United Airlines 2015 Annual Report Download - page 30
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The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (“GAAP”) and
Non-GAAP financial measures including net income/loss excluding special charges, net earnings/loss per share excluding special charges and CASM, among
others. CASM is a common metric used in the airline industry to measure an airline’s cost structure and efficiency. The Company believes that excluding fuel
costs from certain measures is useful to investors because it provides an additional measure of management’s performance excluding the effects of a
significant cost item over which management has limited influence. The Company believes that adjusting for special items is useful to investors because the
special items are non-recurring items not indicative of the Company’s ongoing performance. The Company also believes that excluding third-party business
expenses, such as maintenance, ground handling and catering services for third parties, fuel sales and non-air mileage redemptions, provides more meaningful
disclosure because these expenses are not directly related to the Company’s core business. In addition, the Company believes that reflecting “Hedge Program
Adjustments,” consisting of mark-to-market (“MTM”) gains and losses recorded in Nonoperating expense from fuel derivative contracts settling in future
periods and of prior period gains and losses recorded in Nonoperating expense on fuel derivative contracts settled in the current period, is useful because the
adjustments allow investors to better understand the cash impact of settled hedges in a given period. The Company excludes profit sharing because this
exclusion allows investors to better understand and analyze its recurring cost performance and provides a more meaningful comparison of its core operating
costs to the airline industry. Pursuant to SEC Regulation G, the Company has included the following reconciliation of reported Non-GAAP financial
measures to comparable financial measures reported on a GAAP basis (in millions, except CASM amounts). For additional information related to special
items, see Note 16 to the financial statements included in Part II, Item 8 of this report.
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Source: United Continental Holdings, Inc., 10-K, February 18, 2016 Powered by Morningstar® Document Research℠
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