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PENSION, POSTRETIREMENT AND OTHER EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
PENSION, POSTRETIREMENT AND OTHER EMPLOYEE BENEFIT PLANS PENSION, POSTRETIREMENT AND OTHER EMPLOYEE BENEFIT PLANS
The following summarizes the significant pension and other postretirement plans of United:
Pension Plans. United maintains two primary defined benefit pension plans, one covering certain pilot employees and another covering certain U.S. non-pilot employees. Each of these plans provides benefits based on a combination of years of benefit
accruals service and an employee's final average compensation. Additional benefit accruals are frozen under the plan covering certain pilot employees and for management and administrative employees covered under the non-pilot plan. Benefit accruals for certain non-pilot employees continue. United maintains additional defined benefit pension plans, which cover certain international employees.
Other Postretirement Plans. United maintains postretirement medical programs which provide medical benefits to certain retirees and eligible dependents, as well as life insurance benefits to certain retirees participating in the plan. Benefits provided are subject to applicable contributions, co-payments, deductibles and other limits as described in the specific plan documentation.
Actuarial assumption changes are reflected as a component of the net actuarial (gain) loss. The 2024 actuarial gains were mainly related to discount rate changes in 2024. Actuarial (gains) losses will be amortized over the average remaining service life of the covered active employees.
The following tables set forth the reconciliation of the beginning and ending balances of the benefit obligation and plan assets, the funded status and the amounts recognized in these financial statements for the defined benefit and other postretirement plans (in millions):
Pension Benefits
Year Ended December 31, 2024
Year Ended December 31, 2023
Accumulated benefit obligation:$3,752 $3,910 
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$4,550 $4,181 
Service cost135 124 
Interest cost229 217 
Actuarial (gain) loss(460)204 
Benefits paid(135)(177)
Other(4)1 
Projected benefit obligation at end of year$4,315 $4,550 
Change in plan assets:
Fair value of plan assets at beginning of year$3,599 $3,467 
Actual income on plan assets132 281 
Employer contributions5 22 
Benefits paid(135)(177)
Other— 6 
Fair value of plan assets at end of year$3,601 $3,599 
Funded status—Net amount recognized$(714)$(951)
Pension Benefits
December 31, 2024December 31, 2023
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent asset$22 $21 
Current liability(7)(4)
Noncurrent liability(729)(968)
Total liability$(714)$(951)
Amounts recognized in accumulated other comprehensive income (loss) consist of:
Net actuarial gain (loss)$95 $(242)
Total accumulated other comprehensive gain (loss)$95 $(242)
Other Postretirement Benefits
Year Ended December 31, 2024
Year Ended December 31, 2023
Change in benefit obligation:
Benefit obligation at beginning of year$746 $788 
Service cost5 4 
Interest cost38 42 
Plan participants' contributions65 67 
Benefits paid(163)(177)
Actuarial (gain) loss(101)22 
Benefit obligation at end of year$590 $746 
Change in plan assets:
Fair value of plan assets at beginning of year$46 $48 
Actual return on plan assets1 1 
Employer contributions96 107
Plan participants' contributions65 67 
Benefits paid(163)(177)
Fair value of plan assets at end of year45 46 
Funded status—Net amount recognized$(545)$(700)
Other Postretirement Benefits
December 31, 2024December 31, 2023
Amounts recognized in the consolidated balance sheets consist of:
Current liability$(41)$(63)
Noncurrent liability(504)(637)
Total liability$(545)$(700)
Amounts recognized in accumulated other comprehensive income (loss) consist of:
Net actuarial gain$383 $309 
Prior service credit129 222 
Total accumulated other comprehensive income$512 $531 
The following information relates to all pension plans with an accumulated benefit obligation and a projected benefit obligation in excess of plan assets at December 31 (in millions):
20242023
Projected benefit obligation$4,179 $4,407 
Accumulated benefit obligation3,617 3,767 
Fair value of plan assets3,443 3,435 
Net periodic benefit cost (credit) for the years ended December 31 included the following components (in millions):
202420232022
Pension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement Benefits
Service cost$135 $5 $124 $4 $204 $9 
Interest cost229 38 217 42 188 30 
Expected return on plan assets(276)(1)(251)(1)(306)(1)
Amortization of unrecognized actuarial (gain) loss19 (26)8 (38)120 (14)
Amortization of prior service (credits) cost— (93)1 (112)— (112)
Other1 — 3 — 5 — 
Net periodic benefit cost (credit)$108 $(77)$102 $(105)$211 $(88)
Service cost is recorded in Salaries and related costs on the statement of consolidated operations. All other components of net periodic benefit costs are recorded in Miscellaneous, net on the statement of consolidated operations.
The Company's expected Net periodic benefit cost (credit) for 2025 is as follows (in millions):
Pension BenefitsOther Postretirement Benefits
Net periodic benefit cost (credit)$91 $(81)
The assumptions used for the benefit plans were as follows:
Pension Benefits
Assumptions used to determine benefit obligations20242023
Discount rate5.67 %5.04 %
Rate of compensation increase3.85 %3.84 %
Assumptions used to determine net expense
Discount rate5.04 %5.20 %
Expected return on plan assets7.97 %7.53 %
Rate of compensation increase3.84 %3.83 %
Other Postretirement Benefits
Assumptions used to determine benefit obligations20242023
Discount rate5.70 %5.43 %
Assumptions used to determine net expense
Discount rate5.43 %5.66 %
Expected return on plan assets3.00 %3.00 %
Health care cost trend rate assumed for next year6.75 %7.00 %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate in 2033)4.50 %4.50 %
The Company used the Society of Actuaries' PRI-2012 Private Retirement Plans Mortality Tables projected generationally using the Society of Actuaries' MP-2021 projection scale.
The Company selected the 2024 discount rate for substantially all of its plans by using a hypothetical portfolio of high-quality bonds at December 31, 2024 that would provide the necessary cash flows to match projected benefit payments.
We develop our expected long-term rate of return assumption for our defined benefit plans based on historical experience and by evaluating input from the trustee managing the plans' assets. Our expected long-term rate of return on plan assets for these plans is based on a target allocation of assets, which is based on our goal of earning the highest rate of return while maintaining risk at acceptable levels. The plans strive to have assets sufficiently diversified so that adverse or unexpected results from one
security class will not have an unduly detrimental impact on the entire portfolio. Plan fiduciaries regularly review our actual asset allocation and the pension plans' investments are periodically rebalanced to our targeted allocation when considered appropriate. United's plan assets are allocated within the following guidelines:
  Percent of TotalExpected Long-Term
Rate of Return
Equity securities
27 - 55
%9 %
Fixed-income securities
33 - 61
 7  
Alternatives
7 - 25
 7  
The table below shows the impacts of a change in certain assumptions on the 2025 net periodic benefit cost and the benefit obligations at December 31, 2024 (in millions):
Pension BenefitsOther Postretirement Benefits
Impact on Benefit Obligation at December 31, 2024
100 basis points decrease in the weighted average discount rate
$745 $38 
Impact on 2025 Net Periodic Benefit Cost
100 basis points decrease in the weighted average discount rate (a)
$83 $— 
100 basis points decrease in the expected long-term rate of return on plan assets
35 — 
(a) In general, as discount rates increase, the impact of changes in discount rates decreases. Therefore, these sensitivities cannot be extrapolated for larger increases or decreases in the discount rate. In addition, benefit cost is affected by other factors including, but not limited to, investment performance, contributions, demographic experience and other assumption changes.
Fair Value Information. Assets and liabilities measured at fair value are based on the following valuation techniques:
Market approach. Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities.
Income approach. Techniques to convert future amounts to a single current value based on market expectations (including present value techniques, option-pricing and excess earnings models).

The following tables present information about United's pension and other postretirement plan assets at December 31 (in millions):
20242023
Pension Plan Assets:TotalLevel 1Level 2Level 3Assets Measured at NAV(a)TotalLevel 1Level 2Level 3Assets Measured at NAV(a)
Equity securities funds$1,231 $92 $4 $150 $985 $1,265 $74 $3 $134 $1,054 
Fixed-income securities1,359 — 100 1 1,258 1,325 — 411 3 911 
Alternatives762 — — 116 646 779 — — 136 643 
Other investments249 14 153 2 80 230 13 87 3 127 
Total$3,601 $106 $257 $269 $2,969 $3,599 $87 $501 $276 $2,735 
Other Postretirement Benefit Plan Assets:
Deposit administration fund$45 $— $— $45 $— $46 $— $— $46 $— 
(a) In accordance with the relevant accounting standards, certain investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy. These investments are commingled funds that invest in equity securities and fixed-income instruments including bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Redemption periods for these investments range from daily to semiannually.
Equity and Fixed-Income. Equities include investments in both developed market and emerging market equity securities. Fixed-income includes primarily U.S. and non-U.S. government fixed-income securities and non-U.S. corporate fixed-income securities, as well as securitized debt securities.
Deposit Administration Fund. This investment is a stable value investment product structured to provide investment income.
Alternatives. Alternative investments consist primarily of investments in hedge funds, real estate and private equity interests.
Other investments. Other investments consist of primarily cash equivalents, as well as insurance contracts.
The following table presents reconciliation of United's benefit plan assets measured at fair value using unobservable inputs (Level 3) for the years ended December 31, 2024 and 2023 (in millions):
20242023
Balance at beginning of year$322 $333 
Actual income (loss) on plan assets:
Sold during the year1 (50)
Held at year end6 55 
Purchases, sales, issuances and settlements (net)(15)(16)
Balance at end of year$314 $322 
Funding requirements for tax-qualified defined benefit pension plans are determined by government regulations. The Company expects to make required contributions to its tax-qualified defined benefit pension plans in 2025. In 2025, employer anticipated contributions to all of United's pension and postretirement plans are at least $141 million and approximately $80 million, respectively.
The estimated future benefit payments, net of expected participant contributions, in United's pension plans and other postretirement benefit plans for the next ten years, as of December 31, 2024, are as follows (in millions):
PensionOther Postretirement
2025$311 $88 
2026328 79 
2027348 70 
2028372 66 
2029371 62 
Years 2030 – 20341,863 218 

Defined Contribution Plans. United offers several defined contribution plans to its employees. Depending upon the employee group, employer contributions consist of matching contributions and/or non-elective employer contributions. United's employer contribution percentages to its primary 401(k) defined contribution plans vary from 1% to 17% of eligible earnings depending on the terms of each plan. United recorded expenses for its primary 401(k) defined contribution plans of $1.2 billion, $960 million and $756 million in the years ended December 31, 2024, 2023 and 2022, respectively.
Multi-Employer Plans. United's participation in the IAM National Pension Plan ("IAM Plan") for the annual period ended December 31, 2024 is outlined in the table below. The risks of participating in these multi-employer plans are different from single-employer plans, as United may be subject to additional risks that others do not meet their obligations, which in certain circumstances could revert to United, or if a withdrawal from a multi-employer plan occurs for United. The IAM Plan reported $570 million in employers' contributions for the year ended December 31, 2023. For 2023, the Company's contributions to the IAM Plan represented more than 5% of total contributions to the IAM Plan. The 2024 information is not available as the applicable Form 5500 is not final for the plan year.
Pension FundIAM National Pension Fund ("IAM Fund")
EIN/ Pension Plan Number51-6031295 — 002
Pension Protection Act Zone Status (2024 and 2023)
Critical (2024 and 2023). A plan is in "critical" status if the funded percentage is less than 65 percent. On April 17, 2019, the IAM National Pension Fund Board of Trustees voluntarily elected for the IAM Fund to be in critical status effective for the plan year beginning January 1, 2019 to strengthen the IAM Fund's financial health. The IAM Fund's funded percentage was 86.5% as of January 1, 2023.
FIP/RP Status Pending/Implemented
A 10-year Rehabilitation Plan effective, January 1, 2022, was adopted on April 17, 2019 that requires the Company to make an additional contribution of 2.5% of the hourly contribution rate, compounded annually for the length of the Rehabilitation Plan, effective June 1, 2019.
United's Contributions
$95 million, $87 million and $75 million in the years ended December 31, 2024, 2023 and 2022, respectively.
Surcharge ImposedNo
Expiration Date of Collective Bargaining AgreementN/A
Profit Sharing. Substantially all of our employees are eligible to participate in our profit sharing plan. Under the plan, for each year in which our adjusted pre-tax profit (which is calculated as pre-tax profit, excluding unusual, special or non-recurring charges, profit sharing expense and share-based compensation) exceeds a certain amount, a specified portion of that profit will be distributed to eligible employees. The Company recorded profit sharing and related payroll tax expense of $713 million, $681 million and $133 million in 2024, 2023 and 2022, respectively. Profit sharing expense is recorded as a component of Salaries and related costs in the Company's statements of consolidated operations.