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PENSION, POSTRETIREMENT AND OTHER EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Reconciliation of the Change in Benefit Obligation and Plan Assets and Funded Status
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)$(700)
Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss)
Other Postretirement Benefits
December 31, 2024December 31, 2023
Amounts recognized in the consolidated balance sheets consist of:
Current liability$(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 
Accumulated Benefit Obligation and Projected Benefit Obligation in Excess of Plan Assets
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 
Components Of Net Periodic Benefit Cost
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)
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)
Assumptions Used for Benefit Plans
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 %
Allocation of Plan Assets 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  
Schedule of Change in Assumptions on Net Periodic Benefit Cost and Benefit Obligations
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.
Pension and Other Postretirement Plan Assets
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.
Defined Benefit Plan Assets Measured at Fair Value Using Unobservable Inputs
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 
Estimated Future Benefit Payments
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 
Participation in the IAM National Pension Plan 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