Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

This company has been moved to the archive! The financial data has not been updated since April 20, 2023.

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

United Airlines Holdings Inc., adjusted current assets

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Current assets 20,058 21,834 14,800 8,194 7,194
Adjustments
Add: Allowance for credit losses 11 28 78 9 8
After Adjustment
Adjusted current assets 20,069 21,862 14,878 8,203 7,202

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).


Adjustments to Total Assets

United Airlines Holdings Inc., adjusted total assets

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Total assets 67,358 68,175 59,548 52,611 44,792
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 11,545
Add: Allowance for credit losses 11 28 78 9 8
Less: Deferred tax assets2 91 659 131
After Adjustment
Adjusted total assets 67,278 67,544 59,495 52,620 56,345

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).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred tax assets. See details »


Adjustments to Current Liabilities

United Airlines Holdings Inc., adjusted current liabilities

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Current liabilities 19,992 18,304 12,725 14,938 13,212
Adjustments
Less: Current frequent flyer deferred revenue 2,693 2,239 908 2,440 2,286
After Adjustment
Adjusted current liabilities 17,299 16,065 11,817 12,498 10,926

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).


Adjustments to Total Liabilities

United Airlines Holdings Inc., adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Total liabilities 60,462 63,146 53,588 41,080 34,797
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 11,545
Less: Deferred tax liabilities2 1,736 814
Less: Frequent flyer deferred revenue 6,675 6,282 5,975 5,276 5,005
After Adjustment
Adjusted total liabilities 53,787 56,864 47,613 34,068 40,523

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

United Airlines Holdings Inc., adjusted stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Stockholders’ equity 6,896 5,029 5,960 11,531 9,995
Adjustments
Less: Net deferred income tax asset (liability)1 91 659 131 (1,736) (814)
Add: Allowance for credit losses 11 28 78 9 8
Add: Frequent flyer deferred revenue 6,675 6,282 5,975 5,276 5,005
After Adjustment
Adjusted stockholders’ equity 13,491 10,680 11,882 18,552 15,822

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).

1 Net deferred income tax asset (liability). See details »


Adjustments to Capitalization Table

United Airlines Holdings Inc., adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Current maturities of long-term debt 2,911 3,002 1,911 1,407 1,230
Current maturities of finance leases 104 76 182 46 149
Long-term debt, less current portion 28,283 30,361 24,836 13,145 12,215
Long-term obligations under finance leases 115 219 224 220 1,134
Total reported debt 31,413 33,658 27,153 14,818 14,728
Stockholders’ equity 6,896 5,029 5,960 11,531 9,995
Total reported capital 38,309 38,687 33,113 26,349 24,723
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 11,545
Add: Current maturities of operating leases2 561 556 612 686
Add: Long-term obligations under operating leases3 4,459 5,152 4,986 4,946
Adjusted total debt 36,433 39,366 32,751 20,450 26,273
Adjustments to Equity
Less: Net deferred income tax asset (liability)4 91 659 131 (1,736) (814)
Add: Allowance for credit losses 11 28 78 9 8
Add: Frequent flyer deferred revenue 6,675 6,282 5,975 5,276 5,005
Adjusted stockholders’ equity 13,491 10,680 11,882 18,552 15,822
After Adjustment
Adjusted total capital 49,924 50,046 44,633 39,002 42,095

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current maturities of operating leases. See details »

3 Long-term obligations under operating leases. See details »

4 Net deferred income tax asset (liability). See details »


Adjustments to Revenues

United Airlines Holdings Inc., adjusted operating revenue

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Operating revenue 44,955 24,634 15,355 43,259 41,303
Adjustment
Add: Increase (decrease) in frequent flyer deferred revenue 393 307 699 271 222
After Adjustment
Adjusted operating revenue 45,348 24,941 16,054 43,530 41,525

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).


Adjustments to Reported Income

United Airlines Holdings Inc., adjusted net income (loss)

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Net income (loss) 737 (1,964) (7,069) 3,009 2,129
Adjustments
Add: Deferred income tax expense (benefit)1 248 (583) (1,741) 882 515
Add: Increase (decrease) in allowance for credit losses (17) (50) 69 1 1
Add: Increase (decrease) in frequent flyer deferred revenue 393 307 699 271 222
Add: Other comprehensive income (loss), net of tax 1,117 197 (421) 85 338
After Adjustment
Adjusted net income (loss) 2,478 (2,093) (8,463) 4,248 3,205

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).

1 Deferred income tax expense (benefit). See details »