Guesstimate?
#2
Gets Weekends Off
Joined APC: Dec 2015
Position: B777 CA
Posts: 737
12.3% of 2016 regular earnings is my guess. Slightly less then last year. YTD pretax - no special items we are trakimg a 100M ahead I believe. Remember we started paying income taxes this year so post tax - net earnings way down, but pretax excluding special items almost the same so far first three quarters.
#6
Gets Weekends Off
Joined APC: Dec 2015
Position: B777 CA
Posts: 737
Actually first three quarters YTD on a Pre Tax basis we are I believe 100M ahead. Now on a Net profit basis we are way down but that's because all of our loss write offs have been used up and we are paying income tax which we haven't in some time. Hopefully we will continue to track on course on the 4th quarter.
Remember per the UPA our profits sharing is calculated on a pre tax earnings and excludes any special items.
Remember per the UPA our profits sharing is calculated on a pre tax earnings and excludes any special items.
#7
Gets Weekends Off
Joined APC: Nov 2009
Posts: 5,194
Actually first three quarters YTD on a Pre Tax basis we are I believe 100M ahead. Now on a Net profit basis we are way down but that's because all of our loss write offs have been used up and we are paying income tax which we haven't in some time. Hopefully we will continue to track on course on the 4th quarter.
Remember per the UPA our profits sharing is calculated on a pre tax earnings and exudung any special items.
Remember per the UPA our profits sharing is calculated on a pre tax earnings and exudung any special items.
#8
Gets Weekends Off
Joined APC: Dec 2015
Position: B777 CA
Posts: 737
#9
Gets Weekends Off
Joined APC: Oct 2015
Posts: 151
The mechanics will be the same this time at 15% basis (got 13% of gross last time) , but for the PS check in Feb 2018 it will be reduced to 5% / 10%
#10
Gets Weekends Off
Joined APC: Dec 2015
Position: B777 CA
Posts: 737
I spent some time reviewing the UPA profit sharing section (language below) and reviewing 2016 & 2015 UAL income statements. Please someone correct me if my math or assumptions are wrong.
As I mentioned previously the biggest difference between 2016 & 2015 is UAL has paid aproximately 35% in income taxes in 2016 and basically none in 2015. But again per UPA pilot profit sharing calculations are based on Pre Tax earnings and excluding special items.
UPA
3-H Profit Sharing 3-H-1 Pilots shall participate in the Company profit sharing plan.
3-H-2 For profit-sharing based on the years 2012 and 2013, the Company profit sharing plan shall be funded with fifteen percent (15%) of pre-tax profit.
3-H-3 For profit-sharing based on the years 2014 and beyond, the Company profit sharing plan shall be funded with ten percent (10%) of pre-tax profit up to a pre-tax margin of six and nine-tenths percent (6.9%) plus twenty percent (20%) of pre-tax profit in excess of a pre-tax margin of six and nine-tenths percent (6.9%).
3-H-4 Special and unusual items shall be excluded from pre-tax profit when making the calculations in Sections 3-H-2 and 3-H-3.
From UAL Income Statements 2016 & 2015 from the Income before Taxes line item.
2016
1Q 494M
2Q 931M
3Q 1,510B.
4Q TBT.
2015
1Q. 511M
2Q. 1,197B
3Q. 1,606B
4Q. 905B
First three quarters YTD. 2,935B (2016) & 3,314B (2015)
I was off on my previous postings but not by that much. YTD we are 379M below 2015 PreTax profits. So I'd guess around 11.5 to 12 percent if we don't blow the 4Q.
Again if I'm missing something please correct me.
As I mentioned previously the biggest difference between 2016 & 2015 is UAL has paid aproximately 35% in income taxes in 2016 and basically none in 2015. But again per UPA pilot profit sharing calculations are based on Pre Tax earnings and excluding special items.
UPA
3-H Profit Sharing 3-H-1 Pilots shall participate in the Company profit sharing plan.
3-H-2 For profit-sharing based on the years 2012 and 2013, the Company profit sharing plan shall be funded with fifteen percent (15%) of pre-tax profit.
3-H-3 For profit-sharing based on the years 2014 and beyond, the Company profit sharing plan shall be funded with ten percent (10%) of pre-tax profit up to a pre-tax margin of six and nine-tenths percent (6.9%) plus twenty percent (20%) of pre-tax profit in excess of a pre-tax margin of six and nine-tenths percent (6.9%).
3-H-4 Special and unusual items shall be excluded from pre-tax profit when making the calculations in Sections 3-H-2 and 3-H-3.
From UAL Income Statements 2016 & 2015 from the Income before Taxes line item.
2016
1Q 494M
2Q 931M
3Q 1,510B.
4Q TBT.
2015
1Q. 511M
2Q. 1,197B
3Q. 1,606B
4Q. 905B
First three quarters YTD. 2,935B (2016) & 3,314B (2015)
I was off on my previous postings but not by that much. YTD we are 379M below 2015 PreTax profits. So I'd guess around 11.5 to 12 percent if we don't blow the 4Q.
Again if I'm missing something please correct me.