Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Provision (Benefit) Differed from Amounts Computed at the Statutory Federal Income Tax Rate and Significant Components

The income tax provision (benefit) differed from amounts computed at the statutory federal income tax rate and consisted of the following significant components (in millions):


	2023		2022		2021
Income tax provision (benefit) at statutory rate	$	711	$	208	$	(537)
State income tax provision (benefit), net of federal income tax benefit	46		13		(34)
Nondeductible employee meals	15		12		7
Nondeductible transportation fringe benefit	13		10		8
Valuation allowance	(21)		(10)		(38)
Other, net	5		20		1
Income tax expense (benefit)	$	769	$	253	$	(593)

Current	$	13	$	5	$	(10)
Deferred	756		248		(583)
Income tax expense (benefit)	$	769	$	253	$	(593)

Temporary Differences and Carryforwards Giving Rise to Deferred Tax Assets and Liabilities

Temporary differences and carryforwards that give rise to deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in millions):


	UAL				United
	2023		2022		2023		2022
Deferred income tax asset (liability):
Federal and state net operating loss ("NOL") carryforwards	$	2,644	$	2,932	$	2,616	$	2,903
Deferred revenue	1,845		1,783		1,845		1,783
Employee benefits, including pension, postretirement and medical	695		606		695		606
Operating lease liabilities	1,134		1,118		1,134		1,118
Other financial liabilities	414		141		414		141
Interest expense carryforward	579		510		579		510
Other	575		576		575		576
Less: Valuation allowance	(179)		(199)		(179)		(199)
Total deferred tax assets	$	7,707	$	7,467	$	7,679	$	7,438

Depreciation	$	(6,782)	$	(5,844)	$	(6,782)	$	(5,844)
Operating lease right-of-use asset	(887)		(881)		(887)		(881)
Intangibles	(632)		(651)		(632)		(651)
Total deferred tax liabilities	$	(8,301)	$	(7,376)	$	(8,301)	$	(7,376)
Net deferred tax asset (liability)	$	(594)	$	91	$	(622)	$	62