INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Provision (Benefit) Differed from Amounts Computed at the Statutory Federal Income Tax Rate and Significant Components

The income tax provision differed from amounts computed at the statutory federal income tax rate and consisted of the following significant components (in millions):


	2024		2023		2022
Income tax provision at statutory rate	$	875	$	711	$	208
State income tax provision, net of federal income tax benefit	56		46		13
Nondeductible employee meals	16		15		12
Nondeductible transportation fringe benefit	16		13		10
Valuation allowance	29		(21)		(10)
Other, net	27		5		20
Income tax expense	$	1,019	$	769	$	253

Current	$	84	$	13	$	5
Deferred	935		756		248
Income tax expense	$	1,019	$	769	$	253

Temporary Differences and Carryforwards Giving Rise to Deferred Tax Assets and Liabilities

Temporary differences and carryforwards that give rise to deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows (in millions):


	UAL				United
	2024		2023		2024		2023
Deferred income tax asset (liability):
Federal and state net operating loss ("NOL") carryforwards	$	2,149	$	2,644	$	2,119	$	2,616
Deferred revenue	1,865		1,845		1,865		1,845
Employee benefits, including pension, postretirement and medical	608		695		608		695
Operating lease liabilities	1,110		1,134		1,110		1,134
Other financial liabilities	517		414		517		414
Interest expense carryforward	467		579		467		579
Other	565		575		565		575
Less: Valuation allowance	(208)		(179)		(208)		(179)
Total deferred tax assets	$	7,073	$	7,707	$	7,043	$	7,679

Depreciation	$	(7,171)	$	(6,782)	$	(7,171)	$	(6,782)
Operating lease right-of-use asset	(863)		(887)		(863)		(887)
Intangibles	(619)		(632)		(619)		(632)
Total deferred tax liabilities	$	(8,653)	$	(8,301)	$	(8,653)	$	(8,301)
Net deferred tax asset (liability)	$	(1,580)	$	(594)	$	(1,610)	$	(622)