Balance Sheet: Liabilities and Stockholders’ Equity
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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United Airlines Holdings Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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).
- Accounts Payable
- Accounts payable has demonstrated a consistent upward trend from 2020 through 2024, increasing from $1,595 million to $4,193 million. This steady rise suggests the company is consistently extending its payment obligations, potentially reflecting growth in operations or supplier credit terms.
- Accrued Salaries and Benefits
- Accrued salaries and benefits showed some fluctuation, initially increasing modestly from $1,960 million in 2020 to $2,121 million in 2021, followed by a decline in 2022 to $1,971 million. The figures then surged in 2023 and 2024, reaching $3,289 million. This pattern may indicate changes in workforce-related expenses or timing differences in recording liabilities.
- Advance Ticket Sales
- Advance ticket sales generally increased over the period, rising from $4,833 million in 2020 to $7,561 million in 2024. Despite a dip in 2023 to $6,704 million, the overall upward movement suggests growing customer prepayments and robust sales activity.
- Frequent Flyer Deferred Revenue (Current and Noncurrent)
- Current frequent flyer deferred revenue rose sharply from $908 million in 2020 to $3,403 million in 2024, indicating increased liability related to frequent flyer programs. Noncurrent frequent flyer deferred revenue decreased over the same timeframe from $5,067 million to $4,038 million, possibly due to reclassification or redemption activity. The combined movements show dynamic adjustments within loyalty program liabilities.
- Current Maturities of Long-Term Debt, Finance Leases, and Other Financial Liabilities
- This liability experienced volatility, increasing from $2,111 million in 2020 to a peak of $4,247 million in 2023 before falling to $3,453 million in 2024. Fluctuations may reflect refinancing activities or changes in debt structure impacting short-term obligations.
- Current Maturities of Operating Leases
- Current maturities of operating leases remained relatively stable, decreasing slightly from $612 million in 2020 to $467 million in 2024, which could indicate lease terminations or renegotiations reducing short-term lease obligations.
- Other Current Liabilities
- Other current liabilities showed a moderate uptrend from $706 million in 2020 to $948 million in 2024, reflecting increased miscellaneous obligations.
- Current Liabilities (Aggregate)
- Aggregate current liabilities have increased steadily from $12,725 million in 2020 to $23,314 million in 2024, driven by growth in accounts payable, accrued expenses, deferred revenues, and current debt maturities. This upward trajectory may be linked to expansion or increased operational activity.
- Long-Term Debt, Finance Leases, and Other Financial Liabilities, Less Current Portion
- Long-term debt and related liabilities saw an initial rise from $26,200 million in 2020 to $31,443 million in 2021, followed by consistent decreases through 2024, ending at $25,203 million. This suggests repayments or refinancing efforts to reduce long-term financial obligations.
- Long-Term Obligations Under Operating Leases
- Long-term operating lease obligations declined from $4,986 million in 2020 to $4,459 million in 2022 and then remained relatively stable around $4,500 million through 2024, indicating a possible portfolio rationalization or lease expirations.
- Pension and Postretirement Benefit Liability
- This liability decreased significantly from $3,454 million in 2020 to $1,233 million in 2024, which may suggest improved pension funding status or changes in actuarial assumptions.
- Deferred Income Taxes
- Deferred income taxes were not reported until 2023, showing $594 million and increasing to $1,580 million in 2024, implying recognition of tax-related timing differences in recent years.
- Other Noncurrent Liabilities
- Other noncurrent liabilities displayed steady growth from $1,156 million in 2020 to $1,530 million in 2024, consistent with an accumulation of varied long-term obligations.
- Noncurrent Liabilities (Aggregate)
- Overall, noncurrent liabilities decreased from $40,863 million in 2020 to $38,094 million in 2024, reflecting reductions in long-term debt and pension liabilities, partially offset by rises in deferred taxes and other liabilities.
- Total Liabilities
- Total liabilities increased sharply from $53,588 million in 2020 to a peak of $63,146 million in 2021, then declined slightly to $61,408 million in 2024. This pattern may reflect a cycle of debt issuance followed by deleveraging efforts.
- Stockholders’ Equity Components
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Additional capital invested rose marginally from $8,366 million in 2020 to approximately $8,980 million in 2024, indicating limited new equity infusion. Treasury stock consistently decreased in magnitude from -$3,897 million to -$3,377 million, suggesting share repurchases were reduced over time.
Retained earnings demonstrated notable recovery and growth, starting at $2,626 million in 2020, dipping in 2021, but substantially increasing to $6,880 million in 2024, signaling improved profitability or retained earnings accumulation.
Accumulated other comprehensive income fluctuated from negative $1,139 million to a positive $188 million in 2024, pointing to changes in unrealized gains/losses or currency translation effects.
Overall stockholders’ equity expanded from $5,960 million in 2020 to $12,675 million in 2024, more than doubling, reflecting stronger equity position. - Total Liabilities and Stockholders’ Equity
- The combined total rose from $59,548 million in 2020 to $74,083 million in 2024, consistent with an expanding balance sheet and increased asset base.