Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

United Airlines Holdings Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Goodwill	4,527)	4,527)	4,527)	4,527)	4,523)
China route authority	1,020)	1,020)	1,020)	1,020)	1,150)
Airport slots	574)	574)	574)	560)	546)
Tradenames and logos	593)	593)	593)	593)	593)
Alliances	404)	404)	404)	404)	404)
Indefinite-lived intangible assets	2,591)	2,591)	2,591)	2,577)	2,693)
Frequent flyer database	1,177)	1,177)	1,177)	1,177)	1,177)
Hubs	145)	145)	145)	145)	145)
Contracts	—)	7)	120)	120)	120)
Other	307)	314)	314)	314)	314)
Finite-lived intangible assets, gross carrying amount	1,629)	1,643)	1,756)	1,756)	1,756)
Accumulated amortization	(1,495)	(1,472)	(1,544)	(1,495)	(1,440)
Finite-lived intangible assets, less accumulated amortization	134)	171)	212)	261)	316)
Intangibles, less accumulated amortization	2,725)	2,762)	2,803)	2,838)	3,009)
Goodwill and other intangible assets	7,252)	7,289)	7,330)	7,365)	7,532)

Based on: 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), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Intangibles, less accumulated amortization	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	United Airlines Holdings Inc. intangibles, less accumulated amortization decreased from 2021 to 2022 and from 2022 to 2023.
Goodwill and other intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	United Airlines Holdings Inc. goodwill and other intangible assets decreased from 2021 to 2022 and from 2022 to 2023.

United Airlines Holdings Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	71,104)	67,358)	68,175)	59,548)	52,611)
Less: Goodwill	4,527)	4,527)	4,527)	4,527)	4,523)
Total assets (adjusted)	66,577)	62,831)	63,648)	55,021)	48,088)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	9,324)	6,896)	5,029)	5,960)	11,531)
Less: Goodwill	4,527)	4,527)	4,527)	4,527)	4,523)
Stockholders’ equity (adjusted)	4,797)	2,369)	502)	1,433)	7,008)

Based on: 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), 10-K (reporting date: 2019-12-31).

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

Download chart

United Airlines Holdings Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Total Asset Turnover
Reported total asset turnover	0.76	0.67	0.36	0.26	0.82
Adjusted total asset turnover	0.81	0.72	0.39	0.28	0.90
Financial Leverage
Reported financial leverage	7.63	9.77	13.56	9.99	4.56
Adjusted financial leverage	13.88	26.52	126.79	38.40	6.86
Return on Equity (ROE)
Reported ROE	28.08%	10.69%	-39.05%	-118.61%	26.09%
Adjusted ROE	54.58%	31.11%	-391.24%	-493.30%	42.94%
Return on Assets (ROA)
Reported ROA	3.68%	1.09%	-2.88%	-11.87%	5.72%
Adjusted ROA	3.93%	1.17%	-3.09%	-12.85%	6.26%

Based on: 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), 10-K (reporting date: 2019-12-31).

Financial 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 2021 to 2022 and from 2022 to 2023.
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 decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	United Airlines Holdings Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	United Airlines Holdings Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

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

Download chart

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Operating revenue	53,717)	44,955)	24,634)	15,355)	43,259)
Total assets	71,104)	67,358)	68,175)	59,548)	52,611)
Activity Ratio
Total asset turnover¹	0.76	0.67	0.36	0.26	0.82
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Operating revenue	53,717)	44,955)	24,634)	15,355)	43,259)
Adjusted total assets	66,577)	62,831)	63,648)	55,021)	48,088)
Activity Ratio
Adjusted total asset turnover²	0.81	0.72	0.39	0.28	0.90

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Operating revenue ÷ Total assets
= 53,717 ÷ 71,104 = 0.76

² Adjusted total asset turnover = Operating revenue ÷ Adjusted total assets
= 53,717 ÷ 66,577 = 0.81

Download chart

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 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	71,104)	67,358)	68,175)	59,548)	52,611)
Stockholders’ equity	9,324)	6,896)	5,029)	5,960)	11,531)
Solvency Ratio
Financial leverage¹	7.63	9.77	13.56	9.99	4.56
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	66,577)	62,831)	63,648)	55,021)	48,088)
Adjusted stockholders’ equity	4,797)	2,369)	502)	1,433)	7,008)
Solvency Ratio
Adjusted financial leverage²	13.88	26.52	126.79	38.40	6.86

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 71,104 ÷ 9,324 = 7.63

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 66,577 ÷ 4,797 = 13.88

Download chart

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 decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	2,618)	737)	(1,964)	(7,069)	3,009)
Stockholders’ equity	9,324)	6,896)	5,029)	5,960)	11,531)
Profitability Ratio
ROE¹	28.08%	10.69%	-39.05%	-118.61%	26.09%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss)	2,618)	737)	(1,964)	(7,069)	3,009)
Adjusted stockholders’ equity	4,797)	2,369)	502)	1,433)	7,008)
Profitability Ratio
Adjusted ROE²	54.58%	31.11%	-391.24%	-493.30%	42.94%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 2,618 ÷ 9,324 = 28.08%

² Adjusted ROE = 100 × Net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 2,618 ÷ 4,797 = 54.58%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	United Airlines Holdings Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	2,618)	737)	(1,964)	(7,069)	3,009)
Total assets	71,104)	67,358)	68,175)	59,548)	52,611)
Profitability Ratio
ROA¹	3.68%	1.09%	-2.88%	-11.87%	5.72%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss)	2,618)	737)	(1,964)	(7,069)	3,009)
Adjusted total assets	66,577)	62,831)	63,648)	55,021)	48,088)
Profitability Ratio
Adjusted ROA²	3.93%	1.17%	-3.09%	-12.85%	6.26%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 2,618 ÷ 71,104 = 3.68%

² Adjusted ROA = 100 × Net income (loss) ÷ Adjusted total assets
= 100 × 2,618 ÷ 66,577 = 3.93%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	United Airlines Holdings Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

United Airlines Holdings Inc. (NASDAQ:UAL)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

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

Adjusted Financial Ratios: Removal of Goodwill (Summary)

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

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)