TL : DR version is we took a lot of non-cash write downs on assets. Approximately $4.5 billion.
Longer answer, roughly $2 billion of that was in equity investments for LATAM, AeroMexico, and Virgin Atlantic. The other $2.5 billion was reducing the balance sheet value of the aircraft and parts inventory for the retiring aircraft that were announced.
Originally Posted by
Drum
so maybe UAL flying more cargo and upping capacity helped them on revenue side of the equation perhaps?
United killed it on cargo, up 36% year-over-year, but passenger capacity was less than ours.