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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 March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
https://cdn.kscope.io/7e4f902feff98b35002c2b8a26fc3d87-ual-20220331_g1.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 April 14, 2022 is shown below:
United Airlines Holdings, Inc. 326,730,982 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 March 31, 2022

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 March 31,
 20222021
Operating revenue: 
Passenger revenue$6,348 $2,316 
Cargo627 497 
Other operating revenue591 408 
Total operating revenue7,566 3,221 
Operating expense:
Salaries and related costs2,787 2,224 
Aircraft fuel2,230 851 
Landing fees and other rent612 519 
Depreciation and amortization611 623 
Regional capacity purchase565 479 
Aircraft maintenance materials and outside repairs407 269 
Distribution expenses226 85 
Aircraft rent61 55 
Special charges (credits)(8)(1,377)
Other operating expenses1,451 874 
Total operating expense8,942 4,602 
Operating loss(1,376)(1,381)
Nonoperating income (expense):
Interest expense(424)(353)
Interest capitalized24 17 
Interest income5 7 
Unrealized losses on investments, net (22)
Miscellaneous, net 19 (19)
Total nonoperating expense, net(376)(370)
Loss before income tax benefit(1,752)(1,751)
Income tax benefit(375)(394)
Net loss$(1,377)$(1,357)
Loss per share, basic and diluted$(4.24)$(4.29)

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 March 31,
 20222021
Net loss$(1,377)$(1,357)
Other comprehensive income (loss), net of tax:
Employee benefit plans5 14 
Investments and other (1)
Total other comprehensive income, net of tax5 13 
Total comprehensive loss, net$(1,372)$(1,344)


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)
 
 March 31, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$18,468 $18,283 
Short-term investments211 123 
Restricted cash41 37 
Receivables, less allowance for credit losses (2022 — $30; 2021 — $28)
2,062 1,663 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 — $561; 2021 — $546)
1,068 983 
Prepaid expenses and other762 745 
Total current assets22,612 21,834 
Operating property and equipment:
Flight equipment39,733 39,584 
Other property and equipment8,941 8,764 
Purchase deposits for flight equipment2,260 2,215 
Total operating property and equipment50,934 50,563 
Less — Accumulated depreciation and amortization(19,053)(18,489)
Total operating property and equipment, net31,881 32,074 
Operating lease right-of-use assets4,579 4,645 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2022 — $1,554; 2021 — $1,544)
2,792 2,803 
Restricted cash214 213 
Deferred income taxes1,032 659 
Investments in affiliates and other, less allowance for credit losses (2022 — $619; 2021 — $622)
1,401 1,420 
Total other assets9,966 9,622 
Total assets$69,038 $68,175 
(continued on next page)















5



UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 March 31, 2022December 31, 2021
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$2,966 $2,562 
Accrued salaries and benefits2,008 2,121 
Advance ticket sales8,904 6,354 
Frequent flyer deferred revenue2,516 2,239 
Current maturities of long-term debt2,994 3,002 
Current maturities of other financial liabilities1,185 834 
Current maturities of operating leases538 556 
Current maturities of finance leases64 76 
Other613 560 
Total current liabilities21,788 18,304 
Long-term debt29,665 30,361 
Long-term obligations under operating leases5,143 5,152 
Long-term obligations under finance leases210 219 
Other liabilities and deferred credits:
Frequent flyer deferred revenue3,901 4,043 
Pension liability1,929 1,920 
Postretirement benefit liability986 1,000 
Other financial liabilities 499 863 
Other1,293 1,284 
Total other liabilities and deferred credits8,608 9,110 
Commitments and contingencies
Stockholders' equity:
Preferred stock  
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 326,728,861 and 323,810,825 shares at March 31, 2022 and December 31, 2021, respectively
4 4 
Additional capital invested8,953 9,156 
Stock held in treasury, at cost(3,552)(3,814)
Retained earnings (accumulated deficit)(844)625 
Accumulated other comprehensive loss(937)(942)
Total stockholders' equity3,624 5,029 
Total liabilities and stockholders' equity$69,038 $68,175 

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)
 Three Months Ended
 March 31,
 20222021
Cash Flows from Operating Activities:
Net cash provided by operating activities$1,476 $447 
Cash Flows from Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns(402)(444)
Purchases of short-term and other investments(156) 
Proceeds from sale of short-term and other investments62 105 
Proceeds from sale of property and equipment66 11 
Other, net (1)
Net cash used in investing activities(430)(329)
Cash Flows from Financing Activities:
Proceeds from issuance of debt, net of discounts and fees 1,336 
Proceeds from equity issuance 532 
Payments of long-term debt, finance leases and other financing liabilities(783)(569)
Other, net(73)(21)
Net cash provided by (used in) financing activities(856)1,278 
Net increase in cash, cash equivalents and restricted cash190 1,396 
Cash, cash equivalents and restricted cash at beginning of the period18,533 11,742 
Cash, cash equivalents and restricted cash at end of the period (a)$18,723 $13,138 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$ $509 
Lease modifications and lease conversions59 22 
Right-of-use assets acquired through operating leases68 180 
Equity interest received in consideration for the sale of aircraft42  
Warrants received for entering into ancillary business agreements
 81 

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
Current assets:
Cash and cash equivalents$18,468 $12,666 
Restricted cash — Current41 254 
Restricted cash — Non-Current214 218 
Total cash, cash equivalents and restricted cash $18,723 $13,138 

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 Earnings (Accumulated Deficit)Accumulated
Other Comprehensive Income (Loss)
Total
SharesAmount
Balance at December 31, 2021323.8 $4 $9,156 $(3,814)$625 $(942)$5,029 
Net loss— — — — (1,377)— (1,377)
Other comprehensive income— — — — — 5 5 
Stock-settled share-based compensation— — 38 — — — 38 
Stock issued for share-based awards, net of shares withheld for tax2.9 — (241)262 (92)— (71)
Balance at March 31, 2022326.7 $4 $8,953 $(3,552)$(844)$(937)$3,624 
Balance at December 31, 2020311.8 $4 $8,366 $(3,897)$2,626 $(1,139)$5,960 
Net loss— — — — (1,357)— (1,357)
Other comprehensive income— — — — — 13 13 
Stock-settled share-based compensation— — 32 — — — 32 
Issuance of common stock11.0 — 532 — — — 532 
Warrants issued— — 47 — — — 47 
Stock issued for share-based awards, net of shares withheld for tax0.8 — (54)63 (30)— (21)
Balance at March 31, 2021323.6 $4 $8,923 $(3,834)$1,239 $(1,126)$5,206 


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 March 31,
 20222021
Operating revenue: 
Passenger revenue$6,348 $2,316 
Cargo627 497 
Other operating revenue591 408 
Total operating revenue7,566 3,221 
Operating expense:
Salaries and related costs2,787 2,224 
Aircraft fuel2,230 851 
Landing fees and other rent612 519 
Depreciation and amortization611 623 
Regional capacity purchase565 479 
Aircraft maintenance materials and outside repairs407 269 
Distribution expenses226 85 
Aircraft rent61 55 
Special charges (credits)(8)(1,377)
Other operating expenses1,450 874 
Total operating expense8,941 4,602 
Operating loss(1,375)(1,381)
Nonoperating income (expense): 
Interest expense(424)(353)
Interest capitalized24 17 
Interest income5 7 
Unrealized losses on investments, net (22)
Miscellaneous, net 19 (19)
Total nonoperating expense, net(376)(370)
Loss before income tax benefit(1,751)(1,751)
Income tax benefit(374)(394)
Net loss$(1,377)$(1,357)
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 March 31,
 20222021
Net loss$(1,377)$(1,357)
Other comprehensive income (loss), net of tax:
Employee benefit plans5 14 
Investments and other (1)
Total other comprehensive income, net of tax5 13 
Total comprehensive loss, net$(1,372)$(1,344)
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)
 
 March 31, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$18,468 $18,283 
Short-term investments211 123 
Restricted cash41 37 
Receivables, less allowance for credit losses (2022 — $30; 2021 — $28)
2,062 1,663 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 — $561; 2021 — $546)
1,068 983 
Prepaid expenses and other762 745 
Total current assets22,612 21,834 
Operating property and equipment:
Flight equipment39,733 39,584 
Other property and equipment8,941 8,764 
Purchase deposits for flight equipment2,260 2,215 
Total operating property and equipment50,934 50,563 
Less — Accumulated depreciation and amortization(19,053)(18,489)
Total operating property and equipment, net31,881 32,074 
Operating lease right-of-use assets4,579 4,645 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2022 — $1,554; 2021 — $1,544)
2,792 2,803 
Restricted cash214 213 
Deferred income taxes1,004 631 
Investments in affiliates and other, less allowance for credit losses (2022 — $619; 2021 —$622)
1,400 1,420 
Total other assets9,937 9,594 
Total assets$69,009 $68,147 

(continued on next page)
11

UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 March 31, 2022December 31, 2021
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable$2,966 $2,562 
Accrued salaries and benefits2,008 2,121 
Advance ticket sales8,904 6,354 
Frequent flyer deferred revenue2,516 2,239 
Current maturities of long-term debt2,994 3,002 
Current maturities of other financial liabilities1,185 834 
Current maturities of operating leases538 556 
Current maturities of finance leases64 76 
Other615 563 
Total current liabilities21,790 18,307 
Long-term debt29,665 30,361 
Long-term obligations under operating leases5,143 5,152 
Long-term obligations under finance leases210 219 
Other liabilities and deferred credits:
Frequent flyer deferred revenue3,901 4,043 
Pension liability1,929 1,920 
Postretirement benefit liability986 1,000 
Other financial liabilities 499 863 
Other1,293 1,284 
Total other liabilities and deferred credits8,608 9,110 
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 March 31, 2022 and December 31, 2021
  
Additional capital invested355 317 
Retained earnings1,600 2,977 
Accumulated other comprehensive loss(937)(942)
Payable to parent2,575 2,646 
Total stockholder's equity3,593 4,998 
Total liabilities and stockholder's equity$69,009 $68,147 

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)
 Three Months Ended
 March 31,
 20222021
Cash Flows from Operating Activities:
Net cash provided by operating activities$1,405 $426 
Cash Flows from Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns(402)(444)
Purchases of short-term and other investments(156) 
Proceeds from sale of short-term and other investments62 105 
Proceeds from sale of property and equipment66 11 
Other, net (1)
Net cash used in investing activities(430) (329)
Cash Flows from Financing Activities:
Proceeds from issuance of debt, net of discounts and fees 1,336 
Proceeds from issuance of parent company stock 532 
Payments of long-term debt, finance leases and other financing liabilities(783)(569)
Other, net(2) 
Net cash provided by (used in) financing activities(785)1,299 
Net increase in cash, cash equivalents and restricted cash190 1,396 
Cash, cash equivalents and restricted cash at beginning of the period18,533 11,742 
Cash, cash equivalents and restricted cash at end of the period (a)$18,723 $13,138 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$ $509 
Lease modifications and lease conversions59 22 
Right-of-use assets acquired through operating leases68 180 
Equity interest received in consideration for the sale of aircraft42  
Warrants received for entering into ancillary business agreements
 81

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
Current assets:
Cash and cash equivalents$18,468 $12,666 
Restricted cash — Current41 254 
Restricted cash — Non-Current214 218 
Total cash, cash equivalents and restricted cash$18,723 $13,138 

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 December 31, 2021$317 $2,977 $(942)$2,646 $4,998 
Net loss— (1,377)— — (1,377)
Other comprehensive loss— — 5 — 5 
Stock-settled share-based compensation38 — — — 38 
Other— — — (71)(71)
Balance at March 31, 2022$355 $1,600 $(937)$2,575 $3,593 
Balance at December 31, 2020$85 $4,939 $(1,139)$2,043 $5,928 
Net loss— (1,357)— — (1,357)
Other comprehensive income— — 13 — 13 
Stock-settled share-based compensation32 — — — 32 
Impact of UAL common stock issuance— — — 532 532 
Other— — — 27 27 
Balance at March 31, 2021$117 $3,582 $(1,126)$2,602 $5,175 



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 principal, 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, 2021 (the "2021 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, and were better 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 March 31,
20222021
Domestic (U.S. and Canada)$5,086 $2,111 
Atlantic1,089 410 
Latin America909 392 
Pacific482 308 
Total$7,566 $3,221 
Advance Ticket Sales. All tickets sold at any given point in time have travel dates through the next 12 months. The Company defers amounts related to future travel in its Advance ticket sales liability account. The Company's Advance ticket sales liability also includes credits issued to customers on electronic travel certificates ("ETCs") and future flight credits ("FFCs"), primarily for ticket cancellations, which can be applied towards a purchase of a new ticket. ETCs are valid up to two years from the date of issuance; however, all ETCs due to expire on or before December 31, 2022 have been extended to December 31, 2023. FFCs are valid for 12 months from the original ticket date; however, all FFCs issued on or before December 31, 2022 will be extended for travel dates through December 31, 2023. The Company is unable to estimate the amount of the ETCs and FFCs that will be used within the next 12 months and has classified the entire amount of the Advance ticket sales liability in current liabilities even though some of the ETCs and FFCs could be used after the next 12 months.
The Company estimates the value of Advance tickets sales that will expire unused ("breakage") and recognizes revenue at the scheduled flight date. To determine breakage, the Company uses its historical experience with expired tickets and other facts, such as recent aging trends, program changes and modifications that could affect the ultimate expiration patterns of tickets. Given the uncertainty of travel demand caused by the novel coronavirus ("COVID-19") pandemic, changes in our estimates of ETCs and FFCs that may expire unused could have a significant impact on revenue. Changes in estimates of breakage are recognized prospectively in proportion to the remaining usage of the related tickets.
In the three months ended March 31, 2022 and 2021, the Company recognized approximately $1.9 billion and $0.7 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 passengers' travel, such as baggage fees, premium seats, inflight amenities and other ticket-related fees. These ancillary fees are
15

part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs. The Company recorded $661 million and $308 million of ancillary fees within passenger revenue in the three months ended March 31, 2022 and 2021, respectively.
Frequent Flyer Accounting. The table below presents a roll forward of Frequent flyer deferred revenue (in millions):
Three Months Ended March 31,
20222021
Total Frequent flyer deferred revenue - beginning balance$6,282 $5,975 
Total miles awarded477 272 
Travel miles redeemed(322)(123)
Non-travel miles redeemed(20)(15)
Total Frequent flyer deferred revenue - ending balance$6,417 $6,109 
In the three months ended March 31, 2022 and 2021, the Company recognized, in Other operating revenue, $519 million and $362 million, respectively, related to the marketing, advertising, non-travel miles redeemed (net of related costs) and other travel-related benefits of the mileage revenue associated with our various partner agreements including, but not limited to, our JPMorgan Chase Bank, N.A. co-brand agreement. The portion related to the MileagePlus miles awarded of the total amounts received from our various partner agreements is deferred and presented in the table above as an increase to the frequent flyer liability. We determine the current portion of our frequent flyer liability based on expected redemptions in the next 12 months.
NOTE 2 — LOSS PER SHARE
The computations of UAL's basic and diluted loss per share are set forth below (in millions, except per share amounts):
Three Months Ended
March 31,
20222021
Loss available to common stockholders$(1,377)$(1,357)
Weighted-average shares outstanding, basic and diluted 325.0 316.6 
Loss per share, basic and diluted$(4.24)$(4.29)
Potentially dilutive securities (a)
Stock warrants1.5  
Employee stock awards0.7 0.7 
(a) Weighted-average potentially dilutive securities outstanding excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect.


16

NOTE 3 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The table below presents the components of the Company's accumulated other comprehensive income (loss), net of tax ("AOCI") (in millions):
Pension and Other Postretirement LiabilitiesInvestments and OtherDeferred Taxes (a)Total
Balance at December 31, 2021$(847)$ $(95)$(942)
Changes in value8  (3)5 
Amounts reclassified to earnings    
Balance at March 31, 2022$(839)$ $(98)$(