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Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
|  | Quarter Ended
(In millions, except per share amounts) |  | March 31 |  | June 30 |  | September 30 |  | December 31
2020 |  |  |  |  |  |  |  |
Operating revenue |  | $ | 7,979 |  |  | $ | 1,475 |  |  | $ | 2,489 |  |  | $ | 3,412 |
Loss from operations |  | (972) |  |  | (1,637) |  |  | (1,615) |  |  | (2,135) |
Net loss |  | (1,704) |  |  | (1,627) |  |  | (1,841) |  |  | (1,897) |
Basic and diluted loss per share |  | (6.86) |  |  | (5.79) |  |  | (6.33) |  |  | (6.39) |
2019 |  |  |  |  |  |  |  |
Operating revenue |  | $ | 9,589 |  |  | $ | 11,402 |  |  | $ | 11,380 |  |  | $ | 10,888 |
Income from operations |  | 495 |  |  | 1,472 |  |  | 1,473 |  |  | 861 |
Net income |  | 292 |  |  | 1,052 |  |  | 1,024 |  |  | 641 |
Basic earnings per share |  | 1.09 |  |  | 4.03 |  |  | 4.01 |  |  | 2.54 |
Diluted earnings per share |  | 1.09 |  |  | 4.02 |  |  | 3.99 |  |  | 2.53 |
UAL's quarterly financial data is subject to seasonal fluctuations and historically its second and third quarter financial results, which reflect higher travel demand, are better than its first and fourth quarter financial results. UAL's quarterly results were impacted by the following significant items (in millions):
|  | Quarter Ended
|  | March 31 |  | June 30 |  | September 30 |  | December 31
2020 |  |  |  |  |  |  |  |
CARES Act grant |  | $ | — |  |  | $ | (1,589) |  |  | $ | (1,494) |  |  | $ | (453) |
Impairment of assets |  | 50 |  |  | 80 |  |  | 51 |  |  | 137 |
Severance and benefit costs |  | — |  |  | 63 |  |  | 350 |  |  | 162 |
(Gains) losses on sale of assets and other special charges |  | 13 |  |  | (3) |  |  | 12 |  |  | 5 |
Total operating special charges (credit) |  | 63 |  |  | (1,449) |  |  | (1,081) |  |  | (149) |
Nonoperating special termination benefits and settlement losses |  | — |  |  | 231 |  |  | 415 |  |  | 41 |
Nonoperating unrealized (gains) losses on investments |  | 319 |  |  | (9) |  |  | (15) |  |  | (101) |
Nonoperating credit loss on BRW Term Loan and related guarantee |  | 697 |  |  | — |  |  | — |  |  | — |
Total nonoperating special charges and unrealized (gains) losses on investments |  | 1,016 |  |  | 222 |  |  | 400 |  |  | (60) |
Total operating and nonoperating special charges (credit) and unrealized (gains) losses on investments |  | 1,079 |  |  | (1,227) |  |  | (681) |  |  | (209) |
Income tax expense (benefit), net of valuation allowance |  | (14) |  |  | 241 |  |  | 148 |  |  | 29 |
Total operating and nonoperating special charges (credit) and unrealized (gains) losses on investments, net of income taxes |  | $ | 1,065 |  |  | $ | (986) |  |  | $ | (533) |  |  | $ | (180) |
2019 |  |  |  |  |  |  |  |
Impairment of assets |  | $ | 8 |  |  | $ | 61 |  |  | $ | — |  |  | $ | 102 |
Severance and benefit costs |  | 6 |  |  | 6 |  |  | 2 |  |  | 2 |
(Gains) losses on sale of assets and other special charges |  | 4 |  |  | 4 |  |  | 25 |  |  | 26 |
Total operating special charges |  | 18 |  |  | 71 |  |  | 27 |  |  | 130 |
Nonoperating unrealized (gains) losses on investments |  | (17) |  |  | (34) |  |  | (21) |  |  | (81) |
Total special charges and unrealized (gains) losses on investments |  | 1 |  |  | 37 |  |  | 6 |  |  | 49 |
Income tax benefit related to special charges and unrealized (gains) losses on investments |  | — |  |  | (8) |  |  | (2) |  |  | (11) |
Total special charges and unrealized (gains) losses on investments, net of income tax |  | $ | 1 |  |  | $ | 29 |  |  | $ | 4 |  |  | $ | 38 |
See Note 14 of this report for additional information related to these items.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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