United Airlines announced today that the Board of Directors of its parent company, United Continental Holdings, Inc. (UAL), authorized a new $3 billion share repurchase program. This amount represents approximately 17 percent of the company's market capitalization based on the closing stock price on Dec. 6, 2017.

"We continue to invest in our employees, our customer experience and the growth of our business. Returning cash to our shareholders reflects the strength of our balance sheet and the confidence we have in our future," said Andrew Levy, executive vice president and chief financial officer of United Airlines.

The company is expected to complete its most recently authorized July 2016 $2 billion share repurchase program by the end of December 2017. The company's share repurchases under today's $3 billion repurchase authorization will be made in accordance with applicable securities laws in open market, or accelerated repurchase transactions from time to time, depending on market conditions, and may be discontinued at any time. There is no expiration date for the share repurchase program.