What changed in this filing

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Item 1. Business

2025-02-27 compared with 2024-02-29 · 146 added, 201 removed, 387 unchanged (47% of the section changed)

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As discussed under Alliances below, United is a member of Star Alliance, the world's largest alliance network.

Our United Next plan is our fundamental strategic evolution for driving future growth that we believe will have a transformational effect on the customer experience and earnings power of our business.

As part of our United Next plan, in September 2023, United exercised options to purchase 50 Boeing 787-9 aircraft scheduled for delivery between 2028 and 2031 and was granted options to purchase up to an additional 50 Boeing 787 aircraft.

In addition, United exercised purchase rights to purchase 60 A321neo aircraft scheduled for delivery between 2028 and 2030 and was granted purchase rights to purchase up to

an additional 40 A321neo aircraft.

We now expect to take delivery of over 700 new narrow and widebody aircraft by the end of 2033.

Our groundbreaking United Next strategy is expected to increase United's average gauge in North America, to increase the total number of available seats per departure and to significantly lower carbon emissions per seat.

United is in the process of retrofitting its mainline, narrow-body planes with its signature interior that includes seat-back entertainment in every seat, larger overhead bins for every passenger's carry-on bag and the industry's fastest available in-flight Wi-Fi, as well as a bright look-and-feel with LED lighting.

The carrier's international widebodies will feature the United Polaris® business class seat as well as United Premium Plus® seating.

The Company plans to replace older, smaller mainline jets and at least 200 single-class regional jets with larger aircraft, which we expect will lead to fuel efficiency benefits compared to older planes, including an expected 17-25% lower carbon emissions per seat compared to older planes.

We believe that United Next will allow us to differentiate our network and segment our products with a greater premium offering while also maintaining fare competitiveness with low-cost carriers.

In 2024 the Company continued to make progress with its United Next plan to align its network and product with the potential of its hubs while remaining focused on protecting the safety of its employees and customers and providing a superior customer experience.

United Next aims to increase customer choice and win brand-loyal customers by offering a diversity of products ranging from Basic Economy to Polaris and growing our leading global network, which the Company believes will lead to diverse revenue streams for the Company.

As part of its United Next growth plan, the Company expects to

take delivery of over 660 new narrow- and widebody aircraft by the end of 2033.

The new aircraft that the Company has taken delivery of to date have increased the Company's gauge, scale and connectivity as well as improved the Company's fuel efficiency.

Other key highlights of its United Next plan include:

• increasing our employee headcount by more than 30,000 employees since 2020;

• surpassing 300 new and retrofit aircraft featuring United's signature interior with bigger bins, seatback screens at every seat and Bluetooth connectivity;

• expanding the Company's leading global network to destinations like Ulaanbaatar, Mongolia;

Nuuk, Greenland;

Kaohsiung, Taiwan;

Palermo, Italy;

Bilbao, Spain;

Faro, Portugal;

Madeira Island, Portugal;

Puerto Escondido, Mexico;

and Dakar, Senegal;

• launching Kinective Media SM (the first media network that uses insights from travel behaviors to connect customers to personalized advertising, experiences and offers from leading brands);

• announcing an industry-leading agreement with SpaceX to bring Starlink's Wi-Fi service (the world's fastest, most reliable Wi-Fi in the sky) to our aircraft;

• making significant technology changes that empower the Company's employees and improve the customer experience.

The Company's business and operations are dependent on its regional flight network, with regional capacity accounting for approximately 6% of the Company's total capacity for the year ended December 31, 2024.

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United is a member of Star Alliance, a global integrated airline network and the largest and most comprehensive airline alliance in the world.

In 2023, Star Alliance carriers continued to serve more than 1,200 airports in 186 countries with over 16,000 average daily departures.

(Avianca), Brussels Airlines, Copa Airlines, Croatia Airlines, EGYPTAIR, Ethiopian Airlines, EVA Air, LOT Polish Airlines, Lufthansa, SAS Scandinavian Airlines, Shenzhen Airlines, Singapore Airlines, South African Airways, SWISS, TAP Air Portugal, THAI Airways International and Turkish Airlines.

In addition to its members, during 2023, Star Alliance included Shanghai-based Juneyao Airlines and Thailand-based Thai Smile Airways, a subsidiary of THAI Airways International, as connecting partners and Germany-based Deutsche Bahn, a rail company, as an intermodal partner.

In 2024, Star Alliance carriers continued to serve more than 1,200 airports in 195 countries and territories with over 17,000 average daily departures.

Star Alliance members, in addition to United, are Aegean Airlines, Air Canada, Air China, Air India, Air New Zealand, All Nippon Airways ("ANA"), Asiana Airlines, Austrian Airlines, Aerovías del Continente Americano (Avianca), Brussels Airlines, Copa Airlines, Croatia Airlines, EGYPTAIR, Ethiopian Airlines, EVA Air, LOT Polish Airlines, Lufthansa, Shenzhen Airlines, Singapore Airlines, South African Airways, SWISS, TAP Air Portugal, THAI Airways International and Turkish Airlines.

In addition to its members, Star Alliance includes Shanghai-based Juneyao Airlines as a connecting partner and Germany-based Deutsche Bahn, a rail company, as an intermodal partner.

United has a variety of bilateral commercial alliance agreements and obligations with Star Alliance members, addressing, among other things, reciprocal earning and redemption of frequent flyer miles, access to airport lounges and, with certain Star Alliance members, codesharing of flight operations (whereby one carrier's selected flights can be marketed under the brand name of another carrier).

In addition to the alliance agreements with Star Alliance members, United currently maintains independent alliance agreements with other air carriers, including Aer Lingus, Air Dolomiti, Airlink, Azul Linhas Aéreas Brasileiras, Boutique Air, Cape Air, Discover Airlines, Emirates, Eurowings, flydubai, Hawaiian Airlines, JetSuiteX, Olympic Air, Silver Airways, Virgin Australia Airlines and Vistara.

In addition to the alliance agreements with Star Alliance members, United currently maintains independent alliance agreements with other air carriers, including Aer Lingus, Air Dolomiti, Airlink, Azul Linhas Aéreas Brasileiras, Cape Air, Discover Airlines, Emirates, Eurowings, flydubai, Hawaiian Airlines, JetSuiteX, Olympic Air, Silver Airways and Virgin Australia Airlines.

United also participates in four passenger joint business arrangements ("JBAs"):

one with Air Canada and the Lufthansa Group (which includes Lufthansa and its affiliates Air Dolomiti, Austrian Airlines, Brussels Airlines, Discover Airlines, Edelweiss, Eurowings and SWISS) covering transatlantic routes, one with ANA covering certain transpacific routes, one with Air New Zealand covering certain routes between the United States and New Zealand, and one with Air Canada covering certain United States and Canada transborder routes.

These passenger JBAs enable the participating carriers to integrate the services they provide in the respective regions, capturing revenue synergies and delivering enhanced customer benefits, such as highly competitive flight schedules, fares and services.

Separate from the passenger JBAs, United is also a party to cargo JBAs with ANA for transpacific cargo services and with Lufthansa for transatlantic cargo services.

These cargo JBAs offer expanded and more seamless access to cargo space across the carriers' respective combined networks.

These passenger JBAs enable the participating carriers to integrate the services they

provide in the respective regions, capturing revenue synergies and delivering enhanced customer benefits, such as highly competitive flight schedules, fares and services.

Separate from the passenger JBAs, United is also a party to a JBA with Lufthansa for transatlantic cargo services.

This cargo JBA offers expanded and more seamless access to cargo space across the carriers' respective combined networks.

Loyalty Program.

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These awards include United Club memberships, car and hotel awards, merchandise and flights on other air carriers.

United provides freight and mail transportation services (air cargo).

The Company provides freight and mail transportation services ("Air Cargo").

The majority of Air Cargo services are provided to commercial businesses, freight forwarders, logistics firms and national postal services.

Through our global network, our air cargo operations are able to connect the world's major freight gateways.

We generate air cargo revenues in domestic and international markets through the use of cargo space on regularly scheduled passenger flights, as well as through interline and ground trucking arrangements.

Through our global network, the Company's Air Cargo operations are able to connect the world's major freight gateways.

The Company generates Air Cargo revenues in domestic and international markets through the use of cargo capacity on regularly scheduled passenger flights, interline and charter flights, and ground trucking arrangements.

Distribution Channels.

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Aircraft Fuel.

The table below summarizes the fuel consumption and expense of UAL's aircraft (including the operations of our regional partners operating under CPAs) during the last three years.

The table below summarizes the fuel consumption and expense of UAL's aircraft (including the operations of our regional carriers operating under CPAs) during the last three years.

Year Gallons Consumed

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Our operational and financial results can be significantly impacted by changes in the price and availability of aircraft fuel.

The Company routinely enters into purchase contracts based on expected fuel requirements for UAL aircraft (including regional partners operating under CPAs) that are generally indexed to various market price benchmarks for aircraft fuel.

The Company routinely enters into purchase contracts based on expected fuel requirements for UAL aircraft (including regional carriers operating under CPAs) that are generally indexed to various market price benchmarks for aircraft fuel.

These contracts customarily do not provide material protection against changes in market prices or guarantee the uninterrupted availability of adequate quantities of aircraft fuel.

The price of aircraft fuel used by our operations has fluctuated substantially in the past several years.

The price of aircraft fuel used by our operations has fluctuated substantially in the past

several years.

The Company's current strategy is to not enter into financial transactions to hedge the market price exposure of its expected fuel consumption, although the Company regularly reviews its strategy based on market conditions and other factors.

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Department of Transportation (the "DOT") is largely free to operate scheduled passenger service between any two points within the United States.

Competition can be direct, in the form of another carrier flying the exact non-stop route, or indirect, where a carrier serves the same two cities non-stop from an alternative airport in that city or via an itinerary requiring a

connection at another airport.

Air carriers' cost structures are not uniform and are influenced by numerous factors.

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Historically, demand for air travel is higher in the second and third quarters, driving higher revenues, than in the first and fourth quarters, which are periods of lower travel demand.

Environmental, Social and Governance Approach

Our Approach to Corporate Citizenship and Value Creation

At United "Good Leads the Way" is more than a slogan;

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Today United is viewed not only as a leader among our peer airlines but as a leader among the world's largest corporations.

Our leadership is driven by our desire to blaze new trails by being a force for good, be responsive to the world in which we operate, be responsible for our actions and be committed to doing the right thing.

United has devoted its brand, reputation, resources, time and effort to pursuing corporate responsibility goals aimed to generate the most impactful results that we can create.

Our leadership is driven by our desire to blaze new trails by being a force for good, responsive to the world in which we operate, responsible for our actions and committed to doing the right thing.

United has devoted its brand, reputation, resources, time and effort to pursuing corporate citizenship goals aimed to generate the most impactful results that we can create.

Simply, we aspire to use our influence and scale to lead in a way that inspires the world to action.

Over the last few years, we have made historic investments to fight climate change and provided career opportunities to thousands of people.

We set forth below three of our Environmental, Social and Governance focus areas.

We set forth below three of our corporate citizenship focus areas.

Safety Culture

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We continue to evaluate and expand our SMS to incorporate new areas of the business to manage risk as we navigate this exciting time at United with the growth in our aircraft fleet and the increasing number of destinations that we plan to serve.

Our improved SMS allows us to proactively identify hazards and mitigate risks to help ensure the safety of our customers and our employees as we grow.

Our continuously evolving SMS allows us to proactively identify hazards and mitigate risks to help ensure the safety of our customers and our employees as we grow.

In addition, just as we have invested in infrastructure, technology and tools, we are also investing in the training and development of our employees, especially those who are new to United, to help ensure they gain proficiency in their roles and stay safe in the workplace.

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Environmental Sustainability Strategy

The Company's commitment to operating an environmentally sustainable and responsible airline is woven into its long-term strategy and values.

The Company believes that it is critical, now more than ever, to continue to serve its purpose of connecting people and uniting the world and is committed to finding solutions, both individually as a company and together with partners in both the private and public sectors, to do so sustainably and responsibly while also achieving its financial goals.

The Company is continuously looking for new ways to reduce its environmental impact in the air, on the ground and at its facilities, which benefits its employees, customers and stockholders.

At the end of 2020, the Company pledged a net zero goal to reduce its greenhouse gas ("GHG") emissions by 100% by 2050 without relying on the use of voluntary carbon offsets.

United was the first airline globally to make such a commitment without relying on the use of voluntary carbon offsets.

Given the airline industry's designation as a 'hard-to-abate sector', the Company is committed to tackling the root causes of its GHG emissions—primarily combustion of conventional jet fuel—so that it can realize meaningful, long-lasting change that supports a more sustainable future.

The Company believes that not relying on voluntary carbon offsets that assert to accomplish emissions reductions out-of-sector is important and the right priority because the airline industry should focus on decarbonization within its own activities as the industry cannot afford to divert resources and attention toward voluntary carbon offset programs that do not effectuate real progress within aviation operations.

The Company's earnest intention on meeting the net zero GHG emissions goal by 2050 led the Company to commit to a mid-term target of reducing, compared to 2019, its carbon emissions intensity by 50% by 2035.

This intensity target is intended to align the Company's net zero goal with the temperature limit goals of the Paris Agreement and allow the Company to show progress towards its 2050 net zero GHG emissions goal in the nearer term.

This 2035 target received independent validation from the Science Based Targets initiative (SBTi) in May 2023.

The Company is committed to redefining the future of air travel with environmental sustainability and responsibility at the forefront because it believes that it is the Company's responsibility to take tangible steps to mitigate climate change impacts from its operations.

In addition, the Company's climate goals and overall climate strategy are increasingly important factors in its relationships with its employees, stockholders, customers and other stakeholders.

Its strategy to achieve its climate goals is centered around four key pathways, each of which is described in further detail below:

The Company's commitment to operating an environmentally sustainable airline is woven into its long-term strategy.

The Company believes that it is critical to continue to serve its purpose of connecting people and uniting the world and is focused on finding actionable solutions that reduce the environmental impact of its operations and manage operational costs in its energy supply while also achieving its financial goals and creating long-term value for its stockholders.

At the end of 2020, the Company pledged a net zero goal to reduce its greenhouse gas ("GHG") emissions by 100% by 2050 without relying on the use of voluntary, traditional carbon offsets 1 .

The Company also established a mid-term target of reducing, compared to 2019, its carbon emissions intensity by 50% by 2035.

This intensity target is intended to align to the Company's net zero goal.

The Company believes that innovative technologies can assist the Company with achieving its climate goals, enhance the customer experience and improve its operations.

Our second largest operating expense, conventional jet fuel, is subject to volatile global prices.

Reducing our fuel consumption while diversifying our fuel supply with sustainable aviation fuel ("SAF") can enhance our resiliency in the face of conventional jet fuel price spikes.

The Company's sustainability strategy is centered around four key pathways, each of which is described in further detail below:

(i) emitting less GHGs;

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(iii) making improvements to its operations beyond its flights;

and (iv) collaborating with employees, customers, airports, suppliers, cross-industry partners and policymakers to facilitate faster action and commercializing technology solutions designed to address climate change.

and (iv) collaborating with employees, customers, airports, suppliers, cross-industry partners and policymakers to facilitate faster action and commercializing relevant technology.

The Company's Board of Directors (the "Board"), including through its Public Responsibility Committee, provides oversight of its environmental sustainability and climate-related strategic goals and objectives to ensure integration with its core business strategy.

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• Emitting Less GHGs :

As part of this plan, the Company is focused on improving fuel efficiency and reducing GHG emissions in its operations.

Its main focus in realizing this objective is reducing its conventional jet fuel consumption, which is both the largest contributor to its environmental footprint and a sizable expense for the Company.

As part of this plan, the Company is focused on improving fuel efficiency in its operations.

Its main focus in realizing this objective is reducing its conventional jet fuel consumption, which is both the largest contributor to its environmental footprint and, as noted above, a sizable expense for the Company.

To do so, the Company is prioritizing the introduction of newer, more fuel-efficient aircraft into its fleet as part of its United Next plan as well as improving the fuel efficiency of its existing fleet.

The United Next aircraft ordered will reduce United's per-seat carbon emissions by approximately 20% compared to the older models they will replace.

In conjunction with improving the fuel efficiency of its fleet, the Company has been incorporating fuel efficiency considerations within flight and ground operations, including implementing operational and procedural initiatives designed to drive fuel conservation.

The Company has worked collaboratively across its organization and with Air Traffic Control ("ATC") providers to strive to improve fuel efficiency through the implementation of best practices and by training its pilots and dispatchers and supplying them with the necessary tools to execute those strategies.

The Company, through the aerospace-focused investment vertical, of its corporate venture capital arm, United Airlines Ventures, Ltd.

("UAV"), also has been collaborating with, as well as investing in, early-stage climate technology companies that focus on lower carbon alternative propulsion technologies.

1 Traditional carbon offsets refer to carbon credits generated through the avoidance and/or reduction of CO2 emissions that would have otherwise occurred outside a company's value chain.

Traditional carbon offsets do not include certificates conveying the attributes of renewable energy or sustainable aviation fuel, or credits related to the removal of CO2 from the atmosphere.

In addition, the Company, through the aerospace-focused investment vertical of its corporate venture capital arm, United Airlines Ventures, Ltd.

("UAV"), has been collaborating with, as well as investing in, early-stage technology companies that focus on lower carbon alternative propulsion technologies.

• Adopting More Sustainable Alternatives to Conventional Jet Fuel :

We believe that large-scale adoption of sustainable aviation fuel ("SAF") in our operations is critical to achieving our net zero GHG target.

SAF is an alternative to conventional jet fuel and its potential to scale is due to its 'drop-in' readiness, which means it can be used in current operations with existing aircraft and infrastructure without alterations required.

The Company is working with strategic partners to scale, employ and commercialize the use of SAF as the Company believes that it is the most promising technology solution in development to date that can help abate emissions from the Company's flight operations.

SAF is intended to reduce lifecycle GHG emissions by up to 85% compared with conventional jet fuel and has the added benefits of having a limited impact on performance or safety, reducing sulfur dioxide (SO 2 ) and soot particle emissions as well as providing energy diversification.

While the Company is an aviation leader in investing in future SAF production, SAF supply in the jet fuel market is currently constrained and represents, according to industry estimates, far less than 1% of global commercial aviation fuel usage.

We believe that large-scale adoption of SAF in our operations is critical to helping mitigate our exposure to volatile fuel prices and achieving our climate goals.

The Company is working with strategic partners to scale, employ and commercialize the use of SAF.

While the Company currently is an aviation leader in investing in technologies focused on decarbonizing aviation and its associated energy supply chains, SAF supply in the jet fuel market is constrained and represents, according to industry estimates, less than 1% of global commercial aviation fuel usage.

Additionally, the purchase of SAF today comes with a price premium, compared to conventional jet fuel, to account for the additional costs of scaling and producing this early-stage solution.

As a result, as of December 31, 2023, the total volume of SAF the Company used in its operations remained less than 0.1% of its total aviation fuel usage.

These challenges with present-day SAF have informed the Company's strategy of investing in SAF producers and technology to help scale the SAF market and unlock future supply for the Company.

As a result, in 2024, the total volume of SAF used in the Company's operations remained less than 0.3% of its total aviation fuel usage.

These challenges with present-day SAF have informed the Company's strategy of investing in technology to help scale the SAF market and unlock future supply for the Company.

The Company has an established history in the investment in, and use of, SAF.

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The Company also established UAV, a corporate venture capital arm that seeks to invest in promising sustainable aviation technologies and innovation to usher in the future of air travel.

Additionally, the Company made aviation history by operating the first passenger flight using 100% SAF in one engine from Chicago to Washington, D.C.

◦ In 2022 the Company signed a purchase agreement with Neste for up to 52.5 million gallons of SAF at domestic and international stations, becoming the first U.S.

airline to execute an international purchase agreement for SAF.

◦ In 2023 the Company launched, through UAV, the United Airlines Ventures Sustainable Flight Fund (the "Fund") to support start-ups focused on accelerating the research, production and technologies associated with SAF.

The Fund began in February 2023 with more than $100 million in commitments from United and five limited partners.

As of February 2024, the Fund has since increased in size to more than $200 million in committed capital among a total of 22 corporate partners.

◦ In 2023 the Company launched, through UAV, the United Airlines Ventures Sustainable Flight Fund (the "Fund") to support start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with SAF.

◦ In 2024, the Company became the first airline to purchase SAF for use at ORD, signing agreements with two suppliers.

• Improving Our Operations Beyond Our Flights :

The Company recognizes that its responsibility to address its environmental impact extends beyond the emissions generated from flights to operations across its enterprise.

The Company is focused on embedding sustainability within its operations, strengthening cross-functional teams and working on initiatives intended to drive more sustainable operations while maintaining efficiencies across the business.

United continues to progress its strategic electrification of ground service equipment ("GSE") across its hubs and stations.

The Company is focused on initiatives intended to drive more sustainable operations while maintaining efficiencies across the business.

For example, United continues to progress its strategic electrification of ground service equipment ("GSE") across its hubs and stations.

As of the end of 2024, over 5,070 units of the Company's GSE around the world are electric, representing approximately 38% of its GSE fleet.

Electrifying its fleet is integral to the Company achieving its long-term sustainability goals and the Company is committed to strategically addressing the GHG emissions from our ground operations .

In early 2023, United took delivery of two Goldhofer AST-E Phoenix electric towbarless tractors for use at LAX.

The Company was the first airline in North America to own and operate such equipment.

• Collaborating with Partners :

The Company recognizes it cannot achieve its climate targets alone.

The Company has devoted a significant amount of time and energy to defining a better future of flying by collaborating with employees, customers, airports, suppliers, cross-industry partners and policymakers across its value chain to scale the supply of SAF, invest in decarbonization technology solutions, minimize its environmental impact and protect the environment,

all of which are key to advancing the Company's climate goals.

The Company collaborates with employees, customers, airports, suppliers, cross-industry partners, trade associations and policymakers across its value chain to scale the supply of SAF and invest in decarbonization technology solutions.

Some of the Company's highlights in this area include the following:

◦ The Company has historically supported the adoption of more aggressive industry targets and worked with both Airlines for America ("A4A") and the International Air Transport Association to drive adoption of industry-wide net-zero emissions targets by 2050 for domestic and international carriers, respectively.

In addition, the Company worked with other airlines, low-carbon fuel producers and other stakeholders from across the SAF value chain to support the Biden Administration's SAF Grand Challenge to collectively make 3 billion gallons of SAF available domestically by 2030.

◦ The Company is a founding member of the Biden Administration's First Movers Coalition, a collective of leading companies committing to purchase low-carbon technologies in hard-to-abate sectors.

As part of its membership, the Company has committed to using emerging technologies with significant emissions reductions by 2030 and has also set a target of replacing at least 5% of conventional jet fuel demand with SAF that reduces lifecycle GHG emissions by 85% or more compared with conventional jet fuel by 2030.

◦ The Company worked with federal policymakers to champion passage of new production tax credits for SAF in the Inflation Reduction Act of 2022 (the "IRA").

◦ The Company worked with federal policymakers to champion passage of new SAF tax incentives in 2022.

These credits create an economic incentive for increased SAF production within the United States.

◦ The Company led a cross-sectoral effort to incentivize SAF in Illinois, lowering the overall cost of SAF for consumption at the state level.

◦ The Company led a cross-sectoral effort to incentivize SAF in Illinois, lowering the overall cost of SAF consumption at the state level.

The Sustainable Aviation Fuel Purchase Credit was enacted in Illinois in February 2023 and became effective in mid-2023.

In 2023, the Company evolved its GHG reporting to align with corporate best practices around GHG accounting protocols, including anticipated updates in accounting guidance from SBTi and the Greenhouse Gas Protocol.

The Company was the first airline to use this credit for purchases in 2024.

◦ The Company is a founding member of the nonprofit, non-partisan SAF Coalition.

Formed in 2024, the SAF Coalition is an organization looking to bring together all stakeholders of the aviation fuel value chain to advocate for federal policies that support and increase domestic SAF production.

This revised reporting methodology allows us to provide greater transparency around the aircraft's GHG emissions from burning conventional jet fuel and SAF.

Biogenic GHG emissions from SAF are not reported as Scope 1-3 emissions.

The Company believes that its absolute GHG emissions will increase in the immediate future as the Company continues to grow.

In addition, even though purchasing voluntary carbon offsets could present near-term emissions reductions, as outlined above, the Company is resolute in attaining its mid-term and long-term climate goals without relying on the use of voluntary carbon offsets to support its climate targets and has made progress towards implementing solutions that the Company believes are needed to permanently change aviation and reduce the environmental impact of air travel to protect our planet for generations to come.

The Company believes that its absolute GHG emissions will continue to increase in the immediate future as the Company continues to grow.

In addition, even though purchasing voluntary, traditional carbon offsets could present near-term emissions reductions, as outlined above, the Company aims to achieve its mid-term and long-term climate goals without relying on the use of voluntary, traditional carbon offsets.

Such commitment is demonstrated by the end of the Company's customer offset program and elimination of emission reductions realized by carbon offsets as reflected in its GHG inventory.

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Direct (Scope 1) GHG Emissions in Metric Tons CO 2 e

Gross GHG emissions 30,400,715 21,375,275

Net GHG emissions 30,400,715 21,370,485

Gross and Net GHG emissions 36,590,472 30,400,715

Biogenic Emissions in Metric Tons CO 2 e

Biogenic (Outside of Scope) Emissions 26,806 Not calculated

Biogenic (Outside of Scope) Emissions 67,395 26,806

Indirect Emissions in Metric Tons CO 2 e

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Mainline RTKs (millions) (d) 46,361 39,526

Metric tons CO 2 e/1,000 mainline RTKs (e)

Metric tons CO 2 e/1,000 mainline and regional RTKs (f)

Metric tons CO 2 e/1,000 mainline and regional RTKs (e)

Emissions Intensity per ASM

ASMs (millions) (g) 247,858 178,684

Metric tons CO 2 e/1,000 mainline and regional ASMs (h)

(a) 2021 included Scope 3 categories 4, 7, 14 and 15 while 2022 included Scope 3 categories 3, 4, 7, 14 and 15.

(b) Excludes biogenic emissions in accordance with Greenhouse Gas Protocol.

ASMs (millions) (f) 291,333 247,858

Metric tons CO 2 e/1,000 mainline and regional ASMs (g)

(a) Includes Scope 3 categories 3, 4, 7, 14 and 15.

(b) Excludes biogenic emissions in accordance with the Greenhouse Gas Protocol.

(d) The number of mainline revenue (passenger and cargo) tons transported multiplied by the number of miles flown on each segment.

(e) Scope 1+2 emissions/mainline RTKs;

metric used for tracking progress against industry goal of 1.5%/year efficiency improvement.

(f) Scope 1+2+3 (categories 3 and 4) emissions/mainline+regional RTKs;

(d) The number of mainline revenue (passenger and cargo) tons transported multiplied by the number of kilometers flown on each segment.

(e) Scope 1+2 and Scope 3 (categories 3 and 4) emissions/mainline+regional RTKs;

metric used for tracking progress against the Company's 2035 carbon emissions intensity goal and 2050 carbon emission goal.

(g) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown.

(h) Scope 1+2+3 (categories 3, 4, 7 and 14) emissions/mainline+regional ASMs.

(f) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown.

(g) Scope 1+2 and Scope 3 (categories 3, 4, 7 and 14) emissions/mainline+regional ASMs.

Additional information on United's commitment to environmental sustainability is available at united.com/sustainability.

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See our section "The maintenance of our relationships with our labor unions" below for information on the represented employee groups.

As of December 31, 2023, of our U.S.

employees, approximately 39% were female and approximately 50% self-identified as part of an underrepresented racial or ethnic group.

Our workforce diversity metrics are reported regularly to the executive team and to the Board.

The Board believes that its membership should continue to reflect a diversity of gender, race, ethnicity, age, sexual orientation and gender identity and is committed to actively seeking women and minority candidates for the pool from which director candidates are chosen in support of the Board's commitment to diversity.

The following table contains aggregate information regarding certain self-identified characteristics of our U.S.

employees and directors:

Employees and Directors (a)

Board of Directors Company-wide Frontline Professional/ Supervisory Senior Professional/ Leaders Senior Leaders

Female 5 36,089 31,320 3,278 1,400 91

Male 9 56,008 49,322 3,977 2,533 176

Asian — 11,434 9,650 1,000 760 24

American Indian/Alaska Native — 401 363 26 11 1

Black/African American 3 13,580 12,158 1,089 317 16

Hispanic/Latino — 16,411 14,677 1,345 372 17

Hawaiian/Pacific Island — 2,674 2,485 153 35 1

Not disclosed — 1,388 1,227 104 54 3

Two or more races — 1,764 1,561 145 53 5

White 11 44,445 38,521 3,393 2,331 200

(a) Employee diversity representation data is for U.S.

workforce only, excluding employees on leave and those directly employed by United subsidiaries, as of December 31, 2023.

Diversity tracking is prohibited by law in some international locations.

Numbers may not sum due to rounding.

People & Culture :

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We developed talent acquisition tools and programs to help us continue to (i) attract the candidates who can deliver the highest levels of service to our customers;

(ii) ensure recruiting, retention and leadership development goals are systematically executed throughout the Company;

(ii) ensure recruiting, retention and leadership development goals are

systematically executed throughout the Company;

and (iii) broaden and strengthen our talent channels and pipelines so that we can cultivate the next generation of talent that will lead our company into the future.

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In 2024, about 69% of our senior leader positions filled were internal placements and 606 frontline employees were promoted into management roles, the latter of which was consistent with last year and almost three times as many as in prior years.

In addition, as a global company that operates in hundreds of locations around the world with millions of customers, we believe that we have a unique responsibility to provide transformative opportunities to enter into high paying aviation fields that have been inaccessible to many of the people who live in the communities that we serve.

We have been focused on effecting change in these communities that we believe can impact the entire aviation workforce landscape through our United Pathways programs (which include the Aviate, Calibrate and Innovate programs that make pilot, technician and digital technology careers more accessible by raising awareness, focusing on skills-first hiring and removing financial barriers).

We believe that our talent management process provides equal and consistent opportunities for employees.

The Company's policies strictly prohibit any form of employment discrimination.

To ensure accountability over time, we have committed to sharing our U.S.

workforce demographic data by self-identified race, ethnicity and gender as well as our Consolidated EEO-1 Report (which includes only the Company's and United Ground Express, Inc.'s U.S.

workforce self-identified demographic data as well as our Consolidated EEO-1 Report (which includes only the Company's and United Ground Express, Inc.'s U.S.

workforces) on an annual basis on our website.

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Succession planning provides us the opportunity to evaluate our key successors.

Executives engage in succession planning by continuously evaluating, developing and mentoring our high potential talent and providing them with advancement opportunities to ensure they are prepared when executive and management positions become available.

Our executives and senior leaders are engaged in succession planning by regularly evaluating, developing and mentoring our talent.

The Board also engages in annual succession planning and talent development discussions with our Chief Executive Officer, President and Executive Vice President of Human Resources, focusing on our ability to identify, attract, prepare and retain talented employees for future leadership positions.

The development of our Company culture that is centered on safety, supports our employees' well-being and promotes the importance of continuously listening and responding to colleague feedback.

The development of our Company culture that is centered on safety and promotes the importance of listening and responding to colleague feedback.

As stated above, safety is first in everything we do and is our first Core4 service standard.

We are focused on promoting our safety culture to help ensure that every employee across the Company holds each other to the highest safety standards and strives to protect themselves, their colleagues and our customers.

To support the well-being—including physical health, mental health and financial well-being—of our employees and their families, we provide comprehensive access to benefits designed to help employees thrive.

One of the ways that we aim to support the wellness of our colleagues is by partnering with them to help ensure they feel they are part of a community.

Our highly engaged and employee-led Business Resource Groups ("BRG") build cultural awareness and allyship for the various communities they represent – Black/African American, LGBTQ+, multicultural, multigenerational, people with disabilities, veterans, women and families (working parents and caregivers).

Membership in our BRGs grew by approximately 11,000 memberships to approximately 38,000 in 2023.

Each of our eight BRGs is sponsored by a member of our executive team.

As we strive to continue to be an employer of choice, we believe it is critical that our workforce is informed, engaged and can provide feedback.

O ur executive team provides several avenues of engagement to inform our employee needs globally.

We routinely conduct employee engagement surveys of our global workforce, which provide feedback on employee satisfaction and cover a variety of topics such as company culture, safety and values, execution of our strategy, diversity, equity and inclusion and individual development, among others.

Robust professional and leadership development training programs for all career stages.

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The ability for our employees to qualify for retirement, health and wellness benefits as well as, of course, travel privileges.

While our rewards package for most of our employees is defined by collective bargaining agreements, it includes competitive base pay, travel privileges and other comprehensive benefits, including health, wellness and retirement programs for all our employees, including part-time employees.

While our rewards package for most of our employees is determined by collective bargaining agreements, it includes competitive base pay, travel privileges and other comprehensive benefits, including health, wellness and retirement programs for all our employees, including part-time employees.

We review both industry and local market data at least annually to identify trends and market gaps in order to maintain the competitiveness of our compensation and employee benefit programs.

With respect to executives, a substantial proportion of their total rewards package is variable, at-risk pay that is based on Company performance and delivered in the form of equity, supporting alignment over the long term between our executives and our shareholders.

We align our executives' long-term equity compensation with our shareholders' interests by linking realizable pay with stock performance.

In addition, the Company has performance-based compensation programs for other management employee leaders, including managers, supervisors and team leads.

We align our executives' long-term equity compensation with our stockholders' interests by linking realizable pay with stock performance.

In addition, the

Company has performance-based compensation programs for other management employee leaders, including managers, supervisors and team leads.

The maintenance of our relationships with our labor unions.

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Collective bargaining agreements between the Company and its represented employee groups are negotiated under the Railway Labor Act ("RLA").

Such agreements typically do not contain an expiration date and instead specify an

amendable date, upon which the agreement is considered "open for amendment." The following table reflects the Company's represented employee groups, the number of employees per represented group, union representation for each employee group, and the amendable date for each employee group's collective bargaining agreement as of December 31, 2023:

Such agreements typically do not contain an expiration date and instead specify an amendable date, upon which the agreement is considered "open for amendment." The following table reflects the Company's represented employee groups, the number of employees per represented group, union representation for each employee group, and the amendable date for each employee group's collective bargaining agreement as of December 31, 2024:

Group Number of Employees Union Agreement Open for Amendment

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Technical Operations Maintenance Controllers 88 IBT November 2026

Load Planners 77 IAM May 2025 (a)

Load Planners 78 IAM May 2025

Maintenance Instructors 55 IAM May 2025

Security Officers 40 IAM May 2025 (a)

Security Officers 43 IAM May 2025

United Ground Express, Inc.:

Passenger Service 5,882 IAM March 2025

(a) Reflecting contract ratification in February 2024.

In January 2023, United and the IBT ratified an extension to its labor contract.

The agreement becomes amendable in December 2024.

On February 28, 2024, United and the IBT reached a tentative agreement for an extension to their labor contract.

The agreement, if ratified, becomes amendable in December 2028.

The tentative agreement provides competitive pay increases and improved several work rules.

In May 2023, United and the IAM ratified five agreements.

The ratified agreements are effective through 2025.

On February 23, 2024, United and the IAM ratified agreements covering the security guards in California and central load planners.

The ratified agreements are effective through 2025.

In September 2023, the Company's pilots represented by ALPA ratified an agreement with United.

The agreement includes numerous work rule changes and pay rate increases during the four-year term.

Board Oversight :

Our Board, assisted by several of its committees, plays a key role in the strategic oversight of management regarding the development, implementation and effectiveness of the Company's policies and strategies relating to human capital management.

The Board's Executive Committee oversees and reviews significant human capital strategies, including culture, talent management and diversity, equity and inclusion ("DEI") matters, and the Board's Public Responsibility Committee reviews and monitors the development and implementation of the Company's DEI and strategic goals and objectives.

The Board's Executive Committee oversees and reviews significant human capital strategies, including culture and talent management matters, and the Board's Public Responsibility Committee reviews and monitors the development and implementation of the Company's people impact strategic goals and objectives.

Many of our Board members have experience overseeing workforce issues as CEOs and presidents of other companies or organizations.

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See our report at crreport.united.com, for additional information on our human capital management programs, initiatives and measures.

We are committed to transparency and accountability as we work to better reflect the diversity of the communities we serve in all areas of our business and have committed to sharing our U.S.

workforce demographic data by self-identified race, ethnicity and gender on an annual basis on our website.

The information contained on

or connected to the Company's website is not incorporated by reference into this Form 10-K and should not be considered part of this or any other report filed with the SEC.

We are committed to transparency and sharing our U.S.

workforce self-identified demographic data on an annual basis on our website.

The information contained on or connected to the Company's website is not incorporated by reference into this Form 10-K and should not be considered part of this or any other report filed with the SEC.

Industry Regulation

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The following discussion summarizes the principal elements of the regulatory framework applicable to our business.

Regulatory requirements, including but not limited to those discussed below, affect our operations and increase our operating costs, and future regulatory developments may continue to do the same.

Regulatory requirements, including but not limited

to those discussed below, affect our operations and increase our operating costs, and future regulatory developments may continue to do the same.

In addition, should any of our governmental authorizations or certificates be modified, suspended or revoked, our business and competitive position could be materially adversely affected.

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The Company is also subject to investigation inquiries by the DOT, FAA, DOJ, DHS, the U.S.

Food and Drug Administration ("FDA"), the U.S.

Department of Agriculture ("USDA"), Centers for Disease Control and Prevention ("CDC"), OSHA and other U.S.

and international regulatory bodies.

Food and Drug Administration, the U.S.

Department of Agriculture, Centers for Disease Control and Prevention, the Occupational Safety and Health Administration and other U.S.

regulatory bodies.

Airport Access.

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The airline industry is subject to legislative actions (or inactions) that may have an impact on operations and costs.

In 2018, the U.S.

Congress approved a five-year reauthorization for the FAA, expiring September 30, 2023.

Congress subsequently extended the FAA's authorization through March 8, 2024.

Discussions in connection with the reauthorization could include a wide range of tax and policy issues.

Potential policy changes for consideration could include airline customer service requirements, aviation safety, investments in FAA staffing and resources, advancements in improving ATC technology, labor requirements and managing new entrants in the National Air Space.

These issues could impact the Company and larger airline industry.

Congressional action on reauthorization is expected to occur after the March 2024 expiration date, and in that case, Congress will likely pass an extension of current law to prevent any lapse in taxing authority.

In May 2024, the U.S.

Congress approved the FAA Reauthorization Act of 2024, expiring September 30, 2028.

Among other things, the FAA reauthorization increased the authorized funding level for the FAA and required the hiring of additional air traffic controllers, an effort to address staffing and resource shortages and improve the operation of the ATC system in the U.S.

International Regulation.

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Environmental Regulation.

The airline industry is subject to increasingly stringent federal, state, local and international environmental regulations, including those regulating emissions to air, water discharges, safe drinking water and the use and management of hazardous substances and wastes.

The airline industry is subject to stringent federal, state, local and international environmental regulations, including those regulating emissions to air, water discharges, safe drinking water and the use and management of hazardous substances and wastes.

The Company endeavors to comply with all applicable environmental regulations.

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The exact mechanism by which CORSIA will be implemented domestically is currently unknown as the federal government has not enacted legislation or regulations to implement the first phase of CORSIA.

Additionally, the market for CORSIA-eligible offsets is severely constrained, as the ICAO Council has so far approved only two registries as eligible to supply CORSIA-eligible emissions units for the 2024-2026 compliance period.

Other jurisdictions are proposing or enacting regulations to limit GHG emissions from aviation.

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The extension of the EU ETS to extra-EU flights could still occur in future years, depending on the EU government's assessment of the effectiveness of CORSIA.

In addition to the EU ETS, other countries are considering climate proposals that would impact aviation.

For example, in 2023 the Dutch government announced plans to introduce a CO 2 emissions ceiling for international aviation, whereby each airport would be restricted to a CO 2 budget for consecutive three-year periods.

The exact scope of the regulation is unknown, but if adopted in 2024, it could apply as early as 2025.

Domestically, in December 2020, the U.S.

Environmental Protection Agency ("EPA") adopted its own aircraft and aircraft engine GHG emissions standards, which are aligned with the 2017 ICAO airplane CO 2 emission standards.

In June 2022, the same standards were proposed by the FAA, the agency responsible for enforcing the standard at the time of aircraft certification, and the regulations were finalized in February 2024.

The Company believes that policies that incentivize the production of SAF, such as the passage of tax credit incentives for the production of SAF in the IRA, or economy-wide carbon prices or taxes, will enable the Company to decarbonize its operations more cost efficiently than a patchwork of regulatory requirements on aviation, particularly those that require airlines to reduce flights or impose the cost of transitioning to low-carbon alternatives disproportionately on airlines.

The Company lauded the

government's passage of the IRA and will continue to work with policymakers to adopt policies that incentivize the production of SAF to allow the industry to transition to a lower carbon future, including policies that will allow ethanol-based SAF to qualify for IRA tax credits.

In addition, while the Company continues to plan on meeting its mid-term and long-term climate goals without relying on voluntary carbon offsets, the Company may be subject to future regulatory requirements that require the purchase of non-voluntary carbon offsets, which may expose the Company to additional costs associated with the procurement of offsets or limited supply in the carbon offsets market.

The Company believes that policies that incentivize in-sector emissions reductions, rather than carbon offset purchases, will better support the industry's transition to a lower carbon future.

A number of climate-related regulations have recently been finalized that will require the Company to develop compliance programs and strategies.

Recently, the EU finalized its ReFuelEU regulation which requires fuel producers in EU states to supply a minimum percentage of SAF in aviation fuel provided to aircraft operators at covered EU airports beginning January 1, 2025.

ReFuelEU requires airlines flying out of covered EU airports to comply with refueling obligations beginning January 1, 2025.

Under ReFuelEU, United will be subject to the refueling obligation for flights from covered EU airports and will be required to submit verified reports to the European Union Aviation Safety Agency on its purchases of SAF and its actual aviation fuel uplift at the covered airports.

Similar SAF blending mandates have also been introduced in France, Norway, India and Japan.

Separately, a number of countries and other jurisdictions, including California, have finalized or proposed low carbon fuel standards that would impose compliance obligations on jet fuel and effectively create a cap-and-trade system for low carbon fuels.

The implementation of low carbon fuel standards that include obligations for jet fuel are expected to increase United's operating costs.

Other regulations are emerging globally that would require companies such as United to increasingly measure, disclose, and mitigate environmental sustainability risks both within their operations and their supply chains, such as the EU's Corporate Sustainability Due Diligence Directive and Corporate Sustainability Reporting Directive.

In February 2024, the same standards were finalized by the FAA, mandating improved fuel-efficient technologies for airplanes manufactured after January 1, 2028.

The Company believes that policies that incentivize the production of SAF, such as the passage of tax credit incentives for the production of SAF, will enable the Company to decarbonize its operations more cost efficiently than a patchwork of regulatory requirements on aviation, particularly those that require airlines to reduce flights or impose the cost of transitioning to low-carbon alternatives disproportionately on airlines.

The Company lauded the adoption of incentives for SAF that were implemented at both the federal level and in several states and will continue to work with policymakers to adopt policies that incentivize the production of SAF to allow the industry to transition to a lower carbon future.

In addition, while the Company continues to plan on meeting its mid-term and long-term climate goals without relying on voluntary, traditional carbon offsets, the Company may be subject to future regulatory requirements that require the purchase of non-voluntary, traditional carbon offsets, which may expose the Company to additional costs associated with the procurement of offsets or limited supply in the carbon offsets market.

The Company believes that policies that promote in-sector emissions reductions, rather than carbon offset purchases, will better support the industry's transition to a lower carbon future.

At the state level, the regulatory approach taken so far has largely been focused on incentivizing the production and use of SAF.

Various states, including California, Washington, and Oregon, have developed low carbon fuel standards that incentivize the use of SAF, while Illinois, Minnesota and Washington have adopted SAF-specific tax credits.

Several countries are considering or finalizing climate-related legislation that impacts aviation.

A number of SAF mandates have recently been finalized in foreign jurisdictions that we expect will increase the Company's operating costs by causing aviation fuel suppliers to increase their prices.

In some limited cases, the mandates will require the Company to comply with reporting obligations.

In 2023, the EU finalized its ReFuelEU regulation which requires fuel suppliers in EU states to supply

certain minimum percentages of SAF in the aviation fuel they provide to aircraft operators at covered EU airports, beginning with 2% in 2025 and eventually rising to 70% by 2050.

As of January 1, 2025, United is required to submit verified reports to the European Union Aviation Safety Agency on its purchases of SAF, its actual aviation fuel uplift at the EU covered airports, and tankering practices (if any).

Aviation fuel prices in Europe are anticipated to significantly increase as a result of ReFuelEU.

In November 2024, the UK government adopted a SAF mandate through its Renewable Transport Fuel Obligations (Sustainable Aviation Fuel) Order 2024.

The UK SAF mandate requires aviation fuel companies to supply at least 2% SAF within the aviation fuel supplied to the UK in 2025, increasing to a minimum of 22% SAF in 2040.

Aviation fuel suppliers must apply for tradeable SAF certificates to meet their obligation or pay a buy-out price.

Although this legislation does not impose any compliance obligations on airlines, the Company believes the UK SAF mandate will similarly lead to higher aviation fuel prices within the UK (as with the EU SAF mandate).

SAF blending mandates have also been introduced or proposed in France, Norway, India, and Japan.

Other regulations are also emerging globally that would require companies such as United to increasingly measure, disclose, and mitigate environmental sustainability risks both within their operations and their supply chains, such as the EU's Corporate Sustainability Due Diligence Directive and Corporate Sustainability Reporting Directive.

Other Regulations .

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These include noise-related restrictions on aircraft types and operating times and state and local air quality initiatives which have resulted in, or could in the future result in, curtailments in services, increased operating costs, limits on expansion, or further emission reduction requirements.

Certain airports and/or governments, both domestically and internationally, either have established or are seeking to establish environmental fees and other requirements applicable to carbon emissions, local air quality pollutants and/or noise, sustainable aviation fuel blending mandates and the use of products and material such as single-use plastics.

Certain airports and/or governments, both domestically and internationally, either have established or are seeking to establish environmental fees and other requirements applicable to carbon emissions, local air quality pollutants and/or noise and the use of products and material such as single-use plastics.

The implementation of these requirements is expected to result in increased operational costs to develop compliance programs and strategies.

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and abroad have passed legislation restricting the use of per- and polyfluoroalkyl substances ("PFAS") which have been used in manufacturing, industrial, and consumer applications, including those related to aviation.

State governments and local municipalities have adopted legislation prohibiting the use of Class B fire-fighting foam agents that contain intentionally added PFAS.

Certain state governments and local municipalities have adopted legislation prohibiting the use of Class B fire-fighting foam agents that contain intentionally added PFAS.

As a result, the Company continues to incur costs to convert existing fixed foam fire suppression systems to accommodate PFAS-free firefighting foam agents.

In addition, the EPA has developed the PFAS Strategic Roadmap, which includes regulatory actions across a wide spectrum of its statutory authorities, including the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), the Resource Conservation and Recovery Act, the Clean Water Act, the Toxic Substances Control Act, and the Safe Drinking Water Act.

In August 2022, EPA proposed to designate two PFAS substances, perfluorooctanoic acid ("PFOA") and perfluorooctanesulfonic acid ("PFOS") as hazardous substances under CERCLA.

The proposed rule, expected to be finalized in March 2024, would authorize the EPA to order cleanup actions and hold responsible parties liable under CERCLA's joint and several liability scheme.

The rule, if finalized, would also require the Company to immediately report releases that meet or exceed the reportable quantity of PFOA or PFOS to the EPA and any other applicable state and local agencies.

In April 2024, the EPA designated two PFAS substances, perfluorooctanoic acid ("PFOA") and perfluorooctanesulfonic acid ("PFOS") as hazardous substances under CERCLA.

The rule authorizes the EPA to order cleanup actions and hold responsible parties liable under CERCLA's joint and several liability scheme.

Additionally, the rule requires the Company to immediately report releases that meet or exceed the reportable quantity of PFOA or PFOS to the EPA and any other applicable state and local agencies.

The Company expects these broad regulatory policies will increase the risk of incurring remediation costs and/or liabilities at current and former locations at which the Company currently or historically used fire-fighting foam agents containing PFOA, PFOS or other PFAS substances.

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Finally, environmental cleanup laws and lease obligations could require the Company to undertake (or subject the Company to liability for costs associated with) investigation and remediation actions at certain owned or leased locations or third-party disposal locations.

Because PFOA, PFOS and other PFAS substances are expected to be regulated under CERCLA and have been regulated under other environmental cleanup laws, the Company may become subject to potential liability for its historic usage of PFAS-containing materials.

Until the applicability of new regulations to our specific operations is better defined and/or until pending regulations are finalized, future costs to comply with such regulations will remain uncertain but are likely to increase our operating costs over time.

While the Company is required to comply with numerous applicable environmental regulations, the Company believes that these regulations and programs, including the first phase of CORSIA, EPA regulations regarding PFAS and GHG emissions, and other existing environmental regulations, are not reasonably likely to have a material effect on the Company's results or competitive position.

Because PFOA, PFOS and other PFAS substances are regulated under CERCLA and other environmental cleanup laws, the Company may become subject to potential liability for its historic usage of materials containing PFAS, in addition to potential liabilities for other hazardous substances generated by the Company's operations.

Future costs to comply with such regulations will remain uncertain but are likely to increase our operating costs over time.

While the Company is required to comply with numerous applicable environmental regulations, the Company believes that these regulations and programs, including the first phase of CORSIA, EPA regulations regarding PFAS and GHG emissions, and other environmental regulations, are not reasonably likely to have a material effect on the Company's results or competitive position.

However, the precise nature of future requirements and their applicability to the Company are difficult to predict, and the financial impact to the Company and the aviation industry could be significant.

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Hart President 55

Jojo Executive Vice President and Chief Customer Officer 58

Scott Kirby Chief Executive Officer 57

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Set forth below is a description of the background of each of the Company's executive officers.

Executive officers are elected by UAL's Board for an initial term that continues until the first Board meeting following the next Annual Meeting of Shareholders and thereafter, are elected for a one-year term or until their successors have been chosen, or until their earlier death, resignation or removal.

Executive officers are elected by UAL's Board for an initial term that continues until the first Board meeting following the next Annual Meeting of Stockholders and thereafter, are elected for a one-year term or until their successors have been chosen, or until their earlier death, resignation or removal.

Executive officers serve at the discretion of the Board.

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Hart served as Deputy General Counsel and Chief Global Compliance Officer of Sara Lee Corporation.

Jojo has served as Executive Vice President and Chief Customer Officer of UAL and United since July 2022.

From June 2017 to July 2022, she served as Executive Vice President Technology and Chief Digital Officer of UAL and United.

From November 2014 to June 2017, she served as Executive Vice President and Chief Information Officer of UAL and United.

From July 2011 to October 2014, she served as Executive Vice President and Chief Information Officer of Rogers Communications, Inc., a Canadian communications and media company.

From October 2008 to June 2011, she served as Chief Information Officer of Energy Future Holdings, a Dallas-based privately held energy company and electrical utility provider.

Kirby has served as Chief Executive Officer of UAL and United since May 2020.

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Kirby also previously served as President of US Airways from October 2006 to December 2013.

Kirby held significant other leadership roles at US Airways and at America West prior to the 2005 merger of those carriers, including Executive Vice President—Sales and Marketing (2001 to 2006);

Kirby held other significant leadership roles at US Airways and at America West prior to the 2005 merger of those carriers, including Executive Vice President—Sales and Marketing (2001 to 2006);

Senior Vice President, e-business (2000 to 2001);

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Leskinen was an executive director at J.P.

Morgan Asset Management from 2013 to 2017, where he led the firm's investment efforts in aerospace, defense, and airlines.

Morgan Asset Management from 2013 to 2017, where he led the firm's

investment efforts in aerospace, defense, and airlines.

From 2009 to 2013, he worked at Oppenheimer Funds focused on the aerospace sector.

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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.

What changed 10-K

Item 1. Business