United Airlines 2012 Annual Report Download - page 104

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applicable to a payment date, the payment was deferred until the next payment date (March 1 of the next year), subject to a limit on the number of years
payments could be carried forward. Payment amounts were calculated based on the number of PBRSUs subject to the award, the average closing price of
Continental common stock during the 20 trading days preceding the payment date and the payment percentage set by the Human Resources Committee of
Continental’s Board of Directors for achieving the applicable profit sharing-based performance target.
Continental accounted for the PBRSU awards as liability awards. Once it became probable that a profit sharing-based performance target would be met,
Continental measured the awards at fair value based on its current stock price. The related expense was recognized ratably over the required service period,
which ended on each payment date, after adjustment for changes in the then-current market price of Continental’s common stock.
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The significant components of the income tax expense (benefit) are as follows (in millions):
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Current $(14) $ (8) $ (1)
Deferred 13 17 (4)
$ (1) $ 9 $ (5)
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Current $ 11 $ 3 $ —
Deferred (6) — (6)
$ 5 $ 3 $ (6)
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Current $ 10 $ — $ 2 $ 1
Deferred (10) (12) (6) —
$ — $ (12) $ (4) $ 1
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