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The foregoing performance graph is being furnished as part of this report solely in accordance with the requirement under Rule 14a-3(b)(9) to furnish our stockholders with such information, and therefore, shall not be deemed to be filed or incorporated by reference into any filings by the Company under the Securities Act or the Exchange Act.
−Removed: The following table presents repurchases of UAL common stock made in the fourth quarter of 2019 :
−Removed: Total number of shares purchased (a) (b)
−Removed: Average price paid per share (b)(c)
−Removed: Total number of shares purchased as part of publicly announced plans or programs (a)
−Removed: Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) (a)
+Added: The following table presents repurchases of UAL common stock made in the fourth quarter of fiscal year 2020:
+Added: Period Total number of
+Added: shares purchased Average price paid
+Added: per share Total number of shares purchased as part of publicly announced plans or programs (a) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs
+Added: October 2020 — $ — — $ —
November 2020 — — — —
December 2020 — — — —
−Removed: (a) In 2019 , UAL repurchased approximately 19.2 million shares of UAL common stock for $1.6 billion .
−Removed: In December 2017, UAL's Board of Directors authorized a $3.0 billion share repurchase program to acquire UAL's common stock.
−Removed: In July 2019, UAL's Board of Directors authorized a new $3.0 billion share repurchase program to acquire UAL's common stock, in addition to any amounts remaining under the prior program.
−Removed: As of December 31, 2019 , the Company had approximately $3.1 billion remaining to purchase shares under its repurchase programs.
−Removed: UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws.
−Removed: (b) The table does not include shares withheld from employees to satisfy certain tax obligations due upon the vesting of restricted stock.
−Removed: The United Continental Holdings, Inc.
−Removed: 2017 Incentive Compensation Plan and the United Continental Holdings, Inc.
−Removed: 2008 Incentive Compensation Plan, each provide for the withholding of shares to satisfy tax obligations due upon the vesting of restricted stock.
−Removed: However, these plans do not specify a maximum number of shares that may be withheld for this purpose.
−Removed: A total of 1,930 shares were withheld under the plans in the fourth quarter of 2019 at an average price of $89.67 per share.
−Removed: These shares of common stock withheld to satisfy tax withholding obligations may be deemed to be "issuer purchases" of shares that are required to be disclosed pursuant to this Item.
−Removed: (c) Average price paid per share is calculated on a settlement basis and excludes commission.
+Added: (a) On April 24, 2020, UAL's Board of Directors terminated its share repurchase program.
+Added: Under the Payroll Support Program agreements and Loan Program, the Company and its business are subject to certain restrictions, including, but not limited to, restrictions on the ability to repurchase UAL's equity securities through September 26, 2026 (or such earlier date that is one year after repayment in full of the Term Loan Facility).
SELECTED FINANCIAL DATA.
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Year Ended December 31,
+Added: 2020 2019 2018 2017 2016
Income Statement Data (in millions, except per share amounts):
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Operating expense 21,714 38,958 38,074 34,166 32,214
−Removed: Operating income
−Removed: Basic earnings per share
−Removed: Diluted earnings per share
+Added: Operating income (loss) (6,359) 4,301 3,229 3,618 4,344
+Added: Net income (loss) (7,069) 3,009 2,122 2,143 2,234
+Added: Basic earnings (loss) per share (25.30) 11.63 7.70 7.08 6.77
+Added: Diluted earnings (loss) per share (25.30) 11.58 7.67 7.06 6.76
Balance Sheet Data at December 31 (in millions):
Unrestricted cash, cash equivalents and short-term investments $ 11,683 $ 4,944 $ 3,950 $ 3,798 $ 4,428
−Removed: Debt and finance lease obligations (b)
−Removed: (a) Amounts adjusted due to the adoption of Accounting Standard Update No.
−Removed: 2016-02, Leases (Topic 842).
−Removed: See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information.
−Removed: (b) Finance leases, under Topic 842, are the equivalent of capital leases under Financial Accounting Standards Board Accounting Standards Codification Topic 840, Leases .
+Added: Total assets 59,548 52,611 49,024 47,469 40,208
+Added: Debt and finance lease obligations 27,153 14,818 13,792 13,576 11,705
Year Ended December 31,
+Added: 2020 2019 2018 2017 2016
Select operating statistics (a)
Passengers (thousands) (b)
+Added: 57,761 162,443 158,330 148,067 143,177
Revenue passenger miles ("RPMs") (millions) (c)
+Added: 73,883 239,360 230,155 216,261 210,309
Available seat miles ("ASMs") (millions) (d)
+Added: 122,804 284,999 275,262 262,386 253,590
Cargo revenue ton miles (millions) (e)
+Added: 2,711 3,329 3,425 3,316 2,805
Passenger load factor (f)
+Added: 60.2% 84.0% 83.6% 82.4% 82.9%
Passenger revenue per available seat mile ("PRASM") (cents) 9.61 13.90 13.70 13.13 13.18
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Average yield per revenue passenger mile ("Yield") (cents) (g)
+Added: 15.98 16.55 16.38 15.93 15.90
Cost per available seat mile ("CASM") (cents) 17.68 13.67 13.83 13.02 12.70
2 unchanged sentences
Average stage length (miles) (h)
−Removed: Average daily utilization of each mainline aircraft (hours:minutes) (i)
+Added: 1,307 1,460 1,446 1,460 1,473
+Added: Employee headcount, as of December 31 (thousands) 74.4 95.9 91.7 89.8 87.8
(a) Includes data from our regional carriers operating under CPAs unless otherwise noted.
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(h) Average stage length equals the average distance a flight travels weighted for size of aircraft.
−Removed: (i) The average number of hours per day that an aircraft flown in revenue service is operated (from gate departure to gate arrival).
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.