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COMMON STOCKHOLDERS' EQUITY AND PREFERRED SECURITIES | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
COMMON STOCKHOLDERS' EQUITY AND PREFERRED SECURITIES | COMMON STOCKHOLDERS' EQUITY AND PREFERRED SECURITIES Common stock. On October 15, 2024, the Company announced that its Board of Directors (the "Board") authorized a new share repurchase program, allowing for purchases of up to $1.5 billion in the aggregate of outstanding UAL common stock and certain Warrants (as defined below) issued in connection with the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), subject to a limit of $500 million in the aggregate through 2024. During the quarter ended December 31, 2024, the Company repurchased 997,076 shares of UAL common stock at an average price of $81.26 for a total investment of approximately $81 million as part of the program. As of February 24, 2025, the dollar value of shares that may yet be purchased under the program is approximately $1.3 billion. Unless suspended or terminated earlier by the Board, this program has no set expiration date and will therefore terminate when the Company has completed all purchases authorized under the program. The specific timing and number of shares of UAL common stock or Warrants purchased will be determined by the Company's management at its discretion and will vary based on the capital needs of the business, the market price of UAL common stock, general market conditions, securities law limitations and other factors. The purchases may be effected through a combination of one or more open market and privately negotiated transactions (including under trading plans intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as well as transactions structured through investment banking institutions and other derivative transactions (including through one or more accelerated share repurchase programs). In August 2024, the Company also repurchased, through open market repurchases, following the exercise of the Warrants described below, 2,043,906 shares of UAL common stock, which was recorded as an approximately $82 million increase to stock held in treasury, at cost. These share repurchases were executed outside of a publicly announced plan or program using cash resources. As of December 31, 2024, approximately 3.5 million shares of UAL's common stock were reserved for future issuance related to the issuance of equity-based awards under the Company's incentive compensation plans. Preferred stock. As of December 31, 2024, UAL had two shares of junior preferred stock (par value $0.01 per share) outstanding. In addition, UAL is authorized to issue 250 million shares of preferred stock (without par value) under UAL's amended and restated certificate of incorporation. Warrants. In 2020 and 2021, the Company issued to the United States Department of the Treasury (the "U.S. Treasury") warrants ("Warrants") to purchase 9,928,349 shares of UAL common stock in connection with the Payroll Support Program ("PSP") established under Division A, Title IV, Subtitle B of the CARES Act, the Payroll Support Program Extension established under Division N, Title IV, Subtitle A of the Consolidated Appropriations Act, 2021 ("PSP2"), the Payroll Support Program 3 established under Title VII, Subtitle C of the American Rescue Plan Act of 2021 ("PSP3"), and the Airline Loan Program established under Division A, Title IV, Subtitle A of the CARES Act. In August 2024, the holder of the Warrants exercised 6,414,635, or 65%, of the Warrants, with an exercise price of $31.50, in a net share settlement for 2,043,906 shares of UAL common stock. As of December 31, 2024, the Company had the below Warrants outstanding:
Warrant Description |  | Number of Shares of UAL Common Stock |  | Exercise Price |  | Expiration Dates
PSP2 Warrants |  | 2,011,924 |  | $ | 43.26 |  |  | 1/15/2026 | — | 4/29/2026
PSP3 Warrants |  | 1,501,790 |  | 53.92 |  |  | 4/29/2026 | — | 6/10/2026
Total |  | 3,513,714 |  |  |  |  |  |  |

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