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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 
 
Quarter Ended
(In millions, except per share amounts)
 
March 31
 
June 30
 
September 30
 
December 31
2019
 
 
 
 
 
 
 
 
Operating revenue
 
$
9,589

 
$
11,402

 
$
11,380

 
$
10,888

Income from operations
 
495

 
1,472

 
1,473

 
861

Net income
 
292

 
1,052

 
1,024

 
641

Basic earnings per share
 
1.09

 
4.03

 
4.01

 
2.54

Diluted earnings per share
 
1.09

 
4.02

 
3.99

 
2.53

 
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
Operating revenue
 
$
9,032

 
$
10,777

 
$
11,003

 
$
10,491

Income from operations (a)
 
262

 
1,145

 
1,187

 
635

Net income (a)
 
145

 
683

 
833

 
461

Basic earnings per share (a)
 
0.51

 
2.48

 
3.06

 
1.70

Diluted earnings per share (a)
 
0.51

 
2.48

 
3.05

 
1.69

(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 of this report for additional information on the adjustments.
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
2019
 
 
 
 
 
 
 
 
Impairment of assets
 
8

 
61

 
—

 
102

Severance and benefit costs
 
6

 
6

 
2

 
2

(Gains) losses on sale of assets and other special charges
 
4

 
4

 
25

 
26

Total operating special charges
 
18

 
71

 
27

 
130

Nonoperating unrealized (gains) losses on investments
 
(17
)
 
(34
)
 
(21
)
 
(81
)
Total special charges and unrealized (gains) losses on investments
 
1

 
37

 
6

 
49

Income tax benefit related to special charges and unrealized (gains) losses on investments
 
—

 
(8
)
 
(2
)
 
(11
)
Total special charges and unrealized (gains) losses on investments, net of income tax
 
1

 
29

 
4

 
38

 
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
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 unrealized (gains) losses on investments
 
(45
)
 
135

 
(29
)
 
(56
)
Total special charges and unrealized (gains) losses on investments
 
(5
)
 
264

 
(12
)
 
245

Income tax benefit related to special charges and unrealized (gains) losses on investments
 
1

 
(59
)
 
3

 
(55
)
Income tax adjustments
 
—

 
—

 
—

 
(5
)
Total special charges and unrealized (gains) losses on investments, net of income tax
 
$
(4
)
 
$
205

 
$
(9
)
 
$
185


See Note 14 of this report for additional information related to these items.