Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

United Airlines Holdings Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Current	5)	(10)	(12)	23)	14)
Deferred	248)	(583)	(1,741)	882)	515)
Income tax expense (benefit)	253)	(593)	(1,753)	905)	529)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	United Airlines Holdings Inc. current increased from 2020 to 2021 and from 2021 to 2022.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	United Airlines Holdings Inc. deferred increased from 2020 to 2021 and from 2021 to 2022.
Income tax expense (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	United Airlines Holdings Inc. income tax expense (benefit) increased from 2020 to 2021 and from 2021 to 2022.

United Airlines Holdings Inc., effective income tax rate (EITR) reconciliation

		Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
	Statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective income tax rate	25.56%	23.19%	19.87%	23.12%	19.90%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	United Airlines Holdings Inc. effective income tax rate increased from 2020 to 2021 and from 2021 to 2022.

United Airlines Holdings Inc., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Federal and state net operating loss (NOL) carryforwards	2,932)	2,229)	2,476)	695)	398)
Deferred revenue	1,783)	2,349)	1,409)	1,287)	1,232)
Employee benefits, including pension, postretirement and medical	606)	986)	1,103)	715)	885)
Operating lease liabilities	1,118)	1,272)	1,247)	1,256)	—)
Other financing liabilities	141)	327)	260)	—)	—)
Interest expense carryforward	510)	—)	—)	—)	—)
Other	576)	535)	362)	165)	408)
Deferred tax assets	7,666)	7,698)	6,857)	4,118)	2,923)
Valuation allowance	(199)	(210)	(247)	(58)	(59)
Deferred tax assets, less valuation allowance	7,467)	7,488)	6,610)	4,060)	2,864)
Depreciation	(5,844)	(5,122)	(4,789)	(4,011)	(2,929)
Operating lease right-of-use asset	(881)	(1,051)	(1,028)	(1,061)	—)
Intangibles	(651)	(656)	(662)	(724)	(749)
Deferred tax liabilities	(7,376)	(6,829)	(6,479)	(5,796)	(3,678)
Net deferred income tax asset (liability)	91)	659)	131)	(1,736)	(814)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
Deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	United Airlines Holdings Inc. deferred tax assets increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Deferred tax assets, less valuation allowance	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	United Airlines Holdings Inc. deferred tax assets, less valuation allowance increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Net deferred income tax asset (liability)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	United Airlines Holdings Inc. net deferred income tax asset (liability) increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

United Airlines Holdings Inc., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
	Deferred tax assets	91)	659)	131)	—)	—)
	Deferred tax liabilities	—)	—)	—)	1,736)	814)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
Deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	United Airlines Holdings Inc. deferred tax assets increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.

United Airlines Holdings Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Adjustment to Total Assets
Total assets (as reported)	67,358)	68,175)	59,548)	52,611)	44,792)
Less: Noncurrent deferred tax assets, net	91)	659)	131)	—)	—)
Total assets (adjusted)	67,267)	67,516)	59,417)	52,611)	44,792)
Adjustment to Total Liabilities
Total liabilities (as reported)	60,462)	63,146)	53,588)	41,080)	34,797)
Less: Noncurrent deferred tax liabilities, net	—)	—)	—)	1,736)	814)
Total liabilities (adjusted)	60,462)	63,146)	53,588)	39,344)	33,983)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	6,896)	5,029)	5,960)	11,531)	9,995)
Less: Net deferred tax assets (liabilities)	91)	659)	131)	(1,736)	(814)
Stockholders’ equity (adjusted)	6,805)	4,370)	5,829)	13,267)	10,809)
Adjustment to Net Income (loss)
Net income (loss) (as reported)	737)	(1,964)	(7,069)	3,009)	2,129)
Add: Deferred income tax expense (benefit)	248)	(583)	(1,741)	882)	515)
Net income (loss) (adjusted)	985)	(2,547)	(8,810)	3,891)	2,644)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

United Airlines Holdings Inc., Financial Data: Reported vs. Adjusted

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United Airlines Holdings Inc., adjusted financial ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net Profit Margin
Reported net profit margin	1.64%	-7.97%	-46.04%	6.96%	5.15%
Adjusted net profit margin	2.19%	-10.34%	-57.38%	8.99%	6.40%
Total Asset Turnover
Reported total asset turnover	0.67	0.36	0.26	0.82	0.92
Adjusted total asset turnover	0.67	0.36	0.26	0.82	0.92
Financial Leverage
Reported financial leverage	9.77	13.56	9.99	4.56	4.48
Adjusted financial leverage	9.88	15.45	10.19	3.97	4.14
Return on Equity (ROE)
Reported ROE	10.69%	-39.05%	-118.61%	26.09%	21.30%
Adjusted ROE	14.47%	-58.28%	-151.14%	29.33%	24.46%
Return on Assets (ROA)
Reported ROA	1.09%	-2.88%	-11.87%	5.72%	4.75%
Adjusted ROA	1.46%	-3.77%	-14.83%	7.40%	5.90%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	United Airlines Holdings Inc. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	United Airlines Holdings Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	United Airlines Holdings Inc. adjusted financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	United Airlines Holdings Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	United Airlines Holdings Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

United Airlines Holdings Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	737)	(1,964)	(7,069)	3,009)	2,129)
Operating revenue	44,955)	24,634)	15,355)	43,259)	41,303)
Profitability Ratio
Net profit margin¹	1.64%	-7.97%	-46.04%	6.96%	5.15%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	985)	(2,547)	(8,810)	3,891)	2,644)
Operating revenue	44,955)	24,634)	15,355)	43,259)	41,303)
Profitability Ratio
Adjusted net profit margin²	2.19%	-10.34%	-57.38%	8.99%	6.40%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Net profit margin = 100 × Net income (loss) ÷ Operating revenue
= 100 × 737 ÷ 44,955 = 1.64%

² Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Operating revenue
= 100 × 985 ÷ 44,955 = 2.19%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	United Airlines Holdings Inc. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Operating revenue	44,955)	24,634)	15,355)	43,259)	41,303)
Total assets	67,358)	68,175)	59,548)	52,611)	44,792)
Activity Ratio
Total asset turnover¹	0.67	0.36	0.26	0.82	0.92
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Operating revenue	44,955)	24,634)	15,355)	43,259)	41,303)
Adjusted total assets	67,267)	67,516)	59,417)	52,611)	44,792)
Activity Ratio
Adjusted total asset turnover²	0.67	0.36	0.26	0.82	0.92

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Total asset turnover = Operating revenue ÷ Total assets
= 44,955 ÷ 67,358 = 0.67

² Adjusted total asset turnover = Operating revenue ÷ Adjusted total assets
= 44,955 ÷ 67,267 = 0.67

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	United Airlines Holdings Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets	67,358)	68,175)	59,548)	52,611)	44,792)
Stockholders’ equity	6,896)	5,029)	5,960)	11,531)	9,995)
Solvency Ratio
Financial leverage¹	9.77	13.56	9.99	4.56	4.48
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	67,267)	67,516)	59,417)	52,611)	44,792)
Adjusted stockholders’ equity	6,805)	4,370)	5,829)	13,267)	10,809)
Solvency Ratio
Adjusted financial leverage²	9.88	15.45	10.19	3.97	4.14

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 67,358 ÷ 6,896 = 9.77

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 67,267 ÷ 6,805 = 9.88

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	United Airlines Holdings Inc. adjusted financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	737)	(1,964)	(7,069)	3,009)	2,129)
Stockholders’ equity	6,896)	5,029)	5,960)	11,531)	9,995)
Profitability Ratio
ROE¹	10.69%	-39.05%	-118.61%	26.09%	21.30%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	985)	(2,547)	(8,810)	3,891)	2,644)
Adjusted stockholders’ equity	6,805)	4,370)	5,829)	13,267)	10,809)
Profitability Ratio
Adjusted ROE²	14.47%	-58.28%	-151.14%	29.33%	24.46%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 737 ÷ 6,896 = 10.69%

² Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 985 ÷ 6,805 = 14.47%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	United Airlines Holdings Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	737)	(1,964)	(7,069)	3,009)	2,129)
Total assets	67,358)	68,175)	59,548)	52,611)	44,792)
Profitability Ratio
ROA¹	1.09%	-2.88%	-11.87%	5.72%	4.75%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	985)	(2,547)	(8,810)	3,891)	2,644)
Adjusted total assets	67,267)	67,516)	59,417)	52,611)	44,792)
Profitability Ratio
Adjusted ROA²	1.46%	-3.77%	-14.83%	7.40%	5.90%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 737 ÷ 67,358 = 1.09%

² Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 985 ÷ 67,267 = 1.46%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	United Airlines Holdings Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

United Airlines Holdings Inc. (NASDAQ:UAL)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

United Airlines Holdings Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

United Airlines Holdings Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)