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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)
NOTE 15 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
UAL
 
Quarter Ended
(In millions, except per share amounts)
 
March 31
 
June 30
 
September 30
 
December 31
2018
 
 
 
 
 
 
 
 
Operating revenue
 
$
9,032

 
$
10,777

 
$
11,003

 
$
10,491

Income from operations
 
276

 
1,161

 
1,203

 
652

Net income
 
147

 
684

 
836

 
462

Basic earnings per share
 
0.52

 
2.49

 
3.07

 
1.71

Diluted earnings per share
 
0.52

 
2.48

 
3.06

 
1.70

 
 
 
 
 
 
 
 
 
2017 (a)
 
 
 
 
 
 
 
 
Operating revenue
 
$
8,426

 
$
10,008

 
$
9,899

 
$
9,451

Income from operations
 
320

 
1,437

 
1,138

 
776

Net income
 
99

 
821

 
645

 
579

Basic earnings per share
 
0.32

 
2.67

 
2.15

 
1.99

Diluted earnings per share
 
0.32

 
2.67

 
2.15

 
1.98

(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) and Accounting Standards Update No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information.
UAL's quarterly financial data is subject to seasonal fluctuations and historically its second and third quarter financial results, which reflect higher travel demand, are better than its first and fourth quarter financial results. UAL's quarterly results were impacted by the following significant items (in millions):
 
 
Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
2018
 
 
 
 
 
 
 
 
Operating:
 
 
 
 
 
 
 
 
Impairment of assets
 
$
23

 
$
111

 
$
11

 
$
232

Termination of an engine maintenance service agreement
 
—

 
—

 
—

 
64

Severance and benefit costs
 
14

 
11

 
9

 
7

(Gains) losses on sale of assets and other special charges
 
3

 
7

 
(3
)
 
(2
)
Total operating special charges
 
40

 
129

 
17

 
301

Nonoperating:
 
 
 
 
 
 
 
 
Nonoperating mark-to-market ("MTM") (gains) losses on financial instruments
 
(45
)
 
135

 
(29
)
 
(56
)
Total special charges and MTM (gains) losses on financial instruments
 
(5
)
 
264

 
(12
)
 
245

Income taxes:
 
 
 
 
 
 
 
 
Income tax expense (benefit) related to special charges and MTM gains and losses on financial instruments
 
1

 
(59
)
 
3

 
(55
)
Income tax adjustments
 
—

 
—

 
—

 
(5
)
Total special charges and MTM (gains) losses on financial instruments, net of tax
 
$
(4
)
 
$
205

 
$
(9
)
 
$
185

 
 
 
 
 
 
 
 
 
2017 (a)
 
 
 
 
 
 
 
 
Operating:
 
 
 
 
 
 
 
 
Severance and benefit costs
 
$
37

 
$
41

 
$
23

 
$
15

Impairment of assets
 
—

 
—

 
15

 
10

(Gains) losses on sale of assets and other special charges
 
14

 
3

 
12

 
6

Total operating special charges
 
51

 
44

 
50

 
31

Income taxes:
 


 


 


 


Income tax benefit related to special charges
 
(18
)
 
(16
)
 
(18
)
 
(11
)
Income tax adjustments
 
—

 
—

 
—

 
(179
)
Total operating special charges, net of income taxes and income tax adjustments
 
$
33

 
$
28

 
$
32

 
$
(159
)
(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information.
See Note 14 of this report for additional information related to these items.