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Selected Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2012
Selected Quarterly Financial Data (Unaudited)

NOTE 21—SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

 

UAL                                                          

   Quarter Ended  

(In millions, except per share amounts)

   March 31     June 30      September 30      December 31  

2012

          

Operating revenue

   $ 8,602      $ 9,939       $ 9,909       $ 8,702   

Income (loss) from operations

     (271     575         200         (465

Net income (loss)

     (448     339         6         (620

Basic earnings (loss) per share

     (1.36     1.02         0.02         (1.87

Diluted earnings (loss) per share

     (1.36     0.89         0.02         (1.87

2011

          

Operating revenue

   $ 8,202      $ 9,809       $ 10,171       $ 8,928   

Income from operations

     34        808         935         45   

Net income (loss)

     (213     538         653         (138

Basic earnings (loss) per share

     (0.65     1.63         1.97         (0.42

Diluted earnings (loss) per share

     (0.65     1.39         1.69         (0.42

 

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  

2012

        

Special charges (income):

        

Integration-related costs

   $ 134      $ 137      $ 60      $ 408   

Labor agreement costs

     —          —          454        21   

Voluntary severance and benefits

     49        76        —          —     

Intangible asset impairments

     6        —          —          24   

Gains on sale of assets and other special charges, net

     (25     (7     —          (14
  

 

 

   

 

 

   

 

 

   

 

 

 

Total special items

     164        206        514        439   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income tax benefit

     (2     —          —          (9
  

 

 

   

 

 

   

 

 

   

 

 

 

Total special items, net of tax

   $ 162      $ 206      $ 514      $ 430   
  

 

 

   

 

 

   

 

 

   

 

 

 

2011

        

Special charges (income):

        

Revenue—Co-brand Agreement modification (Note 2(c))

   $  —        $ (107   $  —        $  —     

Integration-related costs

     79        145        123        170   

Termination of maintenance service contract

     —          —          —          58   

Aircraft-related charges (gains), net

     (2     1        (3     (2

Intangible asset impairment

     —          —          —          4   

Other special items

     —          —          —          19   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total special items

     77        39        120        249   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income tax benefit

     —          —          —          (2
  

 

 

   

 

 

   

 

 

   

 

 

 

Total special items, net of tax

   $ 77      $ 39      $ 120      $ 247   
  

 

 

   

 

 

   

 

 

   

 

 

 

See Note 20 for further discussion of these items.