United Airlines 2009 Annual Report Download - page 94
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Table of Contents
The following tables reflect UAL and United’s previously reported amounts, along with the adjusted amounts as required by the ASC 470 Update.
UAL United
(In millions, except per share)
As
Reported
As
Adjusted
Effect
of Change
As
Reported
As
Adjusted
Effect
of Change
Statement of Consolidated Operations
Year Ended December 31, 2008
Interest expense $ (523) $ (571) $ (48) $ (523) $ (571) $ (48)
Net loss (5,348) (5,396) (48) (5,306) (5,354) (48)
Loss per share, basic and diluted (42.21) (42.59) (0.38) N/A N/A N/A
Total comprehensive loss (5,396) (5,444) (48) (5,354) (5,402) (48)
Statement of Consolidated Operations
Year Ended December 31, 2007
Interest expense (661) (704) (43) (660) (703) (43)
Net income 403 360 (43) 402 359 (43)
Earnings per share, basic (a) 3.34 2.94 (0.40) N/A N/A N/A
Earnings per share, diluted 2.79 2.65 (0.14) N/A N/A N/A
Total comprehensive income 502 459 (43) 501 458 (43)
(a) Basic earnings per share for the year ended December 31, 2007 includes the combined impact of the ASC 470 Update and the ASC 260 Update. See
additional discussion of the ASC 260 Update below.
UAL United
As
Reported
As
Adjusted
Effect
of Change
As
Reported
As
Adjusted
Effect
of Change
Statement of Consolidated Financial Position (a)
As of December 31, 2008
Long-term debt $ 6,007 $ 5,862 $ (145) $ 6,007 $ 5,861 $ (146)
Additional capital invested 2,666 2,919 253 2,578 2,831 253
Retained deficit (5,199) (5,308) (109) (5,151) (5,260) (109)
(a) The adoption of the ASC 470 Update also had minor impacts on “Other assets” and “Deferred income taxes” as reported in the Company’s Financial
Statements. The adoption required an increase to the Company’s deferred tax liability and a decrease to its additional paid in capital. However, these impacts
were substantially offset by a corresponding decrease in the valuation allowance for deferred tax assets and increase to additional paid in capital in
accordance with ASC Topic 740, Income Taxes.
The following table provides additional information about UAL’s convertible debt instruments that are subject to the ASC 470 Update:
($ and shares in millions, except conversion prices)
As of
December 31, 2009
As of
December 31, 2008
4.5% Notes 5% Notes 4.5% Notes 5% Notes
Carrying amount of the equity component $ 216 $ 38 $ 216 $ 38
Principal amount of the liability component 726 150 726 150
Unamortized discount of liability component 80 11 126 20
Net carrying amount of liability component 646 139 600 130
Remaining amortization period of discount 18 months 13 months
Conversion price $ 32.64 $ 43.90
Number of shares to be issued upon conversion 22.2 3.4
90