Yes, they do, but at a greatly reduced value. The value represents the airline's best estimate at the marginal cost of transporting passengers should all the miles be redeemed for awards on their own airline, assuming no cannibilization of revenue tickets. As you might imagine, this is a very low number.

The value carried on the airline's liability books has nothing to do with:

- how much a passenger should value them
- what airline partners pay the airline to purchase miles (such as a credit card company)
- what an airline pays a partner when a customer redeems a partner award