United Airlines Holdings Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current maturities of long-term debt	4,018)	2,911)	3,002)	1,911)	1,407)
Current maturities of finance leases	172)	104)	76)	182)	46)
Long-term debt, less current portion	25,057)	28,283)	30,361)	24,836)	13,145)
Long-term obligations under finance leases	91)	115)	219)	224)	220)
Total long-term debt and finance leases (carrying amount)	29,338)	31,413)	33,658)	27,153)	14,818)

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Debt item	Description	The company
Total long-term debt and finance leases (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	United Airlines Holdings Inc. total debt decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Long-term debt, including current portion	28,302)
Finance leases	263)
Total long-term debt and finance leases (fair value)	28,565)
Financial Ratio
Debt, fair value to carrying amount ratio	0.97

Weighted-average interest rate on debt and finance leases: 6.63%

Interest rate	Debt amount¹	Interest rate × Debt amount
7.35%	12,508)	919)
6.50%	2,660)	173)
10.77%	2,100)	226)
4.63%	4,000)	185)
9.22%	3,870)	357)
5.00%	596)	30)
1.00%	3,181)	32)
5.75%	437)	25)
6.30%	263)	17)
Total	29,615)	1,964)
6.63%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,964 ÷ 29,615 = 6.63%

United Airlines Holdings Inc., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense, net of interest capitalized	1,774)	1,673)	1,577)	992)	646)
Interest capitalized	182)	105)	80)	71)	85)
Interest expense	1,956)	1,778)	1,657)	1,063)	731)

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Debt item	Description	The company
Interest expense, net of interest capitalized	Amount of the cost of borrowed funds accounted for as interest expense for debt.	United Airlines Holdings Inc. interest expense, net of interest capitalized increased from 2021 to 2022 and from 2022 to 2023.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	United Airlines Holdings Inc. interest capitalized increased from 2021 to 2022 and from 2022 to 2023.
Interest expense	Total interest costs incurred during the period and either capitalized or charged against earnings.	United Airlines Holdings Inc. interest expense increased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss)	2,618)	737)	(1,964)	(7,069)	3,009)
Add: Income tax expense	769)	253)	(593)	(1,753)	905)
Add: Interest expense, net of interest capitalized	1,774)	1,673)	1,577)	992)	646)
Earnings before interest and tax (EBIT)	5,161)	2,663)	(980)	(7,830)	4,560)

Interest expense	1,956)	1,778)	1,657)	1,063)	731)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	2.91	1.59	-0.62	-7.89	7.06
Adjusted interest coverage ratio (with capitalized interest)²	2.64	1.50	-0.59	-7.37	6.24

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net of interest capitalized
= 5,161 ÷ 1,774 = 2.91

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense
= 5,161 ÷ 1,956 = 2.64

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	United Airlines Holdings Inc. adjusted interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023.

United Airlines Holdings Inc. (NASDAQ:UAL)

Analysis of Debt