Recently Issued Accounting Standards (Tables)

3 Months Ended

Mar. 31, 2018

ASC 606

Schedule of Adoption of Accounting Standards and Expected Impact on Financial Statements

The table below presents the impact of the adoption of the New Revenue Standard and the New Retirement Standard on select accounts and captions of the statement of consolidated operations for the first quarter of 2017 (in millions, except per share amounts):

	Three Months Ended March 31, 2017
	As Previously Reported		New Revenue Standard Adjustments		New Retirement Standard Adjustments		As Adjusted
Passenger revenue	$	7,174	$	479	$	—	$	7,653
Cargo		220		18		—		238
Other operating revenue		1,026		(491)		—		535
Total operating revenue		8,420		6		—		8,426
Salaries and related costs		2,661		—		(25)		2,636
Distribution expenses		307		12		—		319
Other operating expenses		1,332		(23)		—		1,309
Total operating expenses		8,142		(11)		(25)		8,106
Operating income		278		17		25		320
Interest expense		(150)		(12)		—		(162)
Miscellaneous, net		(17)		—		(25)		(42)
Total nonoperating expense, net		(133)		(12)		(25)		(170)
Income before income taxes		145		5		—		150
Income tax expense		49		2		—		51
Net income		96		3		—		99
Earnings per share, basic and diluted		0.31		0.01		—		0.32

The table below presents the impact of the adoption of the New Revenue Standard on UAL’s balance sheet accounts and captions as of December 31, 2017 (in millions):

	At December 31, 2017
	As Previously Reported		New  Revenue Standard Adjustments			As Adjusted
Prepaid expenses and other	$	1,051	$	20		$	1,071
Total current assets		7,113		20			7,133
Total assets		42,326		20			42,346
Advance ticket sales		3,876		64			3,940
Frequent flyer deferred revenue		2,176		16			2,192
Other		569		7			576
Total current liabilities		12,676		87			12,763
Frequent flyer deferred revenue - long-term		2,565		26			2,591
Deferred income taxes		225		(21)			204
Total other liabilities and deferred credits		8,145		5			8,150
Retained earnings		4,621		(72	)		4,549
Total stockholders’ equity		8,806		(72)			8,734
Total liabilities and stockholders’ equity		42,326		20			42,346