)(1,738)
Net increase in cash, cash equivalents and restricted cash2,694 689 
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)$9,028 $8,110 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$(159)$677 
Right-of-use assets acquired through operating leases376 470 
Lease modifications and lease conversions117 438 
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:
Cash and cash equivalents$8,812 $7,478 
Restricted cash — Current36 392 
Restricted cash — Non-Current180 240 
Total cash, cash equivalents and restricted cash$9,028 $8,110 

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 June 30, 2024$538 $7,536 $(97)$2,518 $10,495 
Net income— 965 — — 965 
Other comprehensive loss— — (12)— (12)
Stock-settled share-based compensation41 — — — 41 
Impact of UAL share repurchase— — — (82)(82)
Other— — — (1)(1)
Balance at September 30, 2024$579 $8,501 $(109)$2,435 $11,406 
Balance at December 31, 2023$482 $6,336 $(62)$2,538 $9,294 
Net income— 2,165 — — 2,165 
Other comprehensive loss— — (47)— (47)
Stock-settled share-based compensation97 — — — 97 
Impact of UAL share repurchase— — — (82)(82)
Other— — — (21)(21)
Balance at September 30, 2024$579 $8,501 $(109)$2,435 $11,406 
Balance at June 30, 2023$435 $4,597 $103 $2,539 $7,674 
Net income— 1,138 — — 1,138 
Other comprehensive loss— — (12)— (12)
Stock-settled share-based compensation23 — — — 23 
Balance at September 30, 2023$458 $5,735 $91 $2,539 $8,823 
Balance at December 31, 2022$403 $3,716 $175 $2,571 $6,865 
Net income— 2,019 — — 2,019 
Other comprehensive loss— — (84)— (84)
Stock-settled share-based compensation55 — — — 55 
Other— — — (32)(32)
Balance at September 30, 2023$458 $5,735 $91 $2,539 $8,823 



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 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 September 30,Nine Months Ended September 30,
2024202320242023
Domestic (U.S. and Canada)$8,648 $8,379 $25,082 $23,963 
Atlantic3,432 3,543 8,542 8,604 
Latin America1,232 1,184 4,023 3,773 
Pacific1,531 1,378 4,721 3,751 
Total$14,843 $14,484 $42,368 $40,091 
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 subsequent 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 nine months ended September 30, 2024 and 2023, the Company recognized approximately $5.2 billion and $5.3 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 passenger 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 $1.1 billion and $3.3 billion of ancillary fees within passenger revenue in the three and nine months ended September 30, 2024, respectively. The Company recorded $1.1 billion and $3.0 billion of ancillary fees within passenger revenue in the three and nine months ended September 30, 2023, respectively.
15

Frequent Flyer Accounting. The table below presents a roll forward of Frequent flyer deferred revenue (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Total Frequent flyer deferred revenue - beginning balance$7,353 $7,024 $7,143 $6,675 
Total miles awarded884 816 2,643 2,465 
Travel miles redeemed(842)(740)(2,325)(1,983)
Non-travel miles redeemed(24)(24)(90)(81)
Total Frequent flyer deferred revenue - ending balance$7,371 $7,076 $7,371 $7,076 
In the three and nine months ended September 30, 2024, the Company recognized, in Other operating revenue, $0.7 billion and $2.2 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 $2.0 billion, respectively, in the three and nine months ended September 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 September 30,Nine Months Ended September 30,
2024202320242023
Earnings available to common stockholders$965 $1,137 $2,164 $2,018 
Basic weighted-average shares outstanding329.0 328.0 328.7 327.8 
Dilutive effect of stock Warrants (a)0.9 2.7 1.8 2.5 
Dilutive effect of employee stock awards2.8 1.7 2.8 1.5 
Diluted weighted-average shares outstanding332.7 332.4 333.3 331.8 
Earnings per share, basic$2.93 $3.47 $6.58 $6.16 
Earnings per share, diluted$2.90 $3.42 $6.49 $6.08 
Potentially dilutive securities (b)
Stock Warrants (a)1.5 1.5 1.5 1.5 
Employee stock awards0.7 0.6 0.5 0.6 
(a) See discussion below for more information about these Warrants.
(b) Weighted-average potentially dilutive securities outstanding are excluded from the computation of diluted earnings per share because the securities would have an antidilutive effect.
In 2020 and 2021, the Company issued to the United States Department of the Treasury (the "U.S. Treasury") warrants (the "Warrants") to purchase 9,928,349 shares of UAL common stock in connection with the Payroll Support Program established under Division A, Title IV, Subtitle B of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Payroll Support Program Extension established under Division N, Title IV, Subtitle A of the Consolidated Appropriations Act, 2021 ("PSP2"), the Payroll Support Program 3 established under Title VII, Subtitle C of the American Rescue Plan Act of 2021 ("PSP3"), and the Airline Loan Program established under Division A, Title IV, Subtitle A of the CARES Act. In August 2024, the holder of the Warrants exercised 6,414,635, or 65%, of the Warrants, with an exercise price of $31.50, in a net share settlement for 2,043,906 shares of UAL common stock. As of September 30, 2024, the Company had the below Warrants outstanding:
16

Warrant Description
Number of Shares of UAL Common Stock
Exercise PriceExpiration Dates
PSP2 Warrants2,011,924 $43.26 1/15/2026