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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Quarter Ended
(In millions, except per share amounts)March 31June 30September 30December 31
2020
Operating revenue$7,979 $1,475 $2,489 $3,412 
Loss from operations(972)(1,637)(1,615)(2,135)
Net loss(1,704)(1,627)(1,841)(1,897)
Basic and diluted loss per share(6.86)(5.79)(6.33)(6.39)
2019
Operating revenue$9,589 $11,402 $11,380 $10,888 
Income from operations495 1,472 1,473 861 
Net income292 1,052 1,024 641 
Basic earnings per share1.09 4.03 4.01 2.54 
Diluted earnings per share1.09 4.02 3.99 2.53 
UAL's quarterly financial data is subject to seasonal fluctuations and historically its second and third quarter financial results, which reflect higher travel demand, are better than its first and fourth quarter financial results. UAL's quarterly results were impacted by the following significant items (in millions):
Quarter Ended
March 31June 30September 30December 31
2020
CARES Act grant$— $(1,589)$(1,494)$(453)
Impairment of assets50 80 51 137 
Severance and benefit costs— 63 350 162 
(Gains) losses on sale of assets and other special charges13 (3)12 5 
Total operating special charges (credit)63 (1,449)(1,081)(149)
Nonoperating special termination benefits and settlement losses— 231 415 41 
Nonoperating unrealized (gains) losses on investments319 (9)(15)(101)
Nonoperating credit loss on BRW Term Loan and related guarantee697 — — — 
Total nonoperating special charges and unrealized (gains) losses on investments1,016 222 400 (60)
Total operating and nonoperating special charges (credit) and unrealized (gains) losses on investments1,079 (1,227)(681)(209)
Income tax expense (benefit), net of valuation allowance(14)241 148 29 
Total operating and nonoperating special charges (credit) and unrealized (gains) losses on investments, net of income taxes$1,065 $(986)$(533)$(180)
2019
Impairment of assets$8 $61 $— $102 
Severance and benefit costs6 6 2 2 
(Gains) losses on sale of assets and other special charges4 4 25 26 
Total operating special charges18 71 27 130 
Nonoperating unrealized (gains) losses on investments(17)(34)(21)(81)
Total special charges and unrealized (gains) losses on investments1 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 
See Note 14 of this report for additional information related to these items.