General Dynamics Reports Fourth-Quarter, Full-Year 13 Results ...
General Dynamics Reports Fourth-Quarter, Full-Year 13 Results ... | form 13.1 financial statement 2017

Seven Great Form 133.133 Financial Statement 133 Ideas That You Can Share With Your Friends | Form 133.13 Financial Statement 20137

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CHICAGO, Oct. 16, 2018 /PRNewswire/ — United Airlines (UAL) today appear its third-quarter 2018 banking results, advertisement third-quarter net assets of $836 million, adulterated balance per allotment of $3.06, pre-tax balance of $1.1 billion and pre-tax allowance of 9.6 percent. Close storms beyond the arrangement are estimated to accept bargain adulterated balance per allotment by about $0.07. Third-quarter adulterated balance per allotment added 42 percent year-over-year. The aggregation recaptured about 100 percent of its year-over-year ammunition amount admission in the third quarter.

General Dynamics Reports Fourth-Quarter, Full-Year 13 Results ... - form 13
General Dynamics Reports Fourth-Quarter, Full-Year 13 Results … – form 13 | form 13.1 financial statement 2017

“Our stand-out third-quarter performance, which produced double-digit acquirement beforehand as we added than account the abrupt admission in ammunition costs, is affidavit that Affiliated is architecture momentum,” said Oscar Munoz, arch controlling administrator of Affiliated Airlines. “Our beforehand plan has been basic to our success, and we’re added assured than anytime we’ll accomplish the aggressive adapted balance per share1 target of $11 to $13 we laid out for 2020.”

For added advice on UAL’s fourth-quarter and full-year 2018 guidance, amuse appointment ir.united.com for the company’s broker update.

Third-Quarter Highlights

Customer Experience

Operations and Employees

Network and Fleet

Community and Environment

Earnings Call

UAL will authority a appointment alarm to altercate third-quarter 2018 banking after-effects and its banking and operational angle for the fourth division and abounding year of 2018 on Wednesday, October 17, at 9:30 a.m. Central Time /10:30 a.m. Eastern Time. A live, listen-only webcast of the appointment alarm will be accessible at ir.united.com. The webcast will be accessible for epitomize aural 24 hours of the appointment alarm and again archived on the website for three months.

About United

United Airlines and Affiliated Express accomplish about 4,700 flights a day to 356 airports beyond bristles continents. In 2017, Affiliated and Affiliated Express operated added than 1.6 actor flights accustomed added than 148 actor customers. Affiliated is appreciative to accept the world’s best absolute avenue network, including U.S. acreage hubs in Chicago, Denver, Houston, Los Angeles, Newark/New York, San Francisco and Washington, D.C. Affiliated operates 760 mainline aircraft and the airline’s Affiliated Express carriers accomplish 546 bounded aircraft. The airline is a founding affiliate of Star Alliance, which provides account to 193 countries via 28 affiliate airlines. For added information, appointment united.com, chase @United on Twitter or affix on Facebook. The accustomed banal of United’s parent, Affiliated Continental Holdings, Inc., is traded on the Nasdaq beneath the attribute “UAL”.

1Excludes appropriate accuse and the mark-to-market appulse of disinterestedness investments, the attributes of which are not determinable at this time. Accordingly, UAL is not accouterment balance advice on a GAAP basis.

2Excludes appropriate charges, the mark-to-market appulse of disinterestedness investments and accustomed absorption on assertive capitalized leases. Reconciliations of non-GAAP banking measures to the best anon commensurable GAAP measures are included in the tables accompanying this release.

3Excludes appropriate accuse and the mark-to-market appulse of disinterestedness investments, the attributes of which are not determinable at this time, and accustomed absorption on assertive capitalized leases. Accordingly, UAL is not accouterment balance advice on a GAAP basis.

Safe Harbor Account beneath the Private Securities Litigation Reform Act of 1995:Certain statements included in this absolution are advanced and appropriately reflect our accustomed expectations and behavior with account to assertive accustomed and approaching contest and advancing banking and operating performance. Such advanced statements are and will be accountable to abounding risks and uncertainties apropos to our operations and business ambiance that may account absolute after-effects to alter materially from any approaching after-effects bidding or adumbrated in such advanced statements. Words such as “expects,” “will,” “plans,” “anticipates,” “indicates,” “believes,” “estimates,” “forecast,” “guidance,” “outlook,” “goals” and agnate expressions are advised to assay advanced statements. Additionally, advanced statements accommodate statements that do not chronicle alone to absolute facts, such as statements which assay uncertainties or trends, altercate the accessible approaching furnishings of accustomed accepted trends or uncertainties, or which announce that the approaching furnishings of accustomed trends or uncertainties cannot be predicted, affirmed or assured. All advanced statements in this absolution are based aloft advice accessible to us on the date of this release. We undertake no obligation to about amend or alter any advanced statement, whether as a aftereffect of new information, approaching events, afflicted affairs or otherwise, except as appropriate by applicative law. Our absolute after-effects could alter materially from these advanced statements due to abundant factors including, after limitation, the following: accustomed bread-and-er altitude (including absorption rates, adopted bill barter rates, beforehand or acclaim bazaar conditions, awkward oil prices, costs of aircraft ammunition and activity adorning accommodation in accordant markets); bread-and-er and political alternation and added risks of accomplishing business globally, including political developments that may appulse our operations in assertive countries; appeal for biking and the appulse that all-around bread-and-er and political altitude accept on chump biking patterns; aggressive pressures on appraisement and on demand; appeal for busline in the markets in which we operate; our accommodation decisions and the accommodation decisions of our competitors; the furnishings of any hostilities, act of war or agitator attack; the furnishings of any technology failures or cybersecurity breaches; the appulse of regulatory, analytic and acknowledged affairs and acknowledged acquiescence risks; disruptions to our bounded network; the adeptness of added air carriers with whom we accept alliances or partnerships to accommodate the casework advised by the corresponding arrange with such carriers; costs associated with any modification or abortion of our aircraft orders; abeyant reputational or added appulse from adverse contest in our operations, the operations of our bounded carriers or the operations of our cipher allotment partners; our adeptness to allure and absorb customers; our adeptness to assassinate our operational affairs and revenue-generating initiatives, including optimizing our revenue; our adeptness to ascendancy our costs, including acumen allowances from our adeptness admission efforts, amount abridgement initiatives and agile backup programs; the appulse of any administration changes; our adeptness to cost-effectively barrier adjoin increases in the amount of aircraft ammunition if we adjudge to do so; any abeyant accomplished or abeyant assets or losses accompanying to any ammunition or bill ambiguity programs; activity costs; our adeptness to beforehand satisfactory activity relations and the after-effects of any aggregate acceding acceding action with our abutment groups; any disruptions to operations due to any abeyant accomplishments by our activity groups; an beginning of a ache that affects biking appeal or biking behavior; U.S. or adopted authoritative legislation, acclimation and added accomplishments (including Accessible Skies agreements and ecology regulations); industry alliance or changes in airline alliances; our adeptness to accede with the acceding of our assorted costs arrangements; the costs and availability of financing; our adeptness to beforehand able liquidity; the costs and availability of aerodynamics and added insurance; acclimate conditions; our adeptness to beforehand our net operating losses to account approaching taxable income; the appulse of changes in tax laws; the success of our investments in airlines in added genitalia of the world; and added risks and uncertainties set alternating beneath Allotment I, Account 1A., “Risk Factors,” of our Anniversary Address on Form 10-K for the budgetary year concluded December 31, 2017, as able-bodied as added risks and uncertainties set alternating from time to time in the letters we book with the U.S. Securities and Barter Commission.

-tables attached-

On January 1, 2018, Affiliated Continental Holdings, Inc. (“UAL”) adopted Accounting Standards Amend No. 2014-09 (Topic 606), Acquirement from Contracts with Customers, and Accounting Standards Amend No. 2017-07, Improving the Presentation of Net Periodic Alimony Amount and Net Periodic Postretirement Account Cost. As such, assertive ahead appear 2017 abstracts are adapted in this address on a base constant with the new standards. See the Accustomed Address on Form 8-K filed by UAL with the Securities and Barter Commission on March 1, 2018 for added information.

UNITED CONTINENTAL HOLDINGS, INC

STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED) (A)

Three Months EndedSeptember 30,

%Increase/ (Decrease)

Nine Months EndedSeptember 30,

%Increase/ (Decrease)

(In millions, except per allotment data)

2018

2017

2018

2017

Operating revenue:

Passenger (B)

$

10,120

$

9,069

11.6

$

28,150

$

25,873

8.8

Cargo

296

279

6.1

903

790

14.3

Other operating revenue

587

551

6.5

1,759

1,670

5.3

Total operating revenue

11,003

9,899

11.2

30,812

28,333

8.7

Operating expense:

Salaries and accompanying costs

2,930

2,785

5.2

8,534

8,263

3.3

Aircraft fuel

2,572

1,809

42.2

6,927

5,038

37.5

Regional accommodation purchase

663

567

16.9

1,963

1,652

18.8

Landing fees and added rent

596

585

1.9

1,757

1,670

5.2

Depreciation and amortization

564

556

1.4

1,662

1,610

3.2

Aircraft aliment abstracts and alfresco repairs

455

451

0.9

1,333

1,377

(3.2)

Distribution expenses

427

377

13.3

1,162

1,081

7.5

Aircraft rent

109

145

(24.8)

355

476

(25.4)

Special accuse (C)

17

50

NM

186

145

NM

Other operating expenses

1,467

1,436

2.2

4,293

4,126

4.0

Total operating expense

9,800

8,761

11.9

28,172

25,438

10.7

Operating income

1,203

1,138

5.7

2,640

2,895

(8.8)

Operating margin

10.9

%

11.5

%

(0.6)

pts.

8.6

%

10.2

%

(1.6)

pts.

Adjusted operating allowance (Non-GAAP)

11.1

%

12.0

%

(0.9)

pts.

9.2

%

10.7

%

(1.5)

pts.

Nonoperating assets (expense):

Interest expense

(187)

(169)

10.7

(540)

(498)

8.4

Interest capitalized

18

20

(10.0)

51

64

(20.3)

Interest income

28

17

64.7

70

41

70.7

Miscellaneous, net (C)

(1)

(13)

(92.3)

(119)

(82)

45.1

Total nonoperating expense

(142)

(145)

(2.1)

(538)

(475)

13.3

Income afore assets taxes

1,061

993

6.8

2,102

2,420

(13.1)

Pre-tax margin

9.6

I Will Tell You The Truth About | The Invoice and Resume Template - form 13
I Will Tell You The Truth About | The Invoice and Resume Template – form 13 | form 13.1 financial statement 2017

%

10.0

%

(0.4)

pts.

6.8

%

8.5

%

(1.7)

pts.

Adjusted pre-tax allowance (Non-GAAP)

9.7

%

10.5

%

(0.8)

pts.

7.7

%

9.1

%

(1.4)

pts.

Income tax amount (E)

225

348

(35.3)

435

855

(49.1)

Net income

$

836

$

645

29.6

$

1,667

$

1,565

6.5

Diluted balance per share

$

3.06

$

2.15

42.3

$

5.99

$

5.09

17.7

Diluted abounding boilerplate shares

273.6

300.6

(9.0)

278.0

307.6

(9.6)

NM Not meaningful

UNITED CONTINENTAL HOLDINGS, INC.

STATISTICS

Three Months EndedSeptember 30,

%

Increase/

(Decrease)

Nine Months EndedSeptember 30,

%

Increase/

(Decrease)

2018

2017

2018

2017

Mainline:

Passengers (thousands)

31,157

29,182

6.8

85,348

81,091

5.2

Revenue commuter afar (millions)

56,787

53,515

6.1

154,382

146,252

5.6

Available bench afar (millions)

65,819

63,183

4.2

183,678

176,710

3.9

Cargo ton afar (millions)

851

830

2.5

2,523

2,406

4.9

Passenger acquirement per accessible bench mile (cents)

12.62

11.93

5.8

12.50

12.03

3.9

Average crop per acquirement commuter mile (cents)

14.62

14.09

3.8

14.88

14.53

2.4

Aircraft in agile at end of period

760

751

1.2

760

751

1.2

Average date breadth (miles)

1,807

1,825

(1.0)

1,814

1,817

(0.2)

Average circadian appliance of anniversary aircraft (hours: minutes)

11:23

10:58

3.8

10:49

10:30

3.0

Average aircraft ammunition amount per gallon

$

2.29

$

1.68

36.3

$

2.21

$

1.66

33.1

Fuel gallons captivated (millions)

931

909

2.4

2,587

2,537

2.0

Regional:

Passengers (thousands)

11,729

10,120

15.9

33,091

29,563

11.9

Revenue commuter afar (millions)

6,606

5,630

17.3

18,805

16,860

11.5

Available bench afar (millions)

7,862

6,900

13.9

22,682

20,648

9.9

Passenger acquirement per accessible bench mile (cents)

23.10

22.19

4.1

22.86

22.36

2.2

Average crop per acquirement commuter mile (cents)

27.49

27.19

1.1

27.57

27.38

0.7

Aircraft in agile at end of period

546

489

11.7

546

489

11.7

Average date breadth (miles)

552

542

1.8

556

558

(0.4)

Average aircraft ammunition amount per gallon

$

2.43

$

1.81

34.3

$

2.34

$

1.77

I Will Tell You The Truth About | The Invoice and Resume Template - form 13
I Will Tell You The Truth About | The Invoice and Resume Template – form 13 | form 13.1 financial statement 2017

32.2

Fuel gallons captivated (millions)

180

156

15.4

514

461

11.5

Consolidated (Mainline and Regional):

Passengers (thousands)

42,886

39,302

9.1

118,439

110,654

7.0

Revenue commuter afar (millions)

63,393

59,145

7.2

173,187

163,112

6.2

Available bench afar (millions)

73,681

70,083

5.1

206,360

197,358

4.6

Passenger amount factor:

Consolidated

86.0

%

84.4

%

1.6

pts.

83.9

%

82.6

%

1.3

pts.

Domestic

86.7

%

85.3

%

1.4

pts.

85.7

%

85.2

%

0.5

pts.

International

85.2

%

83.3

%

1.9

pts.

81.6

%

79.5

%

2.1

pts.

Passenger acquirement per accessible bench mile (cents)

13.73

12.94

6.1

13.64

13.11

4.0

Total acquirement per accessible bench mile (cents)

14.93

14.12

5.7

14.93

14.36

4.0

Average crop per acquirement commuter mile (cents)

15.96

15.33

4.1

16.25

15.86

2.5

Aircraft in agile at end of period

1,306

1,240

5.3

1,306

1,240

5.3

Average date breadth (miles)

1,454

1,480

(1.8)

1,453

1,470

(1.2)

Average full-time agnate advisers (thousands)

89.0

87.3

1.9

87.1

86.2

1.0

Average aircraft ammunition amount per gallon

$

2.32

$

1.70

36.5

$

2.23

$

1.68

32.7

Fuel gallons captivated (millions)

1,111

1,065

4.3

3,101

2,998

3.4

Note: See Allotment II, Account 6, Selected Banking Data, of UAL’s Anniversary Address on Form 10-K for the budgetary year concluded December 31, 2017, for definitions of these statistics.       

UNITED CONTINENTAL HOLDINGS, INC.

RETURN ON INVESTED CAPITAL (ROIC) – Non-GAAP

ROIC is a non-GAAP banking admeasurement that UAL believes provides advantageous added advice for administration and investors by barometer the capability of the company’s operations’ use of invested basic to accomplish profits.

(in millions)

Twelve Months EndedSeptember 30, 2018

Net Operating Accumulation After Tax (“NOPAT”)

Pre-tax income

$

2,722

Special accuse and MTM losses on disinterestedness investments (C):

  Crime of assets

155

  MTM losses on disinterestedness investments

61

  Severance and account costs

49

  (Gains) losses on auction of assets and added appropriate charges

13

Pre-tax assets excluding appropriate accuse and MTM losses on disinterestedness investments (Non-GAAP)

3,000

add: Absorption amount (net of assets tax benefit) (a)

707

add: Absorption basic of capitalized aircraft hire (net of assets tax benefit) (a)

243

add: Net absorption on alimony (net of assets tax benefit) (a)

(3)

less: Assets taxes paid

(26)

NOPAT (Non-GAAP)

$

3,921

Average Invested Basic (five-quarter average)

Total assets

$

43,697

add: Capitalized aircraft operating leases (b)

4,005

less: Non-interest address liabilities (c)

(17,095)

Average invested basic (Non-GAAP)

$

30,607

ROIC (Non-GAAP)

12.8

%

(a)

Income tax account abstinent based on the able banknote tax rate. The able banknote tax amount is affected by adding banknote taxes paid by pre-tax assets excluding appropriate charges. For the twelve months concluded September 30, 2018, the able banknote tax amount was 0.9%.

(b) 

The purpose of this acclimation is to capitalize the appulse of aircraft operating leases. The aggregation uses a assorted of seven times its anniversary aircraft hire amount to appraisal the abeyant capitalized amount and accompanying accountability of its aircraft. This is a simplified adjustment acclimated by abounding appraisement agencies and banking analysts to abetment with the appulse of operating leases on banking measures like acknowledgment on invested capital.

(c) 

Non-interest address liabilities accommodate beforehand admission sales, accepted flyer deferred revenue, deferred assets taxes and added non-interest address liabilities.

UNITED CONTINENTAL HOLDINGS, INC.

NON-GAAP FINANCIAL RECONCILIATION

(A)  UAL evaluates its banking achievement utilizing assorted accounting attempt about accustomed in the Affiliated States of America (GAAP) and Non-GAAP banking measures, including adapted operating assets (loss), adapted operating margin, adapted pre-tax assets (loss), adapted pre-tax margin, adapted net assets (loss), adapted adulterated balance (loss) per allotment and CASM, excluding appropriate charges, third-party business expenses, fuel, and accumulation sharing, amid others. UAL believes that adjusting for appropriate accuse is advantageous to investors because appropriate accuse are not apocalyptic of UAL’s advancing performance. UAL believes that adjusting for MTM assets and losses on disinterestedness investments is advantageous to investors because those abeyant assets or losses may not ultimately be accomplished on a banknote basis. UAL believes that adjusting for absorption amount accompanying to basic leases of Embraer ERJ 145 aircraft is advantageous to investors because of the accelerated acceptance of absorption expense.

CASM is a accustomed metric acclimated in the airline industry to admeasurement an airline’s amount anatomy and efficiency. UAL letters CASM excluding appropriate charges, third-party business expenses, ammunition and accumulation sharing. UAL believes that adjusting for appropriate accuse is advantageous to investors because appropriate accuse are not apocalyptic of UAL’s advancing performance. UAL additionally believes that excluding third-party business expenses, such as maintenance, arena administration and accouterment casework for third parties and ammunition sales, provides added allusive acknowledgment because these costs are not anon accompanying to UAL’s amount business. UAL additionally believes that excluding ammunition costs from assertive measures is advantageous to investors because it provides an added admeasurement of management’s achievement excluding the furnishings of a cogent amount account over which administration has bound influence. UAL excludes accumulation administration because this exclusion allows investors to bigger accept and assay our alternating amount achievement and provides a added allusive allegory of our amount operating costs to the airline industry.

Reconciliations of appear non-GAAP banking measures to the best anon commensurable GAAP banking measures are included below.                          

Three Months EndedSeptember 30,

%

Increase/

(Decrease)

Nine Months EndedSeptember 30,

%

Increase/

(Decrease)

2018

2017

2018

2017

CASM Mainline Operations (cents)

Cost per accessible bench mile (CASM) (GAAP)

12.82

11.98

7.0

13.13

12.43

5.6

Special accuse (C)

0.03

0.08

NM

0.10

0.08

NM

Third-party business expenses

0.04

0.05

I Will Tell You The Truth About | The Invoice and Resume Template - form 13
I Will Tell You The Truth About | The Invoice and Resume Template – form 13 | form 13.1 financial statement 2017

(20.0)

0.04

0.06

(33.3)

Fuel expense

3.25

2.41

34.9

3.12

2.39

30.5

Profit sharing, including taxes

0.19

0.21

(9.5)

0.14

0.17

(17.6)

CASM, excluding appropriate charges, third-party business expenses, fuel, and accumulation administration (Non-GAAP)

9.31

9.23

0.9

9.73

9.73

CASM Circumscribed Operations (cents)

Cost per accessible bench mile (CASM) (GAAP)

13.30

12.50

6.4

13.65

12.89

5.9

Special accuse (C)

0.02

0.07

NM

0.09

0.08

NM

Third-party business expenses

0.04

0.04

0.04

0.05

(20.0)

Fuel expense

3.49

2.58

35.3

3.36

2.55

31.8

Profit sharing, including taxes

0.17

0.19

(10.5)

0.12

0.16

(25.0)

CASM, excluding appropriate charges, third-party business expenses, fuel, and accumulation administration (Non-GAAP)

9.58

9.62

(0.4)

10.04

10.05

(0.1)

UNITED CONTINENTAL HOLDINGS, INC.

NON-GAAP FINANCIAL RECONCILIATION (Continued)

Three Months EndedSeptember 30,

$

Increase/

(Decrease)

%

Increase/

(Decrease)

Nine Months EndedSeptember 30,

$

Increase/

(Decrease)

%

Increase/

(Decrease)

(in millions)

2018

2017

2018

2017

Operating costs (GAAP)

$

9,800

$

8,761

$

1,039

11.9

$

28,172

$

25,438

$

2,734

10.7

Special accuse (C)

17

50

(33)

NM

186

145

41

NM

Operating expenses, excluding appropriate charges

9,783

8,711

1,072

12.3

27,986

25,293

2,693

10.6

Adjusted to exclude:

Third-party business expenses

29

33

(4)

(12.1)

89

114

(25)

(21.9)

Fuel expense

2,572

1,809

763

42.2

6,927

5,038

1,889

37.5

Profit sharing, including taxes

127

130

(3)

(2.3)

252

304

(52)

(17.1)

Adjusted operating costs (Non-GAAP)

$

7,055

$

6,739

$

316

4.7

$

20,718

$

19,837

$

881

4.4

Operating assets (GAAP)

$

1,203

$

1,138

$

65

5.7

$

2,640

$

2,895

$

(255)

(8.8)

Adjusted to exclude:

Special accuse (C)

17

50

(33)

NM

186

145

41

NM

Adjusted operating assets (Non-GAAP)

$

1,220

$

1,188

$

32

2.7

$

2,826

$

3,040

$

(214)

(7.0)

Pre-tax assets (GAAP)

$

1,061

$

993

$

68

6.8

$

2,102

$

2,420

I Will Tell You The Truth About | The Invoice and Resume Template - form 13
I Will Tell You The Truth About | The Invoice and Resume Template – form 13 | form 13.1 financial statement 2017

$

(318)

(13.1)

Adjusted to exclude:

Special accuse (C)

17

50

(33)

NM

186

145

41

NM

MTM (gains) losses on disinterestedness investments (C)

(29)

(29)

NM

61

61

NM

Interest amount on ERJ 145 basic leases (D)

13

13

NM

13

13

NM

Adjusted pre-tax assets (Non-GAAP)

$

1,062

$

1,043

$

19

1.8

$

2,362

$

2,565

$

(203)

(7.9)

 Net assets (GAAP)

$

836

$

645

$

191

29.6

$

1,667

$

1,565

$

102

6.5

Adjusted to exclude:

Special accuse (C)

17

50

(33)

NM

186

145

41

NM

MTM (gains) losses on disinterestedness investments (C)

(29)

(29)

NM

61

61

NM

Interest amount on ERJ 145 basic leases (D)

13

13

NM

13

13

NM

Income tax amount (benefit) accompanying to adjustments

(18)

18

NM

(58)

(52)

(6)

NM

Adjusted net assets (Non-GAAP)

$

837

$

677

$

160

23.6

$

1,869

$

1,658

$

211

12.7

 Diluted balance per allotment (GAAP)

$

3.06

$

2.15

$

0.91

42.3

$

5.99

$

5.09

$

0.90

17.7

Adjusted to exclude:

Special accuse (C)

0.06

0.16

(0.10)

NM

0.67

0.47

0.20

NM

MTM (gains) losses on disinterestedness investments (C)

(0.11)

(0.11)

NM

0.22

0.22

NM

Interest amount on ERJ 145 basic leases (D)

0.05

0.05

NM

0.05

0.05

NM

Income tax amount (benefit) accompanying to adjustments

(0.06)

0.06

NM

(0.21)

(0.17)

(0.04)

NM

Adjusted adulterated balance per allotment (Non-GAAP)

$

3.06

$

2.25

$

0.81

36.0

$

6.72

$

5.39

$

1.33

24.7

UNITED CONTINENTAL HOLDINGS, INC.

NON-GAAP FINANCIAL RECONCILIATION (Continued)

UAL believes that adjusting basic expenditures for assets acquired through the arising of debt and basic leases, airport architecture costs and excluding absolutely reimbursable projects is advantageous to investors in adjustment to appropriately reflect the non-reimbursable funds spent on basic expenditures. UAL additionally believes that adjusting net banknote provided by operating activities for basic expenditures and adapted basic expenditures is advantageous to acquiesce investors to appraise the company’s adeptness to accomplish banknote that is accessible for debt account or accustomed accumulated initiatives.

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Capital Expenditures (in millions)

2018

2017

2018

2017

Capital expenditures (GAAP)

$

858

$

1,120

$

2,592

$

2,900

Property and accessories acquired through the arising of debt and basic leases

11

139

918

Airport architecture financing

9

12

41

Fully reimbursable projects

(51)

(58)

(140)

(176)

Adjusted basic expenditures (Non-GAAP)

$

807

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$

1,082

$

2,603

$

3,683

Free Banknote Breeze (in millions)

Net banknote provided by operating activities (GAAP)

$

905

$

577

$

5,080

$

2,685

Less basic expenditures

858

1,120

2,592

2,900

Free banknote flow, net of financings (Non-GAAP)

$

47

$

(543)

$

2,488

$

(215)

Net banknote provided by operating activities (GAAP)

$

905

$

577

$

5,080

$

2,685

Less adapted basic expenditures (Non-GAAP)

807

1,082

2,603

3,683

Free banknote breeze (Non-GAAP)

$

98

$

(505)

$

2,477

$

(998)

UNITED CONTINENTAL HOLDINGS, INC.

NOTES (UNAUDITED)

(B)     Select commuter acquirement advice is as follows (in millions):

3Q 2018

Passenger

Revenue

(millions)

Passenger

Revenue

vs.

3Q 2017

PRASM

vs.

3Q 2017

Yield

vs.

3Q 2017

Available

Seat Miles

vs.

3Q 2017

Mainline

$

4,489

13.6%

6.8%

5.4%

6.4%

Regional

1,764

18.3%

4.1%

0.8%

13.7%

Domestic

6,253

14.9%

6.7%

5.0%

7.6%

Atlantic

1,933

12.1%

7.1%

1.3%

4.7%

Pacific

1,163

3.4%

5.3%

5.1%

(1.9%)

Latin America

771

(0.8%)

(3.4%)

(1.2%)

2.7%

International

3,867

6.6%

4.5%

2.2%

2.0%

Consolidated

$

10,120

11.6%

6.1%

4.1%

5.1%

Mainline

$

8,304

10.2%

5.8%

3.8%

4.2%

Regional

1,816

18.6%

4.1%

1.1%

13.9%

Consolidated

$

10,120

UNITED CONTINENTAL HOLDINGS, INC.

NOTES (UNAUDITED)

(C)     Appropriate accuse and MTM assets and losses on disinterestedness investments accommodate the following:

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

(In millions)

2018

2017

2018

2017

Operating:

Impairment of assets

$

11

$

15

$

145

$

15

Severance and account costs

9

23

34

101

(Gains) losses on auction of assets and added appropriate charges

(3)

12

7

29

     Absolute appropriate charges

17

50

186

145

Nonoperating MTM (gains) losses on disinterestedness investments

(29)

61

     Absolute appropriate accuse and MTM (gains) losses on disinterestedness investments

(12)

50

247

145

Income tax account accompanying to appropriate charges

(3)

(18)

(41)

(52)

Income tax amount (benefit) accompanying to MTM (gains) losses on disinterestedness investments

6

(14)

     Absolute appropriate accuse and MTM (gains) losses on disinterestedness investments, net of assets taxes

$

(9)

$

32

$

192

$

93

Impairment of assets:  In May 2018, the Brazil–United States accessible skies acceding was ratified, which provides air carriers with complete admission amid the Affiliated States and Brazil. The aggregation bent that the approval of the accessible skies acceding broken the absolute amount of its Brazil avenue authorities because the acceding removes all limitations or advantage requirements for flights amid the Affiliated States and Brazil. Accordingly, in the added division of 2018, the aggregation recorded a $105 actor appropriate allegation ($82 actor net of taxes) to address off the absolute amount of the abstract asset associated with its Brazil routes. This asset is not allotment of any accessory apprenticed adjoin any of the company’s borrowings. The aggregation continues to beforehand its aperture assets accompanying to Brazil back airport admission is still adapted by aperture allocations that are bound by airport ability constraints. For the three and nine months concluded September 30, 2018, the aggregation additionally recorded $11 actor ($9 actor net of taxes) and $40 actor ($31 actor net of taxes), respectively, of fair amount adjustments accompanying to aircraft purchased off lease, write-off of unexercised aircraft acquirement options and added impairments accompanying to assertive agile types and all-embracing slots no best in use.

During the three months concluded September 30, 2017, the aggregation recorded a $15 actor ($10 actor net of taxes) abstract asset crime allegation accompanying to a aliment account agreement.

Severance and account costs:  During the three and nine months concluded September 30, 2018, the aggregation recorded severance and account costs accompanying to a autonomous early-out affairs for its technicians and accompanying advisers represented by the All-embracing Brotherhood of Teamsters of $5 actor ($4 actor net of taxes) and $19 actor ($15 actor net of taxes), respectively. In the aboriginal division of 2017, about 1,000 technicians and accompanying advisers adopted to voluntarily abstracted from the aggregation and will accept a severance payment, with a best amount of $100,000 per participant, based on years of service, with retirement dates through 2018. Additionally during the three and nine months concluded September 30, 2018, the aggregation recorded added administration severance of $4 actor ($3 actor net of taxes) and $15 actor ($12 actor net of taxes), respectively.

During the three and nine months concluded September 30, 2017, the aggregation recorded $16 actor ($10 actor net of taxes) and $73 actor ($47 actor net of taxes), respectively, of severance and account costs accompanying to the autonomous early-out affairs for its technicians and accompanying employees, and $7 actor ($5 actor net of taxes) and $28 actor ($18 actor net of taxes), respectively, of administration severance.

(Gains) losses on auction of assets and added appropriate charges:  During the three and nine months concluded September 30, 2018, the aggregation recorded $3 actor ($2 actor net of taxes) of assets primarily accompanying to the auction of aircraft engines and $7 actor ($5 actor net of taxes) of losses primarily accompanying to arrangement abortion of bounded aircraft operations in Guam, respectively.

During the three months concluded September 30, 2017, the aggregation recorded $12 actor ($7 actor net of taxes) of accuse primarily accompanying to amercement from close storms. During the nine months concluded September 30, 2017, in accession to the $12 actor of third-quarter charges, the aggregation recorded $17 actor ($11 actor net of taxes) of accuse primarily associated with aircraft assets and losses.

MTM assets and losses on disinterestedness investments:  During the three and nine months concluded September 30, 2018, the aggregation recorded assets of $29 actor ($23 actor net of taxes) and losses of $61 actor ($47 actor net of taxes), respectively, for the change in bazaar amount of assertive of its disinterestedness investments. For disinterestedness investments accountable to MTM accounting, the aggregation annal assets and losses to Nonoperating assets (expense): Miscellaneous, net in its statements of circumscribed operations.

(D)    Absorption amount accompanying to basic leases of Embraer ERJ 145 aircraft

During the third division of 2018, Affiliated entered into an acceding with the freeholder of 54 Embraer ERJ 145 aircraft to acquirement those aircraft in 2019. The accoutrement of the new charter acceding resulted in a change in accounting allocation of these new leases from operating leases to basic leases up until the acquirement date. The aggregation accustomed $13 actor of added absorption amount in the third division as a aftereffect of this change.

(E)    Able tax rate

The company’s able tax amount for the three and nine months concluded September 30, 2018 was 21.2% and 20.7%, respectively, and the able tax amount for the three and nine months concluded September 30, 2017 was 35.0% and 35.3%, respectively. The able tax amount represents a alloy of federal, accompaniment and adopted taxes and included the appulse of assertive nondeductible items. The able tax amount for the three and nine months concluded September 30, 2018 additionally reflects the bargain federal accumulated assets tax amount as a aftereffect of the achievement of the Tax Cuts and Jobs Act (the “Tax Act”) in December 2017 and the appulse of a change in the company’s mix of calm and adopted earnings. The aggregation continues to assay the altered aspects of the Tax Act which could potentially affect the conditional estimates that were recorded at December 31, 2017.

SOURCE Affiliated Airlines

http://www.united.com

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