Edgar Filing: UAL CORP /DE/

body.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

x		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2007
OR
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934
		For the transition period from to

Commission File Number	Exact Name of Registrant as Specified in its Charter, Principal Office Address and Telephone Number	State of Incorporation	I.R.S. Employer Identification No
001-06033	UAL Corporation	Delaware	36-2675207
001-11355	United Air Lines, Inc. 77 W. Wacker Drive Chicago, Illinois 60601 (312) 997-8000	Delaware	36-2675206

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

UAL Corporation Yes x No o

United Air Lines, Inc. Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

UAL Corporation Large accelerated filer x Accelerated filer o Non-accelerated filer o

United Air Lines, Inc. Large accelerated filer ¨ Accelerated filer o Non-accelerated filer x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

UAL Corporation Yes ¨ No x

United Air Lines, Inc. Yes ¨ No x

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

UAL Corporation Yes x No o

United Air Lines, Inc. Yes x No o

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of July 27, 2007.

UAL Corporation

115,739,989 shares of common stock ($0.01 par value)

United Air Lines, Inc.

205 (100% owned by UAL Corporation)

There is no market for United Air Lines, Inc. common stock.

UAL Corporation and Subsidiary Companies and

United Air Lines, Inc. and Subsidiary Companies

Report on Form 10-Q

For the Quarter Ended June 30, 2007


PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements

	UAL Corporation:
	Condensed Statements of Consolidated Operations (Unaudited)	3
	Condensed Statements of Consolidated Financial Position (Unaudited)	5
	Condensed Statements of Consolidated Cash Flows (Unaudited)	7

	United Air Lines, Inc.:
	Condensed Statements of Consolidated Operations (Unaudited)	8
	Condensed Statements of Consolidated Financial Position (Unaudited)	10
	Condensed Statements of Consolidated Cash Flows (Unaudited)	12

	Combined Notes to Condensed Consolidated Financial Statements (Unaudited) (UAL Corporation and United Air Lines, Inc.)	13

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	46

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings		47
Item1A.	Risk Factors		48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		49
Item 4.	Submission of Matters to a Vote of Security Holders		49
Item 6.	Exhibits		49
Signatures			50
Exhibit Index			51

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UAL Corporation and Subsidiary Companies
*Condensed Statements of Consolidated Operations (Unaudited)*
(In millions, except per share amounts)

	Three Months Ended June 30,
	2007			2006
Operating revenues:
Passenger - United Airlines	$	3,968		$	3,806
Passenger - Regional Affiliates		804			761
Cargo		181			194
Other operating revenues		260			352
		5,213			5,113
Operating expenses:
Aircraft fuel		1,206			1,250
Salaries and related costs		1,019			1,071
Regional affiliates		733			715
Purchased services		335			321
Aircraft maintenance materials and outside repairs		284			257
Depreciation and amortization		229			218
Landing fees and other rent		215			225
Distribution expenses (Note 1)		197			208
Aircraft rent		105			109
Cost of third party sales		77			190
Other operating expenses		276			289
		4,676			4,853

Earnings from operations		537			260

Other income (expense):
Interest expense (Note 11)		(139	)		(211	)
Interest income		62			67
Interest capitalized		4			4
Miscellaneous, net		1			(4	)
		(72	)		(144	)

Earnings before income taxes and equity in earnings
of affiliates		465			116
Income tax expense		192			-

Earnings before equity in earnings of affiliates		273			116
Equity in earnings of affiliates, net of tax		1			3
Net income	$	274		$	119

Earnings per share, basic	$	2.31		$	1.01
Earnings per share, diluted	$	1.83		$	0.93

See accompanying Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

UAL Corporation and Subsidiary Companies
*Condensed Statements of Consolidated Operations (Unaudited)*
(In millions, except per share amounts)
	Successor			Successor			Predecessor
	Six Months			Period from			Period from
	Ended			February 1			January 1
	June 30,			to June 30,			to January 31,
	2007			2006			2006
Operating revenues:
Passenger - United Airlines	$	7,232		$	5,988		$	1,074
Passenger - Regional Affiliates		1,479			1,226			204
Cargo		349			318			56
Other operating revenues		526			588			124
		9,586			8,120			1,458
Operating expenses:
Aircraft fuel		2,247			1,955			362
Salaries and related costs		2,087			1,797			358
Regional affiliates		1,425			1,183			228
Purchased services		636			527			98
Aircraft maintenance materials and outside repairs		565			436			80
Landing fees and other rent		453			370			75
Depreciation and amortization		449			366			68
Distribution expenses (Note 1)		385			349			60
Aircraft rent		205			184			30
Cost of third party sales		170			318			65
Special operating items (Note 2)		(22	)		-			-
Other operating expenses		541			494			86
		9,141			7,979			1,510

Earnings (loss) from operations		445			141			(52	)

Other income (expense):
Interest expense (Note 11)		(345	)		(352	)		(42	)
Interest income		120			95			6
Interest capitalized		9			7			-
Miscellaneous, net		(1	)		2			-
		(217	)		(248	)		(36	)

Earnings (loss) before reorganization items, income
taxes and equity in earnings of affiliates		228			(107	)		(88	)
Reorganization items, net		-			-			22,934

Earnings (loss) before income taxes and equity in
earnings of affiliates		228			(107	)		22,846
Income tax expense		108			-			-

Earnings (loss) before equity in earnings of affiliates		120			(107	)		22,846
Equity in earnings of affiliates, net of tax		2			3			5
Net income (loss)	$	122		$	(104	)	$	22,851

Earnings (loss) per share, basic	$	1.00		$	(0.94	)	$	196.61
Earnings (loss) per share, diluted	$	0.88		$	(0.94	)	$	196.61

See accompanying Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

UAL Corporation and Subsidiary Companies

Condensed Statements of Consolidated Financial Position (Unaudited)

(In millions, except shares)

	June 30,			December 31,
	2007			2006
Assets
Current assets:
Cash and cash equivalents	$	1,667		$	3,832
Short-term investments		2,582			312
Restricted cash		439			341
Receivables, less allowance for doubtful accounts (2007—$30; 2006—$27)		1,138			820
Prepaid fuel		414			283
Aircraft fuel, spare parts and supplies, less
obsolescence allowance (2007—$11; 2006—$6)		210			218
Deferred income taxes		66			122
Prepaid expenses and other		400			345
		6,916			6,273
Operating property and equipment:
Owned—
Flight equipment		9,009			8,958
Advances on flight equipment		103			103
Other property and equipment		1,488			1,441
		10,600			10,502
Less—accumulated depreciation and amortization		(776	)		(503	)
		9,824			9,999
Capital leases:
Flight equipment		1,511			1,511
Other property and equipment		34			34
		1,545			1,545
Less—accumulated amortization		(127	)		(81	)
		1,418			1,464
		11,242			11,463
Other assets:
Intangibles, less accumulated amortization (2007—$247; 2006—$169)		2,950			3,028
Goodwill		2,697			2,703
Aircraft lease deposits		557			539
Restricted cash		432			506
Investments		116			113
Other, net		755			744
		7,507			7,633
	$	25,665		$	25,369

See accompanying Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

UAL Corporation and Subsidiary Companies

Condensed Statements of Consolidated Financial Position (Unaudited)

(In millions, except shares)

	June 30,			December 31,
	2007			2006
Liabilities and Stockholders’ Equity
Current liabilities:
Advance ticket sales	$	2,657		$	1,669
Mileage Plus deferred revenue		1,269			1,111
Accounts payable		861			667
Accrued salaries, wages and benefits		818			795
Advanced purchase of miles		703			681
Long-term debt maturing within one year (Note 11)		601			1,687
Fuel purchase commitments		414			283
Accrued interest		259			241
Current obligations under capital leases		101			110
Other		578			701
		8,261			7,945

Long-term debt (Note 11)		7,210			7,453
Long-term obligations under capital leases		1,330			1,350
Other liabilities and deferred credits:
Mileage Plus deferred revenue		2,586			2,569
Postretirement benefit liability		1,959			1,955
Deferred income taxes		756			688
Deferred pension liability		133			130
Other		753			770
		6,187			6,112
Mandatorily convertible preferred securities		366			361
Commitments and contingent liabilities (Note 13)
Stockholders’ equity:
Preferred stock		—			—
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 115,595,952 and 112,280,629 shares at June 30, 2007 and December 31, 2006, respectively		1			1
Additional capital invested		2,106			2,053
Retained earnings		132			16
Stock held in treasury, at cost (Note 4)		(15	)		(4	)
Accumulated other comprehensive income		87			82
		2,311			2,148
	$	25,665		$	25,369

See accompanying Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

UAL Corporation and Subsidiary Companies

Condensed Statements of Consolidated Cash Flows (Unaudited)

(In millions)

	Successor						Predecessor
	Six Months Ended June 30,			Period from February 1 to June 30,			Period from January 1 to January 31,
	2007			2006			2006
Cash flows provided (used) by operating activities:
Net income (loss) before reorganization items	$	122		$	(104	)	$	(83	)
Adjustments to reconcile to net cash provided (used) by operating activities—
Increase in advance ticket sales		988			697			109
Increase in receivables		(316	)		(128	)		(88	)
Depreciation and amortization		449			366			68
Mileage Plus deferred revenue and advanced purchase of miles		197			119			14
Other, net		220			27			141
		1,660			977			161
Cash flows provided (used) by reorganization activities:
Reorganization items, net		—			—			22,934
Increase in other liabilities		—			—			37
Increase in non-aircraft claims accrual		—			—			429
Discharge of claims and liabilities		—			—			(24,628	)
Revaluation of Mileage Plus frequent flyer deferred revenue		—			—			2,399
Revaluation of other assets and liabilities		—			—			(2,106	)
Pension curtailment, settlement and employee claims		—			—			912
		—			—			(23	)
Cash flows provided (used) by investing activities:
(Increase) decrease in short-term investments		(2,270	)		16			2
Additions to property and equipment		(146	)		(129	)		(30	)
(Increase) decrease in restricted cash		(24	)		254			(203	)
Decrease in segregated funds		—			200			—
Other, net		(15	)		54			(7	)
		(2,455	)		395			(238	)
Cash flows provided (used) by financing activities:
Proceeds from secured notes		694			—			—
Proceeds from Credit Facility		—			2,961			—
Repayment of Credit Facility		(986	)		(161	)		—
Repayment of DIP Financing		—			(1,157	)		—
Repayment of other long-term debt		(1,023	)		(456	)		(24	)
Principal payments under capital leases		(48	)		(35	)		(5	)
Other, net		(7	)		(61	)		(1	)
		(1,370	)		1,091			(30	)
Increase (decrease) in cash and cash equivalents during the period		(2,165	)		2,463			(130	)
Cash and cash equivalents at beginning of the period		3,832			1,631			1,761
Cash and cash equivalents at end of the period	$	1,667		$	4,094		$	1,631

See accompanying Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

United Air Lines, Inc. and Subsidiary Companies
*Condensed Statements of Consolidated Operations (Unaudited)*
(In millions)

	Three Months Ended
	June 30,
	2007			2006
Operating revenues:
Passenger - United Airlines	$	3,968		$	3,806
Passenger - Regional Affiliates		804			761
Cargo		181			194
Other operating revenues		263			350
		5,216			5,111
Operating expenses:
Aircraft fuel		1,206			1,250
Salaries and related costs		1,018			1,070
Regional affiliates		733			715
Purchased services		335			321
Aircraft maintenance materials and outside repairs		284			257
Depreciation and amortization		229			218
Landing fees and other rent		215			226
Distribution expenses (Note 1)		197			208
Aircraft rent		105			110
Cost of third party sales		76			188
Other operating expenses		276			285
		4,674			4,848

Earnings from operations		542			263

Other income (expense):
Interest expense (Note 11)		(139	)		(222	)
Interest income		64			65
Interest capitalized		4			4
Miscellaneous, net		-			(2	)
		(71	)		(155	)

Earnings before income taxes and equity in earnings
of affiliates		471			108
Income tax expense		194			-

Earnings before equity in earnings of affiliates		277			108
Equity in earnings of affiliates, net of tax		1			3
Net income	$	278		$	111

See accompanying Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

United Air Lines, Inc. and Subsidiary Companies

Condensed Statements of Consolidated Operations (Unaudited)

(In millions)

	Successor			Successor			Predecessor
	Six Months			Period from			Period from
	Ended			February 1			January 1
	June 30,			to June 30,			to January 31,
	2007			2006			2006
Operating revenues:
Passenger - United Airlines	$	7,232		$	5,988		$	1,074
Passenger - Regional Affiliates		1,479			1,226			204
Cargo		349			318			56
Other operating revenues		533			585			120
		9,593			8,117			1,454
Operating expenses:
Aircraft fuel		2,247			1,955			362
Salaries and related costs		2,086			1,795			358
Regional affiliates		1,425			1,183			228
Purchased services		636			527			97
Aircraft maintenance materials and outside repairs		565			436			80
Landing fees and other rent		453			370			75
Depreciation and amortization		449			366			68
Distribution expenses (Note 1)		385			349			60
Aircraft rent		206			185			30
Cost of third party sales		168			314			63
Special items (Note 2)		(22	)		-			-
Other operating expenses		540			490			85
		9,138			7,970			1,506

Earnings (loss) from operations		455			147			(52	)

Other income (expense):
Interest expense (Note 11)		(345	)		(353	)		(42	)
Interest income		124			93			6
Interest capitalized		9			7			-
Miscellaneous, net		(1	)		(1	)		-
		(213	)		(254	)		(36	)

Earnings (loss) before reorganization items, income
taxes and equity in earnings of affiliates		242			(107	)		(88	)
Reorganization items, net		-			-			22,709

Earnings (loss) before income taxes and equity in
earnings of affiliates		242			(107	)		22,621
Income tax expense		114			-			-

Earnings (loss) before equity in earnings of affiliates		128			(107	)		22,621
Equity in earnings of affiliates, net of tax		2			3			5
Net income (loss)	$	130		$	(104	)	$	22,626

See accompanying Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

United Air Lines, Inc. and Subsidiary Companies

Condensed Statements of Consolidated Financial Position (Unaudited)

(In millions, except shares)


	June 30,			December 31,
	2007			2006
Assets
Current assets:
Cash and cash equivalents	$	1,645		$	3,779
Short-term investments		2,547			308
Restricted cash		406			303
Receivables, less allowance for doubtful
accounts (2007 - $30; 2006 - $27)		1,127			814
Prepaid fuel		414			283
Aircraft fuel, spare parts and supplies, less
obsolescence allowance (2007 - $11; 2006 - $6)		210			218
Deferred income taxes		59			114
Receivables from related parties		158			154
Prepaid expenses and other		403			348
		6,969			6,321
Operating property and equipment:
Owned -
Flight equipment		9,004			8,952
Advances on flight equipment		91			91
Other property and equipment		1,488			1,441
		10,583			10,484
Less - accumulated depreciation and amortization		(776	)		(502	)
		9,807			9,982
Capital leases:
Flight equipment		1,511			1,511
Other property and equipment		34			34
		1,545			1,545
Less - accumulated amortization		(127	)		(81	)
		1,418			1,464
		11,225			11,446
Other assets:
Intangibles, less accumulated amortization
(2007-$247; 2006-$169)		2,950			3,028
Goodwill		2,697			2,703
Aircraft lease deposits		557			539
Restricted cash		432			506
Note receivable from affiliate		-			201
Investments		116			113
Other, net		742			724
		7,494			7,814
	$	25,688		$	25,581

See accompanying Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

United Air Lines, Inc. and Subsidiary Companies

Condensed Statements of Consolidated Financial Position (Unaudited)

(In millions, except shares)


	June 30,		December 31,
	2007		2006
Liabilities and Stockholder’s Equity
Current liabilities:
Advance ticket sales	$	2,657	$	1,669
Mileage Plus deferred revenue		1,269		1,111
Accounts payable		866		671
Accrued salaries, wages and benefits		818		795
Advanced purchase of miles		703		681
Long-term debt maturing within one year (Note 11)		601		1,687
Fuel purchase commitments		414		283
Accrued interest		259		241
Current obligations under capital leases		101		110
Accounts payable to affiliates		5		2
Other		789		920
		8,482		8,170

Long-term debt (Note 11)		7,207		7,449
Long-term obligations under capital leases		1,330		1,350

Other liabilities and deferred credits:
Mileage Plus deferred revenue		2,586		2,569
Postretirement benefit liability		1,959		1,955
Deferred income taxes		670		596
Deferred pension liability		133		130
Other		754		769
		6,102		6,019

Parent company mandatorily convertible preferred securities		366		361
Commitments and contingent liabilities (Note 13)

Stockholder’s equity:
Common stock at par, $5 par value; authorized 1,000 shares; outstanding 205 at both June 30, 2007 and December 31, 2006		-		-
Additional capital invested		1,959		2,127
Retained earnings		155		23
Accumulated other comprehensive income		87		82
		2,201		2,232
	$	25,688	$	25,581

See accompanying Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

United Air Lines, Inc. and Subsidiary Companies

Condensed Statements of Consolidated Cash Flows (Unaudited)

(In millions)

	Successor						Predecessor
	Six Months Ended June 30,			Period from February 1 to June 30,			Period from January 1 to January 31,
	2007			2006			2006
Cash flows provided (used) by operating activities:
Net income (loss) before reorganization items	$	130		$	(104	)	$	(83	)
Adjustments to reconcile to net cash provided (used) by operating
activities -
Increase in advance ticket sales		988			697			109
Increase in receivables		(309	)		(121	)		(98	)
Depreciation and amortization		449			366			68
Mileage Plus deferred revenue and advanced purchase of miles		197			119			14
Other, net		194			39			153
		1,649			996			163
Cash flows provided (used) by reorganization activities:
Reorganization items, net		-			-			22,709
Increase in other liabilities		-			-			38
Increase in non-aircraft claims accrual		-			-			421
Discharge of claims and liabilities		-			-			(24,389	)
Revaluation of Mileage Plus frequent flyer deferred revenue		-			-			2,399
Revaluation of other assets and liabilities		-			-			(2,111	)
Pension curtailment, settlement and employee claims		-			-			912
		-			-			(21	)
Cash flows provided (used) by investing activities:
(Increase) decrease in short-term investments		(2,239	)		16			2
Additions to property and equipment		(146	)		(129	)		(30	)
(Increase) decrease in restricted cash		(29	)		256			(203	)
Decrease in segregated funds		-			200			-
Other, net		(17	)		-			(7	)
		(2,431	)		343			(238	)
Cash flows provided (used) by financing activities:
Proceeds from secured notes		694			-			-
Proceeds from Credit Facility		-			2,961			-
Repayment of Credit Facility		(986	)		(161	)		-
Repayment of DIP Financing		-			(1,157	)		-
Repayment of other long-term debt		(1,022	)		(459	)		(24	)
Principal payments under capital leases		(48	)		(35	)		(5	)
Other, net		10			(58	)		(1	)
		(1,352	)		1,091			(30	)
Increase (decrease) in cash and cash equivalents during the period		(2,134	)		2,430			(126	)
Cash and cash equivalents at beginning of the period		3,779			1,596			1,722
Cash and cash equivalents at end of the period	$	1,645		$	4,026		$	1,596

See accompanying Combined Notes to Condensed Consolidated Financial Statements (Unaudited).

UAL Corporation and Subsidiary Companies and

United Air Lines, Inc. and Subsidiary Companies

Combined Notes to Condensed Consolidated Financial Statements (Unaudited)

(1)

Basis of Presentation

UAL Corporation (together with its consolidated subsidiaries, “UAL”), is a holding company and its principal, wholly-owned subsidiary is United Air Lines, Inc. (together with its consolidated subsidiaries, “United”). We sometimes use the words “we,” “our,” “us,” and the “Company” in this Form 10-Q for disclosures that relate to both UAL and United.

This Quarterly Report on Form 10-Q is a combined report of UAL and United. Therefore, these Combined Notes to Condensed Consolidated Financial Statements (Unaudited) apply to both UAL and United, unless otherwise noted. As UAL consolidates United, disclosures that relate to activities of United also apply to UAL.

Interim Financial Statements. The UAL and United unaudited condensed consolidated financial statements shown here have been prepared as required by the Securities and Exchange Commission (the “SEC”). Some information and footnote disclosures normally included in financial statements that meet generally accepted accounting principles (“GAAP”) have been condensed or omitted as permitted by the SEC. UAL and United believe that the disclosures presented here are not misleading. The financial statements include all adjustments, which include only normal recurring adjustments and adjustments required by fresh-start reporting and reorganization items as described below, that are considered necessary for a fair presentation of the financial position and results of operations of UAL and United. These financial statements should be read together with the information included in UAL’s and United’s Annual Reports on Form 10-K for the year ended December 31, 2006 (the “2006 Annual Reports”).

Mileage Plus Accounting. The following is an update to the accounting policy disclosures in the 2006 Annual Reports. For further information related to Mileage Plus accounting, refer to the 2006 Annual Reports and Critical Accounting Policies in this Form 10-Q.

United recognizes revenue for customer accounts that are cancelled after a period of inactivity as defined by the Mileage Plus program. United estimates the number of accounts that it expects to deactivate and ratably recognizes revenue for these accounts over the expiration period. In early 2007, United announced a reduction in the expiration period from 36 months to 18 months. Based on this program change, United reduced the period over which it recognizes revenue for deactivated accounts from 36 months to 18 months. This change provided a benefit to United’s operating revenues of approximately $47 million and $75 million for the three and six month periods ended June 30, 2007, respectively, and United estimates that it will provide a total benefit of approximately $181 million for the year ended December 31, 2007. The diluted per share benefit to UAL was approximately $0.31 and $0.49 for the three and six months ended June 30, 2007, respectively.

Reclassifications. In the first quarter of 2007, United and UAL changed their classification of certain distribution-related costs, previously included in purchased services and commissions, to classify these costs as distribution expenses in the Condensed Statements of Consolidated Operations (Unaudited). The distribution expenses previously reported for 2006 were reclassified to provide a comparable presentation in each of the 2007 quarterly reports on Form 10-Q. Amounts previously reported as commissions and purchased services in the UAL and United 2006 quarterly reports on Form 10-Q are shown below:

	Predecessor		Successor
2006 (In millions)	January 1 to January 31,		Period from February 1 to March 31,		Three Months Ended June 30,		Three Months Ended September 30,		Three Months Ended December 31,
Commissions (historical) (a)	$	24	$	51	$	82	$	91	$	67
Purchased services (historical) (b)		36		90		126		124		107
Distribution expenses (revised)	$	60	$	141	$	208	$	215	$	174

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(a)

Commissions were previously reported as a separate expense item in the UAL and United