Stock Analysis on Net
Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

United Airlines Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable 5.66 5.39 5.04 3.76 2.68
Accrued salaries and benefits 4.44 4.13 2.93 3.11 3.29
Advance ticket sales 10.21 9.43 11.22 9.32 8.12
Frequent flyer deferred revenue 4.59 4.35 4.00 3.28 1.52
Current maturities of long-term debt, finance leases, and other financial liabilities 4.66 5.97 4.51 5.74 3.55
Current maturities of operating leases 0.63 0.81 0.83 0.82 1.03
Other 1.28 1.13 1.16 0.82 1.19
Current liabilities 31.47% 31.23% 29.68% 26.85% 21.37%
Long-term debt, finance leases, and other financial liabilities, less current portion 34.02 38.55 43.41 46.12 44.00
Long-term obligations under operating leases 6.09 6.33 6.62 7.56 8.37
Frequent flyer deferred revenue 5.45 5.69 5.91 5.93 8.51
Pension and postretirement benefit liability 1.66 2.26 2.11 4.28 5.80
Deferred income taxes 2.13 0.84 0.00 0.00 0.00
Other 2.07 1.99 2.03 1.88 1.94
Noncurrent liabilities 51.42% 55.66% 60.08% 65.77% 68.62%
Total liabilities 82.89% 86.89% 89.76% 92.62% 89.99%
Preferred stock 0.00 0.00 0.00 0.00 0.00
Common stock at par, $0.01 par value 0.01 0.01 0.01 0.01 0.01
Additional capital invested 12.12 12.65 13.34 13.43 14.05
Stock held in treasury, at cost -4.56 -4.84 -5.25 -5.59 -6.54
Retained earnings 9.29 5.39 1.88 0.92 4.41
Accumulated other comprehensive income (loss) 0.25 -0.09 0.26 -1.38 -1.91
Stockholders’ equity 17.11% 13.11% 10.24% 7.38% 10.01%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Current Liabilities
The proportion of current liabilities relative to total liabilities and stockholders’ equity showed a consistent upward trend from 21.37% in 2020 to 31.47% in 2024. Notable increases were seen in accounts payable and advance ticket sales, with accounts payable rising steadily from 2.68% to 5.66%, and advance ticket sales fluctuating but ultimately increasing from 8.12% to 10.21%. Accrued salaries and benefits dipped slightly between 2020 and 2022 but then increased to 4.44% by 2024.
Long-term Debt and Obligations
Long-term debt, finance leases, and other financial liabilities, excluding current portions, demonstrated a marked decline over the five years, dropping from 44% in 2020 to 34.02% in 2024. Similarly, long-term operating lease obligations decreased gradually from 8.37% to 6.09%. This indicates a reduction in long-term debt commitments as a percentage of the total capital structure.
Frequent Flyer Deferred Revenue
This liability item appeared twice with differing classifications. One classification increased from 1.52% to 4.59% between 2020 and 2024, the other showed a decline from 8.51% to 5.45% across the same period. This suggests a shift in the composition or recognition of frequent flyer obligations within the liabilities.
Pension and Postretirement Benefit Liability
This liability showed a continuous decline from 5.8% in 2020 to 1.66% in 2024, indicating a reduction in these long-term obligations relative to total liabilities and equity.
Deferred Income Taxes
Deferred income taxes were not present until 2023 and 2024, representing 0.84% and 2.13%, respectively. This emergence suggests changes in tax positions or regulations impacting the balance sheet in recent years.
Total Liabilities
Total liabilities decreased modestly from 89.99% in 2020 to 82.89% in 2024, reflecting a gradual reduction in overall debt and obligations relative to the company's total capital base.
Stockholders’ Equity
Equity as a percentage of total liabilities and stockholders’ equity increased significantly, from 10.01% in 2020 to 17.11% in 2024. This improvement was supported mainly by growth in retained earnings, which rose substantially from 4.41% to 9.29%. Additional capital invested decreased slightly over time, while stock held in treasury declined (less negative), indicating reduced treasury stock holdings. Accumulated other comprehensive income/loss shifted from negative values in earlier years to slightly positive by 2024, contributing marginally to overall equity growth.
Overall Capital Structure
The overall trend points to a gradual de-leveraging, characterized by increasing equity and decreasing long-term debt proportions. Current liabilities have grown as a share of total funding, possibly indicating greater reliance on short-term obligations. The increase in deferred income taxes signals evolving tax circumstances. The increase in retained earnings and equity proportion suggests enhanced profitability or capital retention policies contributing to balance sheet strengthening.