Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 12, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-06033 | |
Entity Registrant Name | United Airlines Holdings, Inc. | |
Entity Central Index Key | 0000100517 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-2675207 | |
Entity Information, Former Legal or Registered Name | United Continental Holdings, Inc. | |
Entity Address, Address Line One | 233 South Wacker Drive, | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | (872) | |
Local Phone Number | 825-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, | |
Trading Symbol | UAL | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 256,921,469 | |
United Airlines, Inc. | ||
Entity Information [Line Items] | ||
Entity File Number | 001-10323 | |
Entity Registrant Name | United Airlines, Inc. | |
Entity Central Index Key | 0000319687 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2099724 | |
Entity Address, Address Line One | 233 South Wacker Drive, | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | (872) | |
Local Phone Number | 825-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,000 |
Statements of Consolidated Oper
Statements of Consolidated Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Operating revenue: | ||||||
Operating revenue | $ 11,402 | $ 10,777 | [1] | $ 20,991 | $ 19,809 | [1] |
Operating expense: | ||||||
Salaries and related costs | 3,057 | 2,878 | [1] | 5,930 | 5,604 | [1] |
Aircraft fuel | 2,385 | 2,390 | [1] | 4,408 | 4,355 | [1] |
Regional capacity purchase | 715 | 693 | [1] | 1,403 | 1,323 | [1] |
Landing fees and other rent | 660 | 625 | [1] | 1,248 | 1,204 | [1] |
Depreciation and amortization | 560 | 538 | [1] | 1,107 | 1,062 | [1] |
Aircraft maintenance materials and outside repairs | 421 | 438 | [1] | 829 | 878 | [1] |
Distribution expenses | 442 | 393 | [1] | 802 | 735 | [1] |
Aircraft rent | 73 | 119 | [1] | 154 | 246 | [1] |
Special charges | 71 | 129 | [1] | 89 | 169 | [1] |
Other operating expenses | 1,546 | 1,429 | [1] | 3,054 | 2,826 | [1] |
Total operating expenses | 9,930 | 9,632 | [1] | 19,024 | 18,402 | [1] |
Operating income | 1,472 | 1,145 | [1] | 1,967 | 1,407 | [1] |
Nonoperating income (expense): | ||||||
Interest expense | (191) | (163) | [1] | (379) | (325) | [1] |
Interest capitalized | 21 | 12 | [1] | 43 | 30 | [1] |
Interest income | 38 | 25 | [1] | 67 | 42 | [1] |
Miscellaneous, net | 14 | (164) | [1] | 23 | (117) | [1] |
Total nonoperating expense, net | (118) | (290) | [1] | (246) | (370) | [1] |
Income before income taxes | 1,354 | 855 | [1] | 1,721 | 1,037 | [1] |
Income tax expense | 302 | 172 | [1] | 377 | 209 | [1] |
Net income | $ 1,052 | $ 683 | [1],[2],[3] | $ 1,344 | $ 828 | [1],[2],[3] |
Earnings per share, basic (in dollars per share) | $ 4.03 | $ 2.48 | [1] | $ 5.09 | $ 2.96 | [1] |
Earnings per share, diluted (in dollars per share) | $ 4.02 | $ 2.48 | [1] | $ 5.07 | $ 2.95 | [1] |
United Airlines, Inc. | ||||||
Operating revenue: | ||||||
Operating revenue | $ 11,402 | $ 10,777 | [4] | $ 20,991 | $ 19,809 | [4] |
Operating expense: | ||||||
Salaries and related costs | 3,057 | 2,878 | [4] | 5,930 | 5,604 | [4] |
Aircraft fuel | 2,385 | 2,390 | [4] | 4,408 | 4,355 | [4] |
Regional capacity purchase | 715 | 693 | [4] | 1,403 | 1,323 | [4] |
Landing fees and other rent | 660 | 625 | [4] | 1,248 | 1,204 | [4] |
Depreciation and amortization | 560 | 538 | [4] | 1,107 | 1,062 | [4] |
Aircraft maintenance materials and outside repairs | 421 | 438 | [4] | 829 | 878 | [4] |
Distribution expenses | 442 | 393 | [4] | 802 | 735 | [4] |
Aircraft rent | 73 | 119 | [4] | 154 | 246 | [4] |
Special charges | 71 | 129 | [4] | 89 | 169 | [4] |
Other operating expenses | 1,546 | 1,428 | [4] | 3,053 | 2,825 | [4] |
Total operating expenses | 9,930 | 9,631 | [4] | 19,023 | 18,401 | [4] |
Operating income | 1,472 | 1,146 | [4] | 1,968 | 1,408 | [4] |
Nonoperating income (expense): | ||||||
Interest expense | (191) | (163) | [4] | (379) | (325) | [4] |
Interest capitalized | 21 | 12 | [4] | 43 | 30 | [4] |
Interest income | 38 | 25 | [4] | 67 | 42 | [4] |
Miscellaneous, net | 14 | (164) | [4] | 23 | (117) | [4] |
Total nonoperating expense, net | (118) | (290) | [4] | (246) | (370) | [4] |
Income before income taxes | 1,354 | 856 | [4] | 1,722 | 1,038 | [4] |
Income tax expense | 302 | 173 | [4] | 377 | 210 | [4] |
Net income | 1,052 | 683 | [4],[5] | 1,345 | 828 | [4],[5],[6] |
Passenger revenue | ||||||
Operating revenue: | ||||||
Operating revenue | 10,486 | 9,880 | [1] | 19,211 | 18,030 | [1] |
Passenger revenue | United Airlines, Inc. | ||||||
Operating revenue: | ||||||
Operating revenue | 10,486 | 9,880 | [4] | 19,211 | 18,030 | [4] |
Cargo | ||||||
Operating revenue: | ||||||
Operating revenue | 295 | 314 | [1] | 581 | 607 | [1] |
Cargo | United Airlines, Inc. | ||||||
Operating revenue: | ||||||
Operating revenue | 295 | 314 | [4] | 581 | 607 | [4] |
Other operating revenue | ||||||
Operating revenue: | ||||||
Operating revenue | 621 | 583 | [1] | 1,199 | 1,172 | [1] |
Other operating revenue | United Airlines, Inc. | ||||||
Operating revenue: | ||||||
Operating revenue | $ 621 | $ 583 | [4] | $ 1,199 | $ 1,172 | [4] |
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[2] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[3] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[4] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[5] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[6] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements. |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Net income | $ 1,052 | $ 683 | [1],[2],[3] | $ 1,344 | $ 828 | [1],[2],[3] |
Other comprehensive income (loss), net of tax: | ||||||
Employee benefit plans | (17) | 12 | [2] | (10) | 42 | [2] |
Investments and other | 3 | 0 | [2] | 6 | (4) | [2] |
Total other comprehensive income (loss), net of tax | (14) | 12 | [2] | (4) | 38 | [2] |
Total comprehensive income, net | 1,038 | 695 | [2] | 1,340 | 866 | [2] |
United Airlines, Inc. | ||||||
Net income | 1,052 | 683 | [4],[5] | 1,345 | 828 | [4],[5],[6] |
Other comprehensive income (loss), net of tax: | ||||||
Employee benefit plans | (17) | 12 | [4] | (10) | 42 | [4] |
Investments and other | 3 | 0 | [4] | 6 | (4) | [4] |
Total other comprehensive income (loss), net of tax | (14) | 12 | [4] | (4) | 38 | [4] |
Total comprehensive income, net | $ 1,038 | $ 695 | [4] | $ 1,341 | $ 866 | [4] |
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[2] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[3] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[4] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[5] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[6] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements. |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | $ 3,221 | $ 1,694 | [1] |
Short-term investments | 2,223 | 2,256 | [1] |
Receivables, less allowance for doubtful accounts (2019 — $9; 2018 — $8) | 1,762 | 1,426 | [1] |
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2019 — $387; 2018 — $412) | 996 | 985 | [1] |
Prepaid expenses and other | 708 | 733 | [1] |
Total current assets | 8,910 | 7,094 | [1] |
Operating property and equipment: | |||
Flight equipment | 33,890 | 32,599 | [1] |
Other property and equipment | 7,371 | 6,889 | [1] |
Purchase deposits for flight equipment | 1,351 | 1,177 | [1] |
Total operating property and equipment, at cost | 42,612 | 40,665 | [1] |
Less — Accumulated depreciation and amortization | (13,694) | (13,266) | [1] |
Total operating property and equipment, net | 28,918 | 27,399 | [1] |
Operating lease right-of-use assets | 4,908 | 5,262 | [1] |
Other assets: | |||
Goodwill | 4,523 | 4,523 | [1] |
Intangibles, less accumulated amortization (2019 — $1,410; 2018 — $1,380) | 3,129 | 3,159 | [1] |
Restricted cash | 105 | 105 | [1] |
Notes receivable, net | 518 | 516 | [1] |
Investments in affiliates and other, net | 1,139 | 966 | [1] |
Total other assets | 9,414 | 9,269 | [1] |
Total assets | 52,150 | 49,024 | [1] |
Current liabilities: | |||
Accounts payable | 3,033 | 2,363 | [1] |
Accrued salaries and benefits | 1,871 | 2,184 | [1] |
Current maturities of long-term debt | 1,255 | 1,230 | [1] |
Current maturities of finance leases | 117 | 123 | [1] |
Current maturities of operating leases | 637 | 719 | [1] |
Other | 604 | 553 | [1] |
Total current liabilities | 16,078 | 13,839 | [1] |
Long-term debt | 12,938 | 12,215 | [1] |
Long-term obligations under finance leases | 202 | 224 | [1] |
Long-term obligations under operating leases | 5,034 | 5,276 | [1] |
Other liabilities and deferred credits: | |||
Postretirement benefit liability | 1,277 | 1,295 | [1] |
Pension liability | 1,366 | 1,576 | [1] |
Deferred income taxes | 1,192 | 828 | [1] |
Other | 980 | 1,010 | [1] |
Total other liabilities and deferred credits | 7,578 | 7,428 | [1] |
Commitments and contingencies | [1] | ||
Stockholders' equity: | |||
Preferred stock | 0 | 0 | [1] |
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 257,729,166 and 269,914,769 shares at June 30, 2019 and December 31, 2018, respectively | 3 | 3 | [1] |
Additional capital invested | 6,096 | 6,120 | [1] |
Retained earnings | 8,050 | 6,715 | [1] |
Stock held in treasury, at cost | (3,022) | (1,993) | [1] |
Accumulated other comprehensive loss | (807) | (803) | [1] |
Total stockholders' equity | 10,320 | 10,042 | [1],[2] |
Total liabilities and stockholders' equity | 52,150 | 49,024 | [1] |
United Airlines, Inc. | |||
Current assets: | |||
Cash and cash equivalents | 3,215 | 1,688 | [3] |
Short-term investments | 2,223 | 2,256 | [3] |
Receivables, less allowance for doubtful accounts (2019 — $9; 2018 — $8) | 1,762 | 1,426 | [3] |
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2019 — $387; 2018 — $412) | 996 | 985 | [3] |
Prepaid expenses and other | 708 | 733 | [3] |
Total current assets | 8,904 | 7,088 | [3] |
Operating property and equipment: | |||
Flight equipment | 33,890 | 32,599 | [3] |
Other property and equipment | 7,371 | 6,889 | [3] |
Purchase deposits for flight equipment | 1,351 | 1,177 | [3] |
Total operating property and equipment, at cost | 42,612 | 40,665 | [3] |
Less — Accumulated depreciation and amortization | (13,694) | (13,266) | [3] |
Total operating property and equipment, net | 28,918 | 27,399 | [3] |
Operating lease right-of-use assets | 4,908 | 5,262 | [3] |
Other assets: | |||
Goodwill | 4,523 | 4,523 | [3] |
Intangibles, less accumulated amortization (2019 — $1,410; 2018 — $1,380) | 3,129 | 3,159 | [3] |
Restricted cash | 105 | 105 | [3] |
Notes receivable, net | 518 | 516 | [3] |
Investments in affiliates and other, net | 1,139 | 966 | [3] |
Total other assets | 9,414 | 9,269 | [3] |
Total assets | 52,144 | 49,018 | [3] |
Current liabilities: | |||
Accounts payable | 3,033 | 2,363 | [3] |
Accrued salaries and benefits | 1,871 | 2,184 | [3] |
Current maturities of long-term debt | 1,255 | 1,230 | [3] |
Current maturities of finance leases | 117 | 123 | [3] |
Current maturities of operating leases | 637 | 719 | [3] |
Other | 608 | 558 | [3] |
Total current liabilities | 16,082 | 13,844 | [3] |
Long-term debt | 12,938 | 12,215 | [3] |
Long-term obligations under finance leases | 202 | 224 | [3] |
Long-term obligations under operating leases | 5,034 | 5,276 | [3] |
Other liabilities and deferred credits: | |||
Postretirement benefit liability | 1,277 | 1,295 | [3] |
Pension liability | 1,366 | 1,576 | [3] |
Deferred income taxes | 1,220 | 855 | [3] |
Other | 980 | 1,010 | [3] |
Total other liabilities and deferred credits | 7,606 | 7,455 | [3] |
Commitments and contingencies | [3] | ||
Stockholders' equity: | |||
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 257,729,166 and 269,914,769 shares at June 30, 2019 and December 31, 2018, respectively | 0 | 0 | [3] |
Additional capital invested | 0 | 598 | [3] |
Retained earnings | 11,230 | 10,319 | [3] |
Accumulated other comprehensive loss | (807) | (803) | [3] |
Receivable from related parties | (141) | (110) | [3] |
Total stockholders' equity | 10,282 | 10,004 | [3],[4] |
Total liabilities and stockholders' equity | 52,144 | 49,018 | [3] |
Advance ticket sales | |||
Current liabilities: | |||
Deferred revenue | 6,126 | 4,381 | [1] |
Advance ticket sales | United Airlines, Inc. | |||
Current liabilities: | |||
Deferred revenue | 6,126 | 4,381 | [3] |
Frequent flyer deferred revenue | |||
Current liabilities: | |||
Deferred revenue | 2,435 | 2,286 | [1] |
Other liabilities and deferred credits: | |||
Frequent flyer deferred revenue | 2,763 | 2,719 | [1] |
Frequent flyer deferred revenue | United Airlines, Inc. | |||
Current liabilities: | |||
Deferred revenue | 2,435 | 2,286 | [3] |
Other liabilities and deferred credits: | |||
Frequent flyer deferred revenue | $ 2,763 | $ 2,719 | [3] |
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||
[2] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||
[3] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||
[4] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 9 | $ 8 |
Obsolescence allowance for aircraft fuel, spare parts and supplies | 387 | 412 |
Accumulated amortization on intangibles | $ 1,410 | $ 1,380 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common shares, outstanding (in shares) | 257,729,166 | 269,914,769 |
United Airlines, Inc. | ||
Allowance for doubtful accounts | $ 9 | $ 8 |
Obsolescence allowance for aircraft fuel, spare parts and supplies | 387 | 412 |
Accumulated amortization on intangibles | $ 1,410 | $ 1,380 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, authorized (in shares) | 1,000 | 1,000 |
Common shares, issued (in shares) | 1,000 | 1,000 |
Common shares, outstanding (in shares) | 1,000 | 1,000 |
Condensed Statements of Consoli
Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | |||
Cash Flows from Operating Activities: | ||||
Net cash provided by operating activities | $ 4,625 | $ 4,152 | [1] | |
Cash Flows from Investing Activities: | ||||
Capital expenditures | (2,467) | (1,671) | [1] | |
Purchases of short-term and other investments | (1,443) | (1,326) | [1] | |
Proceeds from sale of short-term and other investments | 1,484 | 1,455 | [1] | |
Investment in affiliates | (27) | (139) | [1] | |
Loans made to others | 0 | (10) | [1] | |
Other, net | 17 | 38 | [1] | |
Net cash used in investing activities | (2,436) | (1,653) | [1] | |
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of long-term debt | 996 | 1,241 | [1] | |
Payments of long-term debt | (473) | (1,294) | [1] | |
Repurchases of common stock | (1,062) | (969) | [1] | |
Principal payments under finance leases | (63) | (35) | [1] | |
Capitalized financing costs | (30) | (25) | [1] | |
Other, net | (30) | (17) | [1] | |
Net cash used in financing activities | (662) | (1,099) | [1] | |
Net increase in cash, cash equivalents and restricted cash | 1,527 | 1,400 | [1] | |
Cash, cash equivalents and restricted cash at beginning of the period | 1,799 | 1,591 | [1] | |
Cash, cash equivalents and restricted cash at end of the period | [2] | 3,326 | 2,991 | [1] |
Investing and Financing Activities Not Affecting Cash: | ||||
Property and equipment acquired through the issuance of debt | 220 | 125 | [1] | |
Operating lease conversions to finance lease | 36 | 0 | [1] | |
Right-of-use assets acquired through operating leases | 99 | 103 | [1] | |
Property and equipment acquired through finance leases | 8 | 0 | [1] | |
United Airlines, Inc. | ||||
Cash Flows from Operating Activities: | ||||
Net cash provided by operating activities | 4,596 | 4,135 | [3] | |
Cash Flows from Investing Activities: | ||||
Capital expenditures | (2,467) | (1,671) | [3] | |
Purchases of short-term and other investments | (1,443) | (1,326) | [3] | |
Proceeds from sale of short-term and other investments | 1,484 | 1,455 | [3] | |
Investment in affiliates | (27) | (139) | [3] | |
Loans made to others | 0 | (10) | [3] | |
Other, net | 17 | 38 | [3] | |
Net cash used in investing activities | (2,436) | (1,653) | [3] | |
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of long-term debt | 996 | 1,241 | [3] | |
Payments of long-term debt | (473) | (1,294) | [3] | |
Dividend to UAL | (1,062) | (969) | [3] | |
Principal payments under finance leases | (63) | (35) | [3] | |
Capitalized financing costs | (30) | (25) | [3] | |
Other, net | (1) | 0 | [3] | |
Net cash used in financing activities | (633) | (1,082) | [3] | |
Net increase in cash, cash equivalents and restricted cash | 1,527 | 1,400 | [3] | |
Cash, cash equivalents and restricted cash at beginning of the period | 1,793 | 1,585 | [3] | |
Cash, cash equivalents and restricted cash at end of the period | [4] | 3,320 | 2,985 | [3] |
Investing and Financing Activities Not Affecting Cash: | ||||
Property and equipment acquired through the issuance of debt | 220 | 125 | [3] | |
Operating lease conversions to finance lease | 36 | 0 | [3] | |
Right-of-use assets acquired through operating leases | 99 | 103 | [3] | |
Property and equipment acquired through finance leases | $ 8 | $ 0 | [3] | |
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||
[2] | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Cash and cash equivalents $ 3,221 $ 2,884 Restricted cash (included in Prepaid expenses and other) — 13 Restricted cash 105 94 Total cash, cash equivalents and restricted cash $ 3,326 $ 2,991 | |||
[3] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||
[4] | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Cash and cash equivalents $ 3,215 $ 2,878 Restricted cash (included in Prepaid expenses and other) — 13 Restricted cash 105 94 Total cash, cash equivalents and restricted cash $ 3,320 $ 2,985 |
Condensed Statements of Conso_2
Condensed Statements of Consolidated Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |||
Reconciliation of cash, cash equivalents and restricted cash: | ||||||
Cash and cash equivalents | $ 3,221 | $ 1,694 | [1] | $ 2,884 | ||
Restricted cash (included in Prepaid expenses and other) | 0 | 13 | ||||
Restricted cash | 105 | 105 | [1] | 94 | ||
Total cash, cash equivalents and restricted cash | 3,326 | [2] | 1,799 | 2,991 | [2],[3] | |
United Airlines, Inc. | ||||||
Reconciliation of cash, cash equivalents and restricted cash: | ||||||
Cash and cash equivalents | 3,215 | 1,688 | [4] | 2,878 | ||
Restricted cash (included in Prepaid expenses and other) | 0 | 13 | ||||
Restricted cash | 105 | 105 | [4] | 94 | ||
Total cash, cash equivalents and restricted cash | $ 3,320 | [5] | $ 1,793 | $ 2,985 | [5],[6] | |
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[2] | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Cash and cash equivalents $ 3,221 $ 2,884 Restricted cash (included in Prepaid expenses and other) — 13 Restricted cash 105 94 Total cash, cash equivalents and restricted cash $ 3,326 $ 2,991 | |||||
[3] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[4] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[5] | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Cash and cash equivalents $ 3,215 $ 2,878 Restricted cash (included in Prepaid expenses and other) — 13 Restricted cash 105 94 Total cash, cash equivalents and restricted cash $ 3,320 $ 2,985 | |||||
[6] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Statements of Consolidated Stoc
Statements of Consolidated Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Capital Invested | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | United Airlines, Inc. | United Airlines, Inc.Additional Capital Invested | United Airlines, Inc.Retained Earnings | United Airlines, Inc.Accumulated Other Comprehensive Income (Loss) | United Airlines, Inc.Receivable from Related Parties, Net | ||||||||||||
Balance (in shares) at Dec. 31, 2017 | [1] | 287,000,000 | |||||||||||||||||||||
Balance at Dec. 31, 2017 | $ 8,788 | [1] | $ 3 | [1] | $ 6,098 | [1] | $ (769) | [1] | $ 4,603 | [1] | $ (1,147) | [1] | $ 8,751 | [2] | $ 1,787 | [2] | $ 8,201 | [2] | $ (1,147) | [2] | $ (90) | [2] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 828 | [1],[3],[4] | 828 | [1] | 828 | [2],[5],[6] | 828 | ||||||||||||||||
Other comprehensive income (loss) | 38 | [4] | 38 | 38 | [5] | 38 | |||||||||||||||||
Dividend to UAL | (976) | (976) | |||||||||||||||||||||
Stock settled share-based compensation | 29 | 29 | 29 | 29 | |||||||||||||||||||
Repurchases of common stock (in shares) | (14,200,000) | ||||||||||||||||||||||
Repurchases of common stock | (976) | (976) | |||||||||||||||||||||
Net treasury stock issued for share-based awards (in shares) | 200,000 | ||||||||||||||||||||||
Net treasury stock issued for share-based awards | (16) | (36) | 25 | (5) | |||||||||||||||||||
Other | (17) | 1 | (7) | 7 | (18) | ||||||||||||||||||
Balance (in shares) at Jun. 30, 2018 | [1] | 273,000,000 | |||||||||||||||||||||
Balance at Jun. 30, 2018 | 8,691 | [1] | $ 3 | [1] | 6,091 | [1] | (1,720) | [1] | 5,419 | [1] | (1,102) | [1] | 8,653 | [2] | 841 | [2] | 9,022 | [2] | (1,102) | [2] | (108) | [2] | |
Balance (in shares) at Mar. 31, 2018 | [1] | 279,400,000 | |||||||||||||||||||||
Balance at Mar. 31, 2018 | 8,388 | [1] | $ 3 | [1] | 6,077 | [1] | (1,314) | [1] | 4,736 | [1] | (1,114) | [1] | 8,350 | [2] | 1,233 | [2] | 8,339 | [2] | (1,114) | [2] | (108) | [2] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 683 | [1],[3],[4] | 683 | [1] | 683 | [5],[6] | 683 | ||||||||||||||||
Other comprehensive income (loss) | 12 | [4] | 12 | 12 | [5] | 12 | |||||||||||||||||
Dividend to UAL | (407) | (407) | |||||||||||||||||||||
Stock settled share-based compensation | 14 | 14 | 14 | 14 | |||||||||||||||||||
Repurchases of common stock (in shares) | (6,400,000) | ||||||||||||||||||||||
Repurchases of common stock | (407) | (407) | |||||||||||||||||||||
Net treasury stock issued for share-based awards | 1 | 1 | |||||||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||||
Balance (in shares) at Jun. 30, 2018 | [1] | 273,000,000 | |||||||||||||||||||||
Balance at Jun. 30, 2018 | $ 8,691 | [1] | $ 3 | [1] | 6,091 | [1] | (1,720) | [1] | 5,419 | [1] | (1,102) | [1] | $ 8,653 | [2] | 841 | [2] | 9,022 | [2] | (1,102) | [2] | (108) | [2] | |
Balance (in shares) at Dec. 31, 2018 | 269,914,769 | 269,900,000 | [1] | 1,000 | |||||||||||||||||||
Balance at Dec. 31, 2018 | $ 10,042 | [1],[7] | $ 3 | [1] | 6,120 | [1] | (1,993) | [1] | 6,715 | [1] | (803) | [1] | $ 10,004 | [2],[8] | 598 | [2] | 10,319 | [2] | (803) | [2] | (110) | [2] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 1,344 | 1,344 | 1,345 | 1,345 | |||||||||||||||||||
Other comprehensive income (loss) | (4) | (4) | (4) | (4) | |||||||||||||||||||
Dividend to UAL | (1,063) | (629) | (434) | ||||||||||||||||||||
Stock settled share-based compensation | 31 | 31 | 31 | 31 | |||||||||||||||||||
Repurchases of common stock (in shares) | (12,700,000) | ||||||||||||||||||||||
Repurchases of common stock | (1,063) | (1,063) | |||||||||||||||||||||
Net treasury stock issued for share-based awards (in shares) | 500,000 | ||||||||||||||||||||||
Net treasury stock issued for share-based awards | $ (30) | (55) | 34 | (9) | |||||||||||||||||||
Other | $ (31) | (31) | |||||||||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 257,729,166 | 257,700,000 | 1,000 | ||||||||||||||||||||
Balance at Jun. 30, 2019 | $ 10,320 | $ 3 | 6,096 | (3,022) | 8,050 | (807) | $ 10,282 | 0 | 11,230 | (807) | (141) | ||||||||||||
Balance (in shares) at Mar. 31, 2019 | 264,300,000 | ||||||||||||||||||||||
Balance at Mar. 31, 2019 | 9,802 | $ 3 | 6,080 | (2,487) | 6,999 | (793) | 9,763 | [2] | 84 | [2] | 10,612 | [2] | (793) | [2] | (140) | [2] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 1,052 | 1,052 | 1,052 | 1,052 | |||||||||||||||||||
Other comprehensive income (loss) | (14) | (14) | (14) | (14) | |||||||||||||||||||
Dividend to UAL | (536) | (102) | (434) | ||||||||||||||||||||
Stock settled share-based compensation | 17 | 17 | 17 | 17 | |||||||||||||||||||
Repurchases of common stock (in shares) | (6,600,000) | ||||||||||||||||||||||
Repurchases of common stock | (536) | (536) | |||||||||||||||||||||
Net treasury stock issued for share-based awards (in shares) | 0 | ||||||||||||||||||||||
Net treasury stock issued for share-based awards | $ (1) | (1) | (1) | ||||||||||||||||||||
Other | $ 0 | 1 | (1) | ||||||||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 257,729,166 | 257,700,000 | 1,000 | ||||||||||||||||||||
Balance at Jun. 30, 2019 | $ 10,320 | $ 3 | $ 6,096 | $ (3,022) | $ 8,050 | $ (807) | $ 10,282 | $ 0 | $ 11,230 | $ (807) | $ (141) | ||||||||||||
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||||||||||||||||||||||
[2] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements. | ||||||||||||||||||||||
[3] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||||||||||||||||||||||
[4] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||||||||||||||||||||||
[5] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||||||||||||||||||||||
[6] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||||||||||||||||||||||
[7] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||||||||||||||||||||||
[8] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 842, Leases (the "New Lease Standard"), effective January 1, 2019. The Company used the modified retrospective approach for all leases existing at or commencing after January 1, 2017 and elected the package of transition practical expedients for expired or existing contracts, which does not require reassessment of: (1) whether any of our contracts are or contain leases, (2) lease classification and (3) initial direct costs. The New Lease Standard prescribes that an entity should recognize a right-of-use asset and a lease liability for all leases at the commencement date of each lease and recognize expenses on their income statements similar to the prior FASB Accounting Standards Codification Topic 840, Leases ("Topic 840"). The adoption of the New Lease Standard had the same impact on the financial statements of United as it had on the financial statements of UAL. The table below presents the impact of the adoption of the New Lease Standard on select accounts and captions of UAL's statement of consolidated operations (in millions, except per share amounts): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported New Lease Standard Adjustments As Adjusted As Reported New Lease Standard Adjustments As Adjusted Regional capacity purchase $ 681 $ 12 $ 693 $ 1,300 $ 23 $ 1,323 Landing fees and other rent 603 22 625 1,161 43 1,204 Depreciation and amortization 557 (19 ) 538 1,098 (36 ) 1,062 Interest expense (177 ) 14 (163 ) (353 ) 28 (325 ) Interest capitalized 14 (2 ) 12 33 (3 ) 30 Net income 684 (1 ) 683 831 (3 ) 828 Earnings per share, basic 2.49 (0.01 ) 2.48 2.97 (0.01 ) 2.96 Earnings per share, diluted 2.48 — 2.48 2.96 (0.01 ) 2.95 The expense for leases under the New Lease Standard will continue to be classified in their historical income statement captions (primarily in Aircraft rent, Landing fees and other rent and Regional capacity purchase in our statements of consolidated operations). The adoption of the New Lease Standard resulted in the recharacterization of certain leases from capital leases under Topic 840 to operating leases under the New Lease Standard. This change resulted in less depreciation and amortization and interest expense associated with capital leases offset by higher lease expense associated with operating leases. The recharacterization is associated with leases of certain airport facilities that were derecognized as part of the build-to-suit transition guidance under the New Lease Standard. The reduction in capitalized interest is also associated with the same airport facilities leases. The table below presents the impact of the adoption of the New Lease Standard on UAL's balance sheet accounts and captions (in millions): December 31, 2018 As Reported New Lease Standard Adjustments As Adjusted Receivables, less allowance for doubtful accounts $ 1,346 $ 80 $ 1,426 Prepaid expenses and other 913 (180 ) 733 Flight equipment, owned and finance leases (a) 32,636 (37 ) 32,599 Other property and equipment, owned and finance leases (a) 7,930 (1,041 ) 6,889 Accumulated depreciation and amortization, owned and finance leases (a) (13,414 ) 148 (13,266 ) Operating lease right-of-use assets — 5,262 5,262 Current maturities of finance leases (a) 149 (26 ) 123 Current maturities of operating leases — 719 719 Other current liabilities 619 (66 ) 553 Long-term obligations under finance leases (a) 1,134 (910 ) 224 Long-term obligations under operating leases — 5,276 5,276 Deferred income taxes 814 14 828 Other long-term liabilities 1,832 (822 ) 1,010 Retained earnings 6,668 47 6,715 (a) Finance leases, under the New Lease Standard, are the equivalent of capital leases under Topic 840. The table below presents the impact of the adoption of the New Lease Standard on select line items of UAL's statement of consolidated cash flows (in millions): Six Months Ended June 30, 2018 As Reported New Lease Standard Adjustments As Adjusted Cash Flows from Operating Activities: Net cash provided by operating activities $ 4,175 $ (23 ) $ 4,152 Cash Flows from Investing Activities: Capital expenditures (1,734 ) 63 (1,671 ) Cash Flows from Financing Activities: Proceeds from issuance of long-term debt 1,308 (67 ) 1,241 Principal payments under finance leases (62 ) 27 (35 ) The adoption of the New Lease Standard primarily resulted in the recording of assets and liabilities of our operating leases on our consolidated balance sheets. Certain amounts recorded for prepaid and accrued rent associated with historical operating leases were reclassified to the newly captioned Operating lease right-of-use assets in the consolidated balance sheets. Also, certain leases designated under Topic 840 as owned assets and capital leases are not considered to be assets under the New Lease Standard and have been removed from the consolidated balance sheets, along with the related capital lease liability, due to the leases having variable lease payments. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13"). The main objective is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this update replace the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. For trade receivables, loans and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction to the carrying value of the asset. The amendments are effective for public business entities for fiscal years and interim periods beginning after December 15, 2019 and early adoption is permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Revenue by Geography. The following table presents operating revenue by geographic region (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Domestic (U.S. and Canada) $ 7,087 $ 6,689 $ 12,962 $ 12,165 Atlantic 2,066 1,965 3,524 3,354 Pacific 1,306 1,285 2,587 2,516 Latin America 943 838 1,918 1,774 Total $ 11,402 $ 10,777 $ 20,991 $ 19,809 Advance Ticket Sales. All tickets sold at any given point of time have travel dates extending up to 12 months. The Company defers amounts related to future travel in its Advance ticket sales liability account. As a result, the balance of the Company's Advance ticket sales liability represents activity that will be recognized in the next 12 months. In the three and six months ended June 30, 2019 , the Company recognized approximately $3.9 billion and $3.2 billion , respectively, and in the three and six months ended June 30, 2018 , the Company recognized approximately $3.5 billion and $2.9 billion , respectively, of passenger revenue for tickets that were included in Advance ticket sales at the beginning of those periods. Ancillary Fees. The Company charges fees, separately from ticket sales, for certain ancillary services that are directly related to passengers' travel, such as ticket change fees, baggage fees, inflight amenities fees, and other ticket-related fees. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs. The Company recorded $636 million and $1.2 billion of ancillary fees within passenger revenue in the three and six months ended June 30, 2019 , respectively. The Company recorded $555 million and $1.1 billion of ancillary fees within passenger revenue in the three and six months ended June 30, 2018 , respectively. Frequent Flyer Accounting. The table below presents a roll forward of Frequent flyer deferred revenue (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total Frequent flyer deferred revenue - beginning balance $ 5,138 $ 4,937 $ 5,005 $ 4,783 Miles awarded 682 607 1,289 1,210 Travel miles redeemed (Passenger revenue) (589 ) (519 ) (1,027 ) (928 ) Non-travel miles redeemed (Other operating revenue) (33 ) (36 ) (69 ) (76 ) Total Frequent flyer deferred revenue - ending balance $ 5,198 $ 4,989 $ 5,198 $ 4,989 In the three and six months ended June 30, 2019 , the Company recognized, in Other operating revenue, $499 million and $972 million , respectively, related to the marketing, advertising, non-travel miles redeemed (net of related costs) and other travel-related benefits of the mileage revenue associated with our various partner agreements including, but not limited to, our Chase co-brand agreement. The Company recognized $480 million and $974 million , respectively, in the three and six months ended June 30, 2018, related to those revenues. The portion related to the MileagePlus miles awarded of the total amounts received from our various partner agreements is deferred and presented in the table above as an increase to the frequent flyer liability. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The computations of UAL's basic and diluted earnings per share are set forth below (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Earnings available to common stockholders $ 1,052 $ 683 $ 1,344 $ 828 Basic weighted-average shares outstanding 260.8 274.7 263.9 279.3 Effect of employee stock awards 0.8 0.9 1.0 0.9 Diluted weighted-average shares outstanding 261.6 275.6 264.9 280.2 Earnings per share, basic $ 4.03 $ 2.48 $ 5.09 $ 2.96 Earnings per share, diluted $ 4.02 $ 2.48 $ 5.07 $ 2.95 In the three and six months ended June 30, 2019 , UAL repurchased approximately 6.4 million and 12.7 million shares, respectively, of UAL common stock in open market transactions for $0.5 billion and $1.1 billion , respectively. As of June 30, 2019 , the Company had approximately $0.7 billion remaining to purchase shares under its December 2017 repurchase authorization. On July 15, 2019, UAL’s Board of Directors authorized a new $3.0 billion share repurchase program to acquire UAL’s common stock. UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws. UAL will repurchase shares of UAL common stock subject to prevailing market conditions, and may discontinue such repurchases at any time. See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds of this report for additional information. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The tables below present the components of the Company's accumulated other comprehensive income (loss), net of tax ("AOCI") (in millions): UAL Pension and Other Postretirement Liabilities Investments and Other Deferred Taxes Total Balance at March 31, 2019 $ (654 ) $ 1 $ (140 ) $ (793 ) Changes in value (29 ) 2 7 (20 ) Amounts reclassified to earnings 8 — (2 ) 6 Balance at June 30, 2019 $ (675 ) $ 3 $ (135 ) $ (807 ) Balance at December 31, 2018 $ (663 ) $ (4 ) $ (136 ) $ (803 ) Changes in value (24 ) 7 4 (13 ) Amounts reclassified to earnings 12 (a) — (3 ) 9 Balance at June 30, 2019 $ (675 ) $ 3 $ (135 ) $ (807 ) Balance at March 31, 2018 $ (1,063 ) $ (3 ) $ (48 ) $ (1,114 ) Changes in value 1 1 — 2 Amounts reclassified to earnings 14 — (4 ) 10 Balance at June 30, 2018 $ (1,048 ) $ (2 ) $ (52 ) $ (1,102 ) Balance at December 31, 2017 $ (1,102 ) $ (6 ) $ (39 ) $ (1,147 ) Changes in value 24 (3 ) (6 ) 15 Amounts reclassified to earnings 30 (a) — (7 ) 23 Amounts reclassified to retained earnings — 7 — 7 Balance at June 30, 2018 $ (1,048 ) $ (2 ) $ (52 ) $ (1,102 ) (a) This AOCI component is included in the computation of net periodic pension and other postretirement costs (See Note 6 to the financial statements included in Part I, Item 1 for additional information). |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company's effective tax rate for the three and six months ended June 30, 2019 was 22.3% and 21.9% , respectively. The effective tax rate for the three and six months ended June 30, 2018 was 20.1% and 20.2% |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Employee-related Liabilities [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Benefit Pension and Other Postretirement Benefit Plans. The Company's net periodic benefit cost includes the following components for the three months ended June 30 (in millions): Pension Benefits Other Postretirement Benefits Affected Line Item 2019 2018 2019 2018 Service cost $ 46 $ 57 $ 3 $ 3 Salaries and related costs Interest cost 57 54 14 15 Miscellaneous, net Expected return on plan assets (73 ) (73 ) (1 ) — Miscellaneous, net Amortization of unrecognized (gain) loss 29 32 (15 ) (8 ) Miscellaneous, net Amortization of prior service credit — — (9 ) (10 ) Miscellaneous, net Settlement loss 3 — — — Miscellaneous, net Total $ 62 $ 70 $ (8 ) $ — The Company's net periodic benefit cost includes the following components for the six months ended June 30 (in millions): Pension Benefits Other Postretirement Benefits Affected Line Item 2019 2018 2019 2018 Service cost $ 92 $ 114 $ 5 $ 6 Salaries and related costs Interest cost 114 108 29 30 Miscellaneous, net Expected return on plan assets (145 ) (146 ) (1 ) — Miscellaneous, net Amortization of unrecognized (gain) loss 58 65 (30 ) (16 ) Miscellaneous, net Amortization of prior service credit — — (19 ) (19 ) Miscellaneous, net Settlement loss 3 — — — Miscellaneous, net Total $ 122 $ 141 $ (16 ) $ 1 During the three and six months ended June 30, 2019 , the Company contributed $150 million and $300 million , respectively, to its U.S. domestic tax-qualified defined benefit pension plans. Share-Based Compensation. In the six months ended June 30, 2019 , UAL granted share-based compensation awards pursuant to the United Continental Holdings, Inc. 2017 Incentive Compensation Plan. These share-based compensation awards include 1.1 million restricted stock units ("RSUs"), consisting of 0.8 million time-vested RSUs and 0.3 million performance-based RSUs. The time-vested RSUs vest pro-rata, on February 28th of each year, over a period of three years from the date of grant. The amount of performance-based RSUs vest based on the Company's relative improvement in pre-tax margin, as compared to a group of industry peers, for the three years ending December 31, 2021 . RSUs are generally equity awards settled in stock for domestic employees and liability awards settled in cash for international employees. The cash payments are based on the 20 -day average closing price of UAL common stock immediately prior to the vesting date. The table below presents information related to share-based compensation (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation expense $ 21 $ 27 $ 37 $ 44 June 30, 2019 December 31, 2018 Unrecognized share-based compensation $ 110 $ 68 |
BRW Term Loan
BRW Term Loan | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
BRW TERM LOAN | BRW TERM LOAN In November 2018, United, as lender, entered into a Term Loan Agreement (the "BRW Loan Agreement") with, among others, BRW Aviation Holding LLC and BRW Aviation LLC (“BRW”), as guarantor and borrower, respectively, affiliates of Synergy Aerospace Corporation (“Synergy”), the majority shareholder of Avianca Holdings S.A. (“AVH”), as guarantor and borrower, respectively. Pursuant to the BRW Loan Agreement, United provided a $456 million term loan to BRW (the "BRW Term Loan"), secured by a pledge of BRW's equity, as well as BRW's 516 million shares of common stock of AVH (having an implied value equivalent to 64.5 million American Depositary Receipts ("ADRs"), the class of AVH securities that trades on the New York Stock Exchange (the "NYSE")), the parent company of Aerovías del Continente Americano S.A. BRW is currently in default under the BRW Loan Agreement. On May 13, 2019, S&P Global Ratings downgraded its AVH issuer level credit ratings from B to CCC+, together with accompanying downgrades for AVH’s frequent flyer subsidiary LifeMiles Ltd. ("LifeMiles") and for certain outstanding debt of both AVH and LifeMiles. Following these downgrades, and in order to protect the value of its collateral, on May 24, 2019, United began to exercise remedies available to it under the terms of the BRW Loan Agreement and related documents. In connection with the delivery by United of a notice of default to BRW, Kingsland Holdings Limited ("Kingsland"), AVH’s largest minority shareholder, was granted, in accordance with the agreements related to the BRW Loan Agreement, independent authority to manage BRW, which remains the majority shareholder of AVH. As a result of these developments, United evaluated the $489 million carrying value of the BRW Term Loan as of June 30, 2019 using the fair value of the collateral and determined that the value of the collateral is sufficient to recover the carrying value of the loan and, accordingly, concluded that the BRW Term Loan is not impaired. The fair market value of AVH equity was estimated using an income approach and a market approach with equal weight applied to each approach. Under the income approach, the value was estimated by discounting expected future cash flows at a weighted average cost of capital to a single present value amount. Under the market approach, the value was estimated by reference to multiples of enterprise value to earnings before interest, taxes, depreciation, amortization and rent ("EBITDAR") for a group of publicly-traded market comparable companies, along with AVH's own EBITDAR levels. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The table below presents disclosures about the financial assets and liabilities measured at fair value on a recurring basis in UAL's financial statements (in millions): June 30, 2019 December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,221 $ 3,221 $ — $ — $ 1,694 $ 1,694 $ — $ — Short-term investments: Corporate debt 1,053 — 1,053 — 1,023 — 1,023 — Asset-backed securities 697 — 697 — 746 — 746 — U.S. government and agency notes 116 — 116 — 108 — 108 — Certificates of deposit placed through an account registry service ("CDARS") 59 — 59 — 75 — 75 — Other fixed-income securities 107 — 107 — 116 — 116 — Other investments measured at net asset value ("NAV") 191 — — — 188 — — — Restricted cash 105 105 — — 105 105 — — Long-term investments: Equity securities 301 301 — — 249 249 — — Enhanced equipment trust certificates ("EETC") 16 — — 16 18 — — 18 AVH Derivative Assets (defined below) 10 — — 10 11 — — 11 Available-for-sale investment maturities - The short-term investments shown in the table above are classified as available-for-sale, with the exception of investments measured at NAV. As of June 30, 2019 , asset-backed securities have remaining maturities of less than one year to approximately 15 years, corporate debt securities have remaining maturities of less than one year to approximately three years and CDARS have maturities of less than one year . U.S. government and agency notes have maturities of approximately three years or less and other fixed-income securities have maturities of two years or less. The EETC securities mature in July 2019 . Restricted cash - Restricted cash primarily includes collateral for letters of credit and collateral associated with facility leases and other insurance-related obligations. Equity securities - Equity securities represent United's investment in Azul Linhas Aéreas Brasileiras S.A. ("Azul"), consisting of a preferred equity stake of approximately 8% (approximately 2% of the total capital stock of Azul). The Company recognizes changes to the fair market value of its equity investment in Azul in Miscellaneous, net in its statements of consolidated operations. AVH Derivative Assets - As part of the BRW Loan Agreement and related agreements with Kingsland, United obtained AVH share call options, AVH share appreciation rights, and an AVH share-based upside sharing agreement (collectively, the "AVH Derivative Assets"). The AVH Derivative Assets are recorded at fair value as Other assets on the Company's balance sheet and are included in the table above. Changes in the fair value of the AVH Derivative Assets are recorded as part of Nonoperating income (expense): Miscellaneous, net on the Company's statements of consolidated operations. Investments presented in the table above have the same fair value as their carrying value. The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions): June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Long-term debt $ 14,193 $ 14,691 $ — $ 10,915 $ 3,776 $ 13,445 $ 13,450 $ — $ 9,525 $ 3,925 Fair value of the financial instruments included in the tables above was determined as follows: Description Fair Value Methodology Cash and cash equivalents The carrying amounts approximate fair value because of the short-term maturity of these assets. Short-term investments, Equity securities, EETC and Restricted cash Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, or (c) broker quotes obtained by third-party valuation services. Other investments measured at NAV In accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The investments measured using NAV are shares of mutual funds that invest in fixed-income instruments including bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Company can redeem its shares at any time at NAV subject to a three-day settlement period. Long-term debt Fair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities or assets. AVH Derivative Assets Fair values are calculated using a Monte Carlo simulation approach. Unobservable inputs include expected volatility, expected dividend yield and control and acquisition premiums. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
LEASES | LEASES United leases aircraft, airport passenger terminal space, aircraft hangars and related maintenance facilities, cargo terminals, other airport facilities, other commercial real estate, office and computer equipment and vehicles, among other items. Certain of these leases include provisions for variable lease payments which are based on several factors, including, but not limited to, relative leased square footage, available seat miles, enplaned passengers, passenger facility charges, terminal equipment usage fees, departures, and airports’ annual operating budgets. Due to the variable nature of the rates, these leases are not recorded on our balance sheet as a right-of-use asset and lease liability. For leases with terms greater than 12 months, we record the related asset and lease liability at the present value of lease payments over the lease term. Leases with an initial term of 12 months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the term of the lease. We combine lease and non-lease components, such as common area maintenance costs, in calculating the right-of-use assets and lease liabilities for all asset groups except for our capacity purchase agreements ("CPAs"), which contain embedded leases for regional aircraft. In addition to the lease component cost for regional aircraft, our CPAs also include non-lease components primarily related to the regional carriers’ operating costs incurred in providing regional aircraft services. We allocate consideration separately for the lease components and non-lease components of each CPA based on their relative standalone values. Lease Cost . The Company's lease cost for the three and six months ended June 30 included the following components (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Operating lease cost $ 259 $ 312 $ 531 $ 638 Variable and short-term lease cost 661 669 1,267 1,280 Amortization of finance lease assets 18 17 36 40 Interest on finance lease liabilities 32 4 59 9 Sublease income (9 ) (11 ) (17 ) (21 ) Total lease cost $ 961 $ 991 $ 1,876 $ 1,946 Lease terms and commitments . United's leases include aircraft leases for aircraft that are directly leased by United and aircraft that are operated by regional carriers on United's behalf under CPAs (but excluding aircraft owned by United) and non-aircraft leases. Aircraft operating leases relate to leases of 121 mainline and 339 regional aircraft while finance leases relate to leases of 26 mainline and 47 regional aircraft. United's aircraft leases have remaining lease terms of 1 month to 10 years with expiration dates ranging from 2019 through 2029 . Under the terms of most aircraft leases, United has the right to purchase the aircraft at the end of the lease term, in some cases at fair market value, and in others, at a percentage of cost. Non-aircraft leases have remaining lease terms of 1 month to 34 years , with expiration dates ranging from 2019 through 2053 . The table below summarizes the Company's scheduled future minimum lease payments under operating and finance leases, recorded on the balance sheet, as of June 30, 2019 (in millions): Operating Leases Finance Leases Last six months of 2019 $ 428 $ 157 2020 989 58 2021 766 54 2022 634 44 2023 621 33 After 2023 4,331 70 Minimum lease payments 7,769 416 Imputed interest 2,098 97 Present value of minimum lease payments 5,671 319 Less: current maturities of lease obligations (637 ) (117 ) Long-term lease obligations $ 5,034 $ 202 As of June 30, 2019 , we have additional leases of approximately $570 million for regional jets under a CPA and a maintenance facility that have not yet commenced. These leases will commence between 2019 and 2020 with lease terms of up to 34 years . To the extent a lease agreement includes an extension option that is reasonably certain to be exercised, we have recognized those amounts as part of our right-of-use assets and lease liabilities. Our lease agreements do not provide a readily determinable implicit rate nor is it available to us from our lessors. Instead, we estimate United's incremental borrowing rate based on information available at lease commencement in order to discount lease payments to present value. The table below presents additional information related to our leases as of June 30 : 2019 2018 Weighted-average remaining lease term - operating leases 10 years 10 years Weighted-average remaining lease term - finance leases 5 years 5 years Weighted-average discount rate - operating leases 5.3 % 5.1 % Weighted-average discount rate - finance leases 53.2 % (a) 6.7 % (a) During the third quarter of 2018, United entered into an agreement with the lessor of 54 Embraer ERJ 145 aircraft to purchase those aircraft in 2019. The provisions of these lease agreements resulted in a change in accounting classification of these leases from operating leases to finance leases up until the purchase date. The discount rates used for these leases were adjusted so that the present value of lease payments did not exceed the fair value of the asset being recognized. The table below presents supplemental cash flow information related to leases during the six months ended June 30 (in millions): 2019 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 507 $ 552 Operating cash flows for finance leases 47 9 Financing cash flows for finance leases 63 35 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments. As of June 30, 2019 , United had firm commitments and options to purchase aircraft from The Boeing Company ("Boeing"), Airbus S.A.S. ("Airbus") and Embraer S.A. ("Embraer") presented in the table below: Scheduled Aircraft Deliveries Aircraft Type Number of Firm Last Six Months of 2019 2020 After 2020 Airbus A350 45 — — 45 Boeing 737 MAX 171 16 28 127 Boeing 777-300ER 4 2 2 — Boeing 787 18 2 15 1 Embraer E175 38 18 20 — (a) United also has options and purchase rights for additional aircraft. The aircraft listed in the table above are scheduled for delivery through 2027 . To the extent the Company and the aircraft manufacturers with whom the Company has existing orders for new aircraft agree to modify the contracts governing those orders, the amount and timing of the Company's future capital commitments could change. United also has agreements to purchase 20 used Airbus A319 aircraft with expected delivery dates through 2022 and 19 used Boeing 737-700 aircraft with expected delivery dates in 2019 through 2021 . On March 13, 2019 , the Federal Aviation Administration issued an emergency order prohibiting the operation of Boeing 737 MAX series airplanes by U.S. certificated operators (the "FAA Order"). As a result, the Company grounded all 14 Boeing 737 MAX 9 aircraft in its fleet. Prior to the grounding, the Company operated approximately 50 flights a day on these aircraft, and expected, given the anticipated delivery schedule, to operate approximately 110 flights a day by the end of the year. The FAA Order also resulted in Boeing suspending delivery of new Boeing 737 MAX series aircraft. The extent of the delay to the scheduled deliveries of the 737 MAX aircraft included in the table above is expected to be impacted by the length of time the FAA Order remains in place, Boeing's production rate and the pace at which Boeing can deliver aircraft following the lifting of the FAA Order, among other factors. During the second quarter of 2019, the Company placed an order for 20 additional Embraer E175 aircraft which will be operated by a regional carrier. During the third quarter of 2018, United entered into an agreement with the lessor of 54 Embraer ERJ 145 aircraft to purchase those aircraft in 2019. As of June 30, 2019 , United had purchased 17 of those aircraft. The table below summarizes United's commitments as of June 30, 2019 , which include aircraft and related spare engines, aircraft improvements and all non-aircraft capital commitments: (in billions) Last six months of 2019 $ 2.2 2020 (a) 5.9 2021 4.0 2022 3.3 2023 2.0 After 2023 6.9 $ 24.3 (a) Commitments for 2020 are expected to be higher than other years displayed in the table above due to the large number of wide-body aircraft deliveries ( 17 new aircraft) scheduled in that year. Amounts are not adjusted for any potential changes in the delivery schedule of the Boeing 737 MAX aircraft. Regional CPAs. In June 2019 , United entered into a ten -year CPA with GoJet Airlines for regional service under the United Express brand to operate 54 CRJ-550 aircraft commencing in the second half of 2019 . The table below summarizes the Company's expected future payments through the end of the terms of our CPAs, excluding aircraft ownership costs and variable pass-through costs such as fuel and landing fees, among others. (in billions) Last six months of 2019 $ 1.1 2020 2.1 2021 2.1 2022 1.7 2023 1.1 After 2023 4.4 $ 12.5 Guarantees. As of June 30, 2019 , United is the guarantor of approximately $1.9 billion in aggregate principal amount of tax-exempt special facilities revenue bonds and interest thereon. These bonds, issued by various airport municipalities, are payable solely from rentals paid under long-term agreements with the respective governing bodies. The leasing arrangements associated with these obligations are accounted for as operating leases recognized on the Company's balance sheet with the associated expense recorded on a straight-line basis resulting in ratable accrual of the lease obligation over the expected lease term. The obligations associated with these tax-exempt special facilities revenue bonds are included in our lease commitments disclosed in Note 9 of this report. All of these bonds are due between 2019 and 2038 . In connection with funding the BRW Loan Agreement, the Company entered into an agreement with Kingsland, pursuant to which, in return for Kingsland's pledge of its 144.8 million shares of AVH common stock (having an implied value equivalent to 18.1 million ADRs) and its consent to Synergy's pledge of its AVH common stock to United under the BRW Loan Agreement and related agreements, United (1) granted to Kingsland the right to put its shares of AVH common stock to United at market price on the fifth anniversary of the BRW Loan Agreement, and (2) guaranteed Synergy's obligation to pay Kingsland (which amount, if paid by United, will increase United's secured loan to Synergy by such amount) if the market price of AVH common stock on the fifth anniversary is less than $12 per ADR on the NYSE, for an aggregate maximum possible combined put payment and guarantee amount on the fifth anniversary of $217 million . In 2018, the Company recorded a liability of $31 million for the fair value of its guarantee to loan additional funds to Synergy if required. Any such additional loans to Synergy would be collateralized by BRW's shares of AVH stock and other collateral. Increased Cost Provisions. In United's financing transactions that include loans in which United is the borrower, United typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans with respect to which the interest rate is based on the London Interbank Offered Rate, for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs. At June 30, 2019 , the Company had $3.4 billion of floating rate debt and $9 million of fixed rate debt with remaining terms of up to 11 years that are subject to these increased cost provisions. In several financing transactions involving loans or leases from non-U.S. entities, with remaining terms of up to 11 years and an aggregate balance of $3.2 billion , the Company bears the risk of any change in tax laws that would subject loan or lease payments thereunder to non-U.S. entities to withholding taxes, subject to customary exclusions. As of June 30, 2019 , United is the guarantor of $139 million of aircraft mortgage debt issued by one of United's regional carriers. The aircraft mortgage debt is subject to similar increased cost provisions as described above for the Company's debt, and the Company would potentially be responsible for those costs under the guarantees. Labor Negotiations. As of June 30, 2019 , the Company had approximately 95,000 employees, of whom approximately 84% were represented by various U.S. labor organizations. On February 1, 2019, the collective bargaining agreement with the Air Line Pilots Association ("ALPA"), the labor union representing United’s pilots, became amendable. The Company and ALPA are in negotiations for an amended agreement. The Company and UNITE HERE, the labor union representing United's Catering Operations employees, started negotiations for a first collective bargaining agreement in March 2019. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT As of June 30, 2019 , UAL and United were in compliance with their respective debt covenants. As of June 30, 2019 , United had its entire capacity of $2.0 billion available under the revolving credit facility of the Amended and Restated Credit and Guaranty Agreement. EETCs . In February 2019, United created two new EETC pass-through trusts, each of which issued pass-through certificates (such certificates, the "2019-1 Pass Through Certificates"). The proceeds from the issuance of the pass-through certificates are used to purchase equipment notes issued by United and secured by its aircraft financed with the proceeds of such notes. The Company records the debt obligation upon issuance of the equipment notes rather than upon the initial issuance of the pass-through certificates. The pass-through certificates represent fractional undivided interests in the respective pass-through trusts and are not obligations of United. The payment obligations under the equipment notes are those of United. Proceeds received from the sale of pass-through certificates are initially held by a depositary in escrow for the benefit of the certificate holders until United issues equipment notes to the trust, which purchases such notes with a portion of the escrowed funds. These escrowed funds are not guaranteed by United and are not reported as debt on our consolidated balance sheet because the proceeds held by the depositary are not United's assets. Certain details of the pass-through trusts with proceeds received from issuance of debt in 2019 are as follows (in millions, except stated interest rate): EETC Issuance Date Class Face Amount Final expected distribution date Stated interest rate Total proceeds received from issuance of debt during 2019 and recorded as debt as of June 30, 2019 Remaining proceeds from issuance of certificates to be received in future periods February 2019 AA $ 717 August 2031 4.15% $ 612 $ 105 February 2019 A 296 August 2031 4.55% 253 43 $ 1,013 $ 865 $ 148 Certain of the proceeds from the issuance of the 2019-1 Pass Through Certificates were expected to be used to purchase equipment notes issued by United and secured by three Boeing 737 MAX aircraft, which aircraft were scheduled for delivery by Boeing in March, April and May of 2019. However, as a result of the FAA Order, United has not yet taken delivery of these three aircraft. If United is not in a position to take delivery of such 737 MAX aircraft on or prior to November 30, 2019, any funds remaining with the depositary in escrow at such time, together with accrued and unpaid interest thereon but without premium, will be distributed to the holders of the 2019-1 Pass Through Certificates. 4.875% Senior Note due 2025. In May 2019, UAL issued $350 million aggregate principal amount of 4.875% Senior Notes due January 15, 2025 (the " 4.875% Senior Notes due 2025"), which are fully and unconditionally guaranteed and recorded by United on its balance sheet. The indenture for the 4.875% Senior Notes due 2025 requires that, if certain changes of control of UAL occur, UAL offer to repurchase the 4.875% Senior Notes due 2025 for cash at a purchase price equal to 101% of the principal amount of such notes repurchased plus accrued and unpaid interest. The table below presents the Company's contractual principal payments (not including debt discount or debt issuance costs) at June 30, 2019 under then-outstanding long-term debt agreements (in millions): Last six months of 2019 $ 757 2020 1,350 2021 1,344 2022 1,697 2023 747 After 2023 8,484 $ 14,379 |
Special Charges and Mark-to-Mar
Special Charges and Mark-to-Market ("MTM") Adjustments | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
SPECIAL CHARGES AND MARK-TO-MARKET (MTM) ADJUSTMENTS | SPECIAL CHARGES AND MARK-TO-MARKET ("MTM") ADJUSTMENTS For the three and six months ended June 30, special charges and MTM adjustments consisted of the following (in millions): Three Months Ended Six Months Ended Operating: 2019 2018 2019 2018 Impairment of assets $ 61 $ 111 $ 69 $ 134 Severance and benefit costs 6 11 12 25 (Gains) losses on sale of assets and other special charges 4 7 8 10 Total operating special charges 71 129 89 169 Nonoperating MTM (gains) losses on financial instruments (34 ) 135 (51 ) 90 Total special charges and MTM (gains) losses on financial instruments 37 264 38 259 Income tax benefit (8 ) (59 ) (8 ) (58 ) Total special charges and MTM (gains) losses on financial instruments, net of income tax $ 29 $ 205 $ 30 $ 201 2019 During the three months ended June 30, 2019 , the Company recorded a $47 million impairment for aircraft engines removed from operations, a $6 million charge for the early termination of several regional aircraft finance leases and $8 million in other miscellaneous impairments. During the six months ended June 30, 2019 , in addition to the charges described above, the Company recorded an $8 million f air value adjustment for aircraft purchased off lease. During the three and six months ended June 30, 2019 , the Company recorded management severance of $6 million and $10 million , respectively. During the six months ended June 30, 2019 , the Company recorded $2 million of severance and benefit costs related to a voluntary early-out program for its technicians and related employees represented by the International Brotherhood of Teamsters (the "IBT"). In the first quarter of 2017 , approximately 1,000 technicians and related employees elected to voluntarily separate from the Company and received a severance payment, with a maximum value of $100,000 per participant, based on years of service, with retirement dates through early 2019. During the three and six months ended June 30, 2019 , the Company recorded gains of $38 million and $52 million , respectively, for the change in market value of its investment in Azul. Also, during the three and six months ended June 30, 2019 , the Company recorded losses of $4 million and $1 million , respectively, for the change in fair value of the AVH Derivative Assets. For equity investments and derivative assets subject to MTM accounting, the Company records gains and losses as part of Nonoperating income (expense): Miscellaneous, net in its statements of consolidated operations. 2018 In May 2018, the Brazil–United States open skies agreement was ratified, which provides air carriers with unrestricted access between the United States and Brazil. The Company determined that the approval of the open skies agreement impaired the entire value of its Brazil route authorities because the agreement removes all limitations or reciprocity requirements for flights between the United States and Brazil. Accordingly, the Company recorded a $105 million special charge to write off the entire value of the intangible asset associated with its Brazil routes. During the three and six months ended June 30, 2018 , the Company recorded $6 million and $29 million , respectively, of fair value adjustments for aircraft purchased off lease and impairments related to certain fleet types and international slots no longer in use. During the three and six months ended June 30, 2018 , the Company recorded $6 million and $14 million, respectively, of severance and benefit costs related to the early-out program described above and management severance of $5 million and $11 million, respectively. During the three and six months ended June 30, 2018 , the Company recorded losses of $135 million and $90 million |
Recently Issued Accounting St_2
Recently Issued Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 842, Leases (the "New Lease Standard"), effective January 1, 2019. The Company used the modified retrospective approach for all leases existing at or commencing after January 1, 2017 and elected the package of transition practical expedients for expired or existing contracts, which does not require reassessment of: (1) whether any of our contracts are or contain leases, (2) lease classification and (3) initial direct costs. The New Lease Standard prescribes that an entity should recognize a right-of-use asset and a lease liability for all leases at the commencement date of each lease and recognize expenses on their income statements similar to the prior FASB Accounting Standards Codification Topic 840, Leases ("Topic 840"). The adoption of the New Lease Standard had the same impact on the financial statements of United as it had on the financial statements of UAL. The table below presents the impact of the adoption of the New Lease Standard on select accounts and captions of UAL's statement of consolidated operations (in millions, except per share amounts): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported New Lease Standard Adjustments As Adjusted As Reported New Lease Standard Adjustments As Adjusted Regional capacity purchase $ 681 $ 12 $ 693 $ 1,300 $ 23 $ 1,323 Landing fees and other rent 603 22 625 1,161 43 1,204 Depreciation and amortization 557 (19 ) 538 1,098 (36 ) 1,062 Interest expense (177 ) 14 (163 ) (353 ) 28 (325 ) Interest capitalized 14 (2 ) 12 33 (3 ) 30 Net income 684 (1 ) 683 831 (3 ) 828 Earnings per share, basic 2.49 (0.01 ) 2.48 2.97 (0.01 ) 2.96 Earnings per share, diluted 2.48 — 2.48 2.96 (0.01 ) 2.95 The expense for leases under the New Lease Standard will continue to be classified in their historical income statement captions (primarily in Aircraft rent, Landing fees and other rent and Regional capacity purchase in our statements of consolidated operations). The adoption of the New Lease Standard resulted in the recharacterization of certain leases from capital leases under Topic 840 to operating leases under the New Lease Standard. This change resulted in less depreciation and amortization and interest expense associated with capital leases offset by higher lease expense associated with operating leases. The recharacterization is associated with leases of certain airport facilities that were derecognized as part of the build-to-suit transition guidance under the New Lease Standard. The reduction in capitalized interest is also associated with the same airport facilities leases. The table below presents the impact of the adoption of the New Lease Standard on UAL's balance sheet accounts and captions (in millions): December 31, 2018 As Reported New Lease Standard Adjustments As Adjusted Receivables, less allowance for doubtful accounts $ 1,346 $ 80 $ 1,426 Prepaid expenses and other 913 (180 ) 733 Flight equipment, owned and finance leases (a) 32,636 (37 ) 32,599 Other property and equipment, owned and finance leases (a) 7,930 (1,041 ) 6,889 Accumulated depreciation and amortization, owned and finance leases (a) (13,414 ) 148 (13,266 ) Operating lease right-of-use assets — 5,262 5,262 Current maturities of finance leases (a) 149 (26 ) 123 Current maturities of operating leases — 719 719 Other current liabilities 619 (66 ) 553 Long-term obligations under finance leases (a) 1,134 (910 ) 224 Long-term obligations under operating leases — 5,276 5,276 Deferred income taxes 814 14 828 Other long-term liabilities 1,832 (822 ) 1,010 Retained earnings 6,668 47 6,715 (a) Finance leases, under the New Lease Standard, are the equivalent of capital leases under Topic 840. The table below presents the impact of the adoption of the New Lease Standard on select line items of UAL's statement of consolidated cash flows (in millions): Six Months Ended June 30, 2018 As Reported New Lease Standard Adjustments As Adjusted Cash Flows from Operating Activities: Net cash provided by operating activities $ 4,175 $ (23 ) $ 4,152 Cash Flows from Investing Activities: Capital expenditures (1,734 ) 63 (1,671 ) Cash Flows from Financing Activities: Proceeds from issuance of long-term debt 1,308 (67 ) 1,241 Principal payments under finance leases (62 ) 27 (35 ) The adoption of the New Lease Standard primarily resulted in the recording of assets and liabilities of our operating leases on our consolidated balance sheets. Certain amounts recorded for prepaid and accrued rent associated with historical operating leases were reclassified to the newly captioned Operating lease right-of-use assets in the consolidated balance sheets. Also, certain leases designated under Topic 840 as owned assets and capital leases are not considered to be assets under the New Lease Standard and have been removed from the consolidated balance sheets, along with the related capital lease liability, due to the leases having variable lease payments. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13"). The main objective is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this update replace the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. For trade receivables, loans and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction to the carrying value of the asset. The amendments are effective for public business entities for fiscal years and interim periods beginning after December 15, 2019 and early adoption is permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements. |
Fair Value of Financial Instruments | Fair value of the financial instruments included in the tables above was determined as follows: Description Fair Value Methodology Cash and cash equivalents The carrying amounts approximate fair value because of the short-term maturity of these assets. Short-term investments, Equity securities, EETC and Restricted cash Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, or (c) broker quotes obtained by third-party valuation services. Other investments measured at NAV In accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The investments measured using NAV are shares of mutual funds that invest in fixed-income instruments including bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Company can redeem its shares at any time at NAV subject to a three-day settlement period. Long-term debt Fair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities or assets. AVH Derivative Assets Fair values are calculated using a Monte Carlo simulation approach. Unobservable inputs include expected volatility, expected dividend yield and control and acquisition premiums. |
Recently Issued Accounting St_3
Recently Issued Accounting Standards (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of the Adoption of the New Lease Standard | The table below presents the impact of the adoption of the New Lease Standard on UAL's balance sheet accounts and captions (in millions): December 31, 2018 As Reported New Lease Standard Adjustments As Adjusted Receivables, less allowance for doubtful accounts $ 1,346 $ 80 $ 1,426 Prepaid expenses and other 913 (180 ) 733 Flight equipment, owned and finance leases (a) 32,636 (37 ) 32,599 Other property and equipment, owned and finance leases (a) 7,930 (1,041 ) 6,889 Accumulated depreciation and amortization, owned and finance leases (a) (13,414 ) 148 (13,266 ) Operating lease right-of-use assets — 5,262 5,262 Current maturities of finance leases (a) 149 (26 ) 123 Current maturities of operating leases — 719 719 Other current liabilities 619 (66 ) 553 Long-term obligations under finance leases (a) 1,134 (910 ) 224 Long-term obligations under operating leases — 5,276 5,276 Deferred income taxes 814 14 828 Other long-term liabilities 1,832 (822 ) 1,010 Retained earnings 6,668 47 6,715 (a) Finance leases, under the New Lease Standard, are the equivalent of capital leases under Topic 840. The table below presents the impact of the adoption of the New Lease Standard on select line items of UAL's statement of consolidated cash flows (in millions): Six Months Ended June 30, 2018 As Reported New Lease Standard Adjustments As Adjusted Cash Flows from Operating Activities: Net cash provided by operating activities $ 4,175 $ (23 ) $ 4,152 Cash Flows from Investing Activities: Capital expenditures (1,734 ) 63 (1,671 ) Cash Flows from Financing Activities: Proceeds from issuance of long-term debt 1,308 (67 ) 1,241 Principal payments under finance leases (62 ) 27 (35 ) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported New Lease Standard Adjustments As Adjusted As Reported New Lease Standard Adjustments As Adjusted Regional capacity purchase $ 681 $ 12 $ 693 $ 1,300 $ 23 $ 1,323 Landing fees and other rent 603 22 625 1,161 43 1,204 Depreciation and amortization 557 (19 ) 538 1,098 (36 ) 1,062 Interest expense (177 ) 14 (163 ) (353 ) 28 (325 ) Interest capitalized 14 (2 ) 12 33 (3 ) 30 Net income 684 (1 ) 683 831 (3 ) 828 Earnings per share, basic 2.49 (0.01 ) 2.48 2.97 (0.01 ) 2.96 Earnings per share, diluted 2.48 — 2.48 2.96 (0.01 ) 2.95 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Operating Revenue by Geographic Region | The following table presents operating revenue by geographic region (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Domestic (U.S. and Canada) $ 7,087 $ 6,689 $ 12,962 $ 12,165 Atlantic 2,066 1,965 3,524 3,354 Pacific 1,306 1,285 2,587 2,516 Latin America 943 838 1,918 1,774 Total $ 11,402 $ 10,777 $ 20,991 $ 19,809 |
Roll Forward of Frequent Flyer Deferred Revenue | The table below presents a roll forward of Frequent flyer deferred revenue (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total Frequent flyer deferred revenue - beginning balance $ 5,138 $ 4,937 $ 5,005 $ 4,783 Miles awarded 682 607 1,289 1,210 Travel miles redeemed (Passenger revenue) (589 ) (519 ) (1,027 ) (928 ) Non-travel miles redeemed (Other operating revenue) (33 ) (36 ) (69 ) (76 ) Total Frequent flyer deferred revenue - ending balance $ 5,198 $ 4,989 $ 5,198 $ 4,989 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The computations of UAL's basic and diluted earnings per share are set forth below (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Earnings available to common stockholders $ 1,052 $ 683 $ 1,344 $ 828 Basic weighted-average shares outstanding 260.8 274.7 263.9 279.3 Effect of employee stock awards 0.8 0.9 1.0 0.9 Diluted weighted-average shares outstanding 261.6 275.6 264.9 280.2 Earnings per share, basic $ 4.03 $ 2.48 $ 5.09 $ 2.96 Earnings per share, diluted $ 4.02 $ 2.48 $ 5.07 $ 2.95 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income, Net of Tax | The tables below present the components of the Company's accumulated other comprehensive income (loss), net of tax ("AOCI") (in millions): UAL Pension and Other Postretirement Liabilities Investments and Other Deferred Taxes Total Balance at March 31, 2019 $ (654 ) $ 1 $ (140 ) $ (793 ) Changes in value (29 ) 2 7 (20 ) Amounts reclassified to earnings 8 — (2 ) 6 Balance at June 30, 2019 $ (675 ) $ 3 $ (135 ) $ (807 ) Balance at December 31, 2018 $ (663 ) $ (4 ) $ (136 ) $ (803 ) Changes in value (24 ) 7 4 (13 ) Amounts reclassified to earnings 12 (a) — (3 ) 9 Balance at June 30, 2019 $ (675 ) $ 3 $ (135 ) $ (807 ) Balance at March 31, 2018 $ (1,063 ) $ (3 ) $ (48 ) $ (1,114 ) Changes in value 1 1 — 2 Amounts reclassified to earnings 14 — (4 ) 10 Balance at June 30, 2018 $ (1,048 ) $ (2 ) $ (52 ) $ (1,102 ) Balance at December 31, 2017 $ (1,102 ) $ (6 ) $ (39 ) $ (1,147 ) Changes in value 24 (3 ) (6 ) 15 Amounts reclassified to earnings 30 (a) — (7 ) 23 Amounts reclassified to retained earnings — 7 — 7 Balance at June 30, 2018 $ (1,048 ) $ (2 ) $ (52 ) $ (1,102 ) (a) This AOCI component is included in the computation of net periodic pension and other postretirement costs (See Note 6 to the financial statements included in Part I, Item 1 for additional information). |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Employee-related Liabilities [Abstract] | |
Components of Net Periodic Benefit Cost | The Company's net periodic benefit cost includes the following components for the three months ended June 30 (in millions): Pension Benefits Other Postretirement Benefits Affected Line Item 2019 2018 2019 2018 Service cost $ 46 $ 57 $ 3 $ 3 Salaries and related costs Interest cost 57 54 14 15 Miscellaneous, net Expected return on plan assets (73 ) (73 ) (1 ) — Miscellaneous, net Amortization of unrecognized (gain) loss 29 32 (15 ) (8 ) Miscellaneous, net Amortization of prior service credit — — (9 ) (10 ) Miscellaneous, net Settlement loss 3 — — — Miscellaneous, net Total $ 62 $ 70 $ (8 ) $ — The Company's net periodic benefit cost includes the following components for the six months ended June 30 (in millions): Pension Benefits Other Postretirement Benefits Affected Line Item 2019 2018 2019 2018 Service cost $ 92 $ 114 $ 5 $ 6 Salaries and related costs Interest cost 114 108 29 30 Miscellaneous, net Expected return on plan assets (145 ) (146 ) (1 ) — Miscellaneous, net Amortization of unrecognized (gain) loss 58 65 (30 ) (16 ) Miscellaneous, net Amortization of prior service credit — — (19 ) (19 ) Miscellaneous, net Settlement loss 3 — — — Miscellaneous, net Total $ 122 $ 141 $ (16 ) $ 1 |
Information Related to Share-Based Compensation | The table below presents information related to share-based compensation (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Share-based compensation expense $ 21 $ 27 $ 37 $ 44 June 30, 2019 December 31, 2018 Unrecognized share-based compensation $ 110 $ 68 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents disclosures about the financial assets and liabilities measured at fair value on a recurring basis in UAL's financial statements (in millions): June 30, 2019 December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,221 $ 3,221 $ — $ — $ 1,694 $ 1,694 $ — $ — Short-term investments: Corporate debt 1,053 — 1,053 — 1,023 — 1,023 — Asset-backed securities 697 — 697 — 746 — 746 — U.S. government and agency notes 116 — 116 — 108 — 108 — Certificates of deposit placed through an account registry service ("CDARS") 59 — 59 — 75 — 75 — Other fixed-income securities 107 — 107 — 116 — 116 — Other investments measured at net asset value ("NAV") 191 — — — 188 — — — Restricted cash 105 105 — — 105 105 — — Long-term investments: Equity securities 301 301 — — 249 249 — — Enhanced equipment trust certificates ("EETC") 16 — — 16 18 — — 18 AVH Derivative Assets (defined below) 10 — — 10 11 — — 11 |
Carrying Values and Estimated Fair Values of Financial Instruments | The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions): June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Long-term debt $ 14,193 $ 14,691 $ — $ 10,915 $ 3,776 $ 13,445 $ 13,450 $ — $ 9,525 $ 3,925 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | The Company's lease cost for the three and six months ended June 30 included the following components (in millions): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Operating lease cost $ 259 $ 312 $ 531 $ 638 Variable and short-term lease cost 661 669 1,267 1,280 Amortization of finance lease assets 18 17 36 40 Interest on finance lease liabilities 32 4 59 9 Sublease income (9 ) (11 ) (17 ) (21 ) Total lease cost $ 961 $ 991 $ 1,876 $ 1,946 |
Summary of Scheduled Future Minimum Lease Payments under Operating Leases | The table below summarizes the Company's scheduled future minimum lease payments under operating and finance leases, recorded on the balance sheet, as of June 30, 2019 (in millions): Operating Leases Finance Leases Last six months of 2019 $ 428 $ 157 2020 989 58 2021 766 54 2022 634 44 2023 621 33 After 2023 4,331 70 Minimum lease payments 7,769 416 Imputed interest 2,098 97 Present value of minimum lease payments 5,671 319 Less: current maturities of lease obligations (637 ) (117 ) Long-term lease obligations $ 5,034 $ 202 |
Summary of Scheduled Future Minimum Lease Payments under Finance Leases | The table below summarizes the Company's scheduled future minimum lease payments under operating and finance leases, recorded on the balance sheet, as of June 30, 2019 (in millions): Operating Leases Finance Leases Last six months of 2019 $ 428 $ 157 2020 989 58 2021 766 54 2022 634 44 2023 621 33 After 2023 4,331 70 Minimum lease payments 7,769 416 Imputed interest 2,098 97 Present value of minimum lease payments 5,671 319 Less: current maturities of lease obligations (637 ) (117 ) Long-term lease obligations $ 5,034 $ 202 |
Additional Information Related to Leases | The table below presents additional information related to our leases as of June 30 : 2019 2018 Weighted-average remaining lease term - operating leases 10 years 10 years Weighted-average remaining lease term - finance leases 5 years 5 years Weighted-average discount rate - operating leases 5.3 % 5.1 % Weighted-average discount rate - finance leases 53.2 % (a) 6.7 % (a) During the third quarter of 2018, United entered into an agreement with the lessor of 54 Embraer ERJ 145 aircraft to purchase those aircraft in 2019. The provisions of these lease agreements resulted in a change in accounting classification of these leases from operating leases to finance leases up until the purchase date. The discount rates used for these leases were adjusted so that the present value of lease payments did not exceed the fair value of the asset being recognized. |
Supplemental Cash Flow Information Related to Leases | The table below presents supplemental cash flow information related to leases during the six months ended June 30 (in millions): 2019 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 507 $ 552 Operating cash flows for finance leases 47 9 Financing cash flows for finance leases 63 35 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Firm Commitments and Options to Purchase Aircraft and Summary of Commitments | As of June 30, 2019 , United had firm commitments and options to purchase aircraft from The Boeing Company ("Boeing"), Airbus S.A.S. ("Airbus") and Embraer S.A. ("Embraer") presented in the table below: Scheduled Aircraft Deliveries Aircraft Type Number of Firm Last Six Months of 2019 2020 After 2020 Airbus A350 45 — — 45 Boeing 737 MAX 171 16 28 127 Boeing 777-300ER 4 2 2 — Boeing 787 18 2 15 1 Embraer E175 38 18 20 — (a) United also has options and purchase rights for additional aircraft. The table below summarizes United's commitments as of June 30, 2019 , which include aircraft and related spare engines, aircraft improvements and all non-aircraft capital commitments: (in billions) Last six months of 2019 $ 2.2 2020 (a) 5.9 2021 4.0 2022 3.3 2023 2.0 After 2023 6.9 $ 24.3 (a) Commitments for 2020 are expected to be higher than other years displayed in the table above due to the large number of wide-body aircraft deliveries ( 17 new aircraft) scheduled in that year. Amounts are not adjusted for any potential changes in the delivery schedule of the Boeing 737 MAX aircraft. |
Summary of the Expected Future Payments Through the End of the Terms of CPAs | The table below summarizes the Company's expected future payments through the end of the terms of our CPAs, excluding aircraft ownership costs and variable pass-through costs such as fuel and landing fees, among others. (in billions) Last six months of 2019 $ 1.1 2020 2.1 2021 2.1 2022 1.7 2023 1.1 After 2023 4.4 $ 12.5 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Details of Pass Through Trusts | Certain details of the pass-through trusts with proceeds received from issuance of debt in 2019 are as follows (in millions, except stated interest rate): EETC Issuance Date Class Face Amount Final expected distribution date Stated interest rate Total proceeds received from issuance of debt during 2019 and recorded as debt as of June 30, 2019 Remaining proceeds from issuance of certificates to be received in future periods February 2019 AA $ 717 August 2031 4.15% $ 612 $ 105 February 2019 A 296 August 2031 4.55% 253 43 $ 1,013 $ 865 $ 148 |
Contractual Principal Payments under Long-Term Debt Agreements | The table below presents the Company's contractual principal payments (not including debt discount or debt issuance costs) at June 30, 2019 under then-outstanding long-term debt agreements (in millions): Last six months of 2019 $ 757 2020 1,350 2021 1,344 2022 1,697 2023 747 After 2023 8,484 $ 14,379 |
Special Charges and Mark-to-M_2
Special Charges and Mark-to-Market ("MTM") Adjustments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Components of Special Charges | For the three and six months ended June 30, special charges and MTM adjustments consisted of the following (in millions): Three Months Ended Six Months Ended Operating: 2019 2018 2019 2018 Impairment of assets $ 61 $ 111 $ 69 $ 134 Severance and benefit costs 6 11 12 25 (Gains) losses on sale of assets and other special charges 4 7 8 10 Total operating special charges 71 129 89 169 Nonoperating MTM (gains) losses on financial instruments (34 ) 135 (51 ) 90 Total special charges and MTM (gains) losses on financial instruments 37 264 38 259 Income tax benefit (8 ) (59 ) (8 ) (58 ) Total special charges and MTM (gains) losses on financial instruments, net of income tax $ 29 $ 205 $ 30 $ 201 |
Recently Issued Accounting St_4
Recently Issued Accounting Standards - Impact of the Adoption of the New Lease Standard on the Statement of Consolidated Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Regional capacity purchase | $ 715 | $ 693 | [1] | $ 1,403 | $ 1,323 | [1] |
Landing fees and other rent | 660 | 625 | [1] | 1,248 | 1,204 | [1] |
Depreciation and amortization | 560 | 538 | [1] | 1,107 | 1,062 | [1] |
Interest expense | (191) | (163) | [1] | (379) | (325) | [1] |
Interest capitalized | 21 | 12 | [1] | 43 | 30 | [1] |
Net income | $ 1,052 | $ 683 | [1],[2],[3] | $ 1,344 | $ 828 | [1],[2],[3] |
Earnings per share, basic (in dollars per share) | $ 4.03 | $ 2.48 | [1] | $ 5.09 | $ 2.96 | [1] |
Earnings per share, diluted (in dollars per share) | $ 4.02 | $ 2.48 | [1] | $ 5.07 | $ 2.95 | [1] |
As Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Regional capacity purchase | $ 681 | $ 1,300 | ||||
Landing fees and other rent | 603 | 1,161 | ||||
Depreciation and amortization | 557 | 1,098 | ||||
Interest expense | (177) | (353) | ||||
Interest capitalized | 14 | 33 | ||||
Net income | $ 684 | $ 831 | ||||
Earnings per share, basic (in dollars per share) | $ 2.49 | $ 2.97 | ||||
Earnings per share, diluted (in dollars per share) | $ 2.48 | $ 2.96 | ||||
New Lease Standard | Adjustments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Regional capacity purchase | $ 12 | $ 23 | ||||
Landing fees and other rent | 22 | 43 | ||||
Depreciation and amortization | (19) | (36) | ||||
Interest expense | 14 | 28 | ||||
Interest capitalized | (2) | (3) | ||||
Net income | $ (1) | $ (3) | ||||
Earnings per share, basic (in dollars per share) | $ (0.01) | $ (0.01) | ||||
Earnings per share, diluted (in dollars per share) | $ 0 | $ (0.01) | ||||
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[2] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | |||||
[3] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Recently Issued Accounting St_5
Recently Issued Accounting Standards - Impact of the Adoption of the New Lease Standard on the Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Receivables, less allowance for doubtful accounts | $ 1,762 | $ 1,426 | [1] |
Prepaid expenses and other | 708 | 733 | [1] |
Flight equipment, owned and finance leases | 33,890 | 32,599 | [1] |
Other property and equipment, owned and finance leases | 7,371 | 6,889 | [1] |
Accumulated depreciation and amortization, owned and finance leases | (13,694) | (13,266) | [1] |
Operating lease right-of-use assets | 4,908 | 5,262 | [1] |
Current maturities of finance leases | 117 | 123 | [1] |
Current maturities of operating leases | 637 | 719 | [1] |
Other current liabilities | 604 | 553 | [1] |
Long-term obligations under finance leases | 202 | 224 | [1] |
Long-term obligations under operating leases | 5,034 | 5,276 | [1] |
Deferred income taxes | 1,192 | 828 | [1] |
Other long-term liabilities | 980 | 1,010 | [1] |
Retained earnings | $ 8,050 | 6,715 | [1] |
As Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Receivables, less allowance for doubtful accounts | 1,346 | ||
Prepaid expenses and other | 913 | ||
Flight equipment, owned and finance leases | 32,636 | ||
Other property and equipment, owned and finance leases | 7,930 | ||
Accumulated depreciation and amortization, owned and finance leases | (13,414) | ||
Operating lease right-of-use assets | 0 | ||
Current maturities of finance leases | 149 | ||
Current maturities of operating leases | 0 | ||
Other current liabilities | 619 | ||
Long-term obligations under finance leases | 1,134 | ||
Long-term obligations under operating leases | 0 | ||
Deferred income taxes | 814 | ||
Other long-term liabilities | 1,832 | ||
Retained earnings | 6,668 | ||
New Lease Standard | Adjustments | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Receivables, less allowance for doubtful accounts | 80 | ||
Prepaid expenses and other | (180) | ||
Flight equipment, owned and finance leases | (37) | ||
Other property and equipment, owned and finance leases | (1,041) | ||
Accumulated depreciation and amortization, owned and finance leases | 148 | ||
Operating lease right-of-use assets | 5,262 | ||
Current maturities of finance leases | (26) | ||
Current maturities of operating leases | 719 | ||
Other current liabilities | (66) | ||
Long-term obligations under finance leases | (910) | ||
Long-term obligations under operating leases | 5,276 | ||
Deferred income taxes | 14 | ||
Other long-term liabilities | (822) | ||
Retained earnings | $ 47 | ||
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Recently Issued Accounting St_6
Recently Issued Accounting Standards - Impact of the Adoption of the New Lease Standard on the Statement of Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | $ 4,625 | $ 4,152 | [1] |
Cash Flows from Investing Activities: | |||
Capital expenditures | (2,467) | (1,671) | [1] |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt | 996 | 1,241 | [1] |
Principal payments under finance leases | $ (63) | (35) | [1] |
As Reported | |||
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | 4,175 | ||
Cash Flows from Investing Activities: | |||
Capital expenditures | (1,734) | ||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt | 1,308 | ||
Principal payments under finance leases | (62) | ||
New Lease Standard | Adjustments | |||
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | (23) | ||
Cash Flows from Investing Activities: | |||
Capital expenditures | 63 | ||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt | (67) | ||
Principal payments under finance leases | $ 27 | ||
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Revenue - Operating Revenue by
Revenue - Operating Revenue by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Disaggregation of Revenue [Line Items] | ||||||
Operating revenue | $ 11,402 | $ 10,777 | [1] | $ 20,991 | $ 19,809 | [1] |
Domestic (U.S. and Canada) | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Operating revenue | 7,087 | 6,689 | 12,962 | 12,165 | ||
Atlantic | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Operating revenue | 2,066 | 1,965 | 3,524 | 3,354 | ||
Pacific | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Operating revenue | 1,306 | 1,285 | 2,587 | 2,516 | ||
Latin America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Operating revenue | $ 943 | $ 838 | $ 1,918 | $ 1,774 | ||
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Revenue From Contract With Customer [Line Items] | ||||||
Operating revenue | $ 11,402 | $ 10,777 | [1] | $ 20,991 | $ 19,809 | [1] |
Advance Ticket Sales | ||||||
Revenue From Contract With Customer [Line Items] | ||||||
Revenue recognized | 3,900 | 3,500 | 3,200 | 2,900 | ||
Ancillary Fees | ||||||
Revenue From Contract With Customer [Line Items] | ||||||
Operating revenue | 636 | 555 | 1,200 | 1,100 | ||
Frequent Flyer | ||||||
Revenue From Contract With Customer [Line Items] | ||||||
Operating revenue | $ 499 | $ 480 | $ 972 | $ 974 | ||
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Revenue - Roll Forward of Frequ
Revenue - Roll Forward of Frequent Flyer Deferred Revenue (Details) - Frequent Flyer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Frequent Flyer Deferred Revenue [Roll Forward] | ||||
Total Frequent flyer deferred revenue - beginning balance | $ 5,138 | $ 4,937 | $ 5,005 | $ 4,783 |
Miles awarded | 682 | 607 | 1,289 | 1,210 |
Travel miles redeemed (Passenger revenue) | (589) | (519) | (1,027) | (928) |
Non-travel miles redeemed (Other operating revenue) | (33) | (36) | (69) | (76) |
Total Frequent flyer deferred revenue - ending balance | $ 5,198 | $ 4,989 | $ 5,198 | $ 4,989 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Earnings Per Share [Abstract] | ||||||
Earnings available to common stockholders | $ 1,052 | $ 683 | $ 1,344 | $ 828 | ||
Basic weighted-average shares outstanding (in shares) | 260.8 | 274.7 | 263.9 | 279.3 | ||
Effect of employee stock awards (in shares) | 0.8 | 0.9 | 1 | 0.9 | ||
Diluted weighted-average shares outstanding (in shares) | 261.6 | 275.6 | 264.9 | 280.2 | ||
Earnings per share, basic (in dollars per share) | $ 4.03 | $ 2.48 | [1] | $ 5.09 | $ 2.96 | [1] |
Earnings per share, diluted (in dollars per share) | $ 4.02 | $ 2.48 | [1] | $ 5.07 | $ 2.95 | [1] |
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jul. 15, 2019 | |
Earnings Loss Per Share [Line Items] | |||||
Repurchases of common stock | $ 536,000,000 | $ 407,000,000 | $ 1,063,000,000 | $ 976,000,000 | |
Open Market Repurchase Program | |||||
Earnings Loss Per Share [Line Items] | |||||
Number of shares repurchased (in shares) | 6.4 | 12.7 | |||
Repurchases of common stock | $ 500,000,000 | $ 1,100,000,000 | |||
Amount remaining under repurchase programs | $ 700,000,000 | $ 700,000,000 | |||
Subsequent Event [Member] | July 2019 Share Repurchase Program [Member] | |||||
Earnings Loss Per Share [Line Items] | |||||
Authorized amount under share repurchase program | $ 3,000,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Deferred Tax | |||||||
Balance | $ (140) | $ (48) | $ (136) | $ (39) | |||
Changes in value | 7 | 0 | 4 | (6) | |||
Amounts reclassified to earnings | (2) | (4) | (3) | (7) | |||
Amounts reclassified to retained earnings | 0 | ||||||
Balance | (135) | (52) | (135) | (52) | |||
Net of Tax | |||||||
Balance | 9,802 | 8,388 | [1] | 10,042 | [1],[2] | 8,788 | [1] |
Changes in value | (20) | 2 | (13) | 15 | |||
Amounts reclassified to earnings | 6 | 10 | 9 | 23 | |||
Amounts reclassified to retained earnings | 7 | ||||||
Balance | 10,320 | 8,691 | [1] | 10,320 | 8,691 | [1] | |
Pension and Other Postretirement Liabilities | |||||||
Before Tax | |||||||
Balance | (654) | (1,063) | (663) | (1,102) | |||
Changes in value | (29) | 1 | (24) | 24 | |||
Amounts reclassified to earnings | 8 | 14 | 12 | 30 | |||
Amounts reclassified to retained earnings | 0 | ||||||
Balance | (675) | (1,048) | (675) | (1,048) | |||
Investments and Other | |||||||
Before Tax | |||||||
Balance | 1 | (3) | (4) | (6) | |||
Changes in value | 2 | 1 | 7 | (3) | |||
Amounts reclassified to earnings | 0 | 0 | 0 | 0 | |||
Amounts reclassified to retained earnings | 7 | ||||||
Balance | 3 | (2) | 3 | (2) | |||
Accumulated Other Comprehensive Income (Loss) | |||||||
Net of Tax | |||||||
Balance | (793) | (1,114) | [1] | (803) | [1] | (1,147) | [1] |
Balance | $ (807) | $ (1,102) | [1] | $ (807) | $ (1,102) | [1] | |
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||||||
[2] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 22.30% | 20.10% | 21.90% | 20.20% |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 46 | $ 57 | $ 92 | $ 114 |
Interest cost | 57 | 54 | 114 | 108 |
Expected return on plan assets | (73) | (73) | (145) | (146) |
Amortization of unrecognized (gain) loss | 29 | 32 | 58 | 65 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Settlement loss | 3 | 0 | 3 | 0 |
Total | 62 | 70 | 122 | 141 |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 3 | 5 | 6 |
Interest cost | 14 | 15 | 29 | 30 |
Expected return on plan assets | (1) | 0 | (1) | 0 |
Amortization of unrecognized (gain) loss | (15) | (8) | (30) | (16) |
Amortization of prior service credit | (9) | (10) | (19) | (19) |
Settlement loss | 0 | 0 | 0 | 0 |
Total | $ (8) | $ 0 | $ (16) | $ 1 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Compensation and Retirement Disclosure [Abstract] | ||
Number of days used to compute performance period average closing price of restricted stock units | 20 days | |
RSUs | ||
Compensation and Retirement Disclosure [Abstract] | ||
Awards granted (in shares) | 1.1 | |
Vesting period | 3 years | |
Time-Vested RSUs | ||
Compensation and Retirement Disclosure [Abstract] | ||
Awards granted (in shares) | 0.8 | |
Performance-Based RSUs | ||
Compensation and Retirement Disclosure [Abstract] | ||
Awards granted (in shares) | 0.3 | |
Pension Benefits | ||
Compensation and Retirement Disclosure [Abstract] | ||
Employer contribution to tax-qualified defined benefit pension plans | $ 150 | $ 300 |
Employee Benefit Plans - Inform
Employee Benefit Plans - Information Related to Share-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Employee-related Liabilities [Abstract] | |||||
Share-based compensation expense | $ 21 | $ 27 | $ 37 | $ 44 | |
Unrecognized share-based compensation | $ 110 | $ 110 | $ 68 |
BRW Term Loan (Details)
BRW Term Loan (Details) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2019 | Nov. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loan receivable | $ 489 | |
BRW | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan amount | $ 456 | |
Number of shares pledged as collateral (in shares) | 516 | |
Implied value equivalent of shares pledged as collateral (in ADRs) | 64.5 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Measured on a Recurring Basis - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 3,221 | $ 1,694 |
Restricted cash | 105 | 105 |
Equity securities | 301 | 249 |
Enhanced equipment trust certificates (EETC) | 16 | 18 |
AVH Derivative Assets | 10 | 11 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 3,221 | 1,694 |
Restricted cash | 105 | 105 |
Equity securities | 301 | 249 |
Enhanced equipment trust certificates (EETC) | 0 | 0 |
AVH Derivative Assets | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Equity securities | 0 | 0 |
Enhanced equipment trust certificates (EETC) | 0 | 0 |
AVH Derivative Assets | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Equity securities | 0 | 0 |
Enhanced equipment trust certificates (EETC) | 16 | 18 |
AVH Derivative Assets | 10 | 11 |
Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,053 | 1,023 |
Corporate debt | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Corporate debt | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,053 | 1,023 |
Corporate debt | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 697 | 746 |
Asset-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Asset-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 697 | 746 |
Asset-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. government and agency notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 116 | 108 |
U.S. government and agency notes | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. government and agency notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 116 | 108 |
U.S. government and agency notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Certificates of deposit placed through an account registry service (CDARS) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 59 | 75 |
Certificates of deposit placed through an account registry service (CDARS) | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Certificates of deposit placed through an account registry service (CDARS) | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 59 | 75 |
Certificates of deposit placed through an account registry service (CDARS) | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Other fixed-income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 107 | 116 |
Other fixed-income securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Other fixed-income securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 107 | 116 |
Other fixed-income securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Other investments measured at net asset value (NAV) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 191 | 188 |
Other investments measured at net asset value (NAV) | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Other investments measured at net asset value (NAV) | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Other investments measured at net asset value (NAV) | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Narrative (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Azul | |
Fair Value [Line Items] | |
Equity stake | 2.00% |
Azul | Preferred Stock | |
Fair Value [Line Items] | |
Equity stake | 8.00% |
Asset-Backed Securities | Minimum | |
Fair Value [Line Items] | |
Available-for-sale securities remaining maturities | 1 year |
Asset-Backed Securities | Maximum | |
Fair Value [Line Items] | |
Available-for-sale securities remaining maturities | 15 years |
Corporate Debt | Minimum | |
Fair Value [Line Items] | |
Available-for-sale securities remaining maturities | 1 year |
Corporate Debt | Maximum | |
Fair Value [Line Items] | |
Available-for-sale securities remaining maturities | 3 years |
CDARS | Maximum | |
Fair Value [Line Items] | |
Available-for-sale securities remaining maturities | 1 year |
U.S. Government and Other Securities | Minimum | |
Fair Value [Line Items] | |
Available-for-sale securities remaining maturities | 3 years |
Other Fixed-Income Securities | Maximum | |
Fair Value [Line Items] | |
Available-for-sale securities remaining maturities | 2 years |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 14,193 | $ 13,445 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 14,691 | 13,450 |
Level 1 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 0 | 0 |
Level 2 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 10,915 | 9,525 |
Level 3 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 3,776 | $ 3,925 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | ||||
Operating lease cost | $ 259 | $ 312 | $ 531 | $ 638 |
Variable and short-term lease cost | 661 | 669 | 1,267 | 1,280 |
Amortization of finance lease assets | 18 | 17 | 36 | 40 |
Interest on finance lease liabilities | 32 | 4 | 59 | 9 |
Sublease income | (9) | (11) | (17) | (21) |
Total lease cost | $ 961 | $ 991 | $ 1,876 | $ 1,946 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)aircraft | |
Lessee, Lease, Description [Line Items] | |
Additional leases that have not yet commenced | $ | $ 570 |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease terms of additional leases that have not yet commenced (up to) | 34 years |
Mainline Aircraft | |
Lessee, Lease, Description [Line Items] | |
Number of aircraft subject to operating leases | 121 |
Number of aircraft subject to finance leases | 26 |
Mainline Aircraft | Minimum | |
Lessee, Lease, Description [Line Items] | |
Initial term of operating leases | 1 month |
Mainline Aircraft | Maximum | |
Lessee, Lease, Description [Line Items] | |
Initial term of operating leases | 10 years |
Regional Aircraft | |
Lessee, Lease, Description [Line Items] | |
Number of aircraft subject to operating leases | 339 |
Number of aircraft subject to finance leases | 47 |
Non-Aircraft | Minimum | |
Lessee, Lease, Description [Line Items] | |
Initial term of operating leases | 1 month |
Non-Aircraft | Maximum | |
Lessee, Lease, Description [Line Items] | |
Initial term of operating leases | 34 years |
Leases - Summary of Scheduled F
Leases - Summary of Scheduled Future Minimum Lease Payments under Operating and Finance Leases (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | [1] |
Operating Leases | |||
Last six months of 2019 | $ 428 | ||
2020 | 989 | ||
2021 | 766 | ||
2022 | 634 | ||
2023 | 621 | ||
After 2023 | 4,331 | ||
Minimum lease payments | 7,769 | ||
Imputed interest | 2,098 | ||
Present value of minimum lease payments | 5,671 | ||
Less: current maturities of lease obligations | (637) | $ (719) | |
Long-term lease obligations | 5,034 | 5,276 | |
Finance Leases | |||
Last six months of 2019 | 157 | ||
2020 | 58 | ||
2021 | 54 | ||
2022 | 44 | ||
2023 | 33 | ||
After 2023 | 70 | ||
Minimum lease payments | 416 | ||
Imputed interest | 97 | ||
Present value of minimum lease payments | 319 | ||
Less: current maturities of lease obligations | (117) | (123) | |
Long-term lease obligations | $ 202 | $ 224 | |
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Leases - Additional Information
Leases - Additional Information Related to Leases (Details) - aircraft | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 |
Lessee, Lease, Description [Line Items] | |||
Weighted-average remaining lease term - operating leases | 10 years | 10 years | |
Weighted-average remaining lease term - finance leases | 5 years | 5 years | |
Weighted-average discount rate - operating leases | 5.30% | 5.10% | |
Weighted-average discount rate - finance leases | 53.20% | 6.70% | |
Embraer ERJ 145 | |||
Lessee, Lease, Description [Line Items] | |||
Number of leased aircraft | 54 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | $ 507 | $ 552 | |
Operating cash flows for finance leases | 47 | 9 | |
Financing cash flows for finance leases | $ 63 | $ 35 | [1] |
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Commitments and Contingencies -
Commitments and Contingencies - Firm Commitments and Options to Purchase Aircraft (Details) | Jun. 30, 2019commitmentAircraft |
Scheduled Aircraft Deliveries | |
2020 | Aircraft | 17 |
Airbus A350 | |
Long-term Purchase Commitment [Line Items] | |
Number of firm commitments | 45 |
Scheduled Aircraft Deliveries | |
Last Six Months of 2019 | 0 |
2020 | 0 |
After 2020 | 45 |
Boeing 737 MAX | |
Long-term Purchase Commitment [Line Items] | |
Number of firm commitments | 171 |
Scheduled Aircraft Deliveries | |
Last Six Months of 2019 | 16 |
2020 | 28 |
After 2020 | 127 |
Boeing 777-300ER | |
Long-term Purchase Commitment [Line Items] | |
Number of firm commitments | 4 |
Scheduled Aircraft Deliveries | |
Last Six Months of 2019 | 2 |
2020 | 2 |
After 2020 | 0 |
Boeing 787 | |
Long-term Purchase Commitment [Line Items] | |
Number of firm commitments | 18 |
Scheduled Aircraft Deliveries | |
Last Six Months of 2019 | 2 |
2020 | 15 |
After 2020 | 1 |
Embraer E175 | |
Long-term Purchase Commitment [Line Items] | |
Number of firm commitments | 38 |
Scheduled Aircraft Deliveries | |
Last Six Months of 2019 | 18 |
2020 | 20 |
After 2020 | 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ / shares in Units, employee in Thousands, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019USD ($)employeecommitmentaircraftAircraft | Jun. 30, 2019USD ($)employeecommitmentaircraft | Jun. 30, 2019USD ($)employeecommitmentaircraft | Dec. 31, 2019flight | Mar. 13, 2019aircraft | Mar. 12, 2019flight | Dec. 31, 2018USD ($) | Nov. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2018aircraft | |
Commitments and Contingencies [Line Items] | |||||||||
Term of capacity purchase agreement | 10 years | ||||||||
Remaining term of debt | 11 years | ||||||||
Aggregate balance | $ 12,500 | $ 12,500 | $ 12,500 | ||||||
United Airlines, Inc. | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of employees | employee | 95 | 95 | 95 | ||||||
Percentage of employees represented by various U.S. labor organizations | 84.00% | ||||||||
Kingsland | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of shares that may be put to United (in shares) | shares | 144.8 | ||||||||
Number of ADRs that may be put into United (in shares) | shares | 18.1 | ||||||||
Market price of common stock at fifth anniversary (in dollars per share) | $ / shares | $ 12 | ||||||||
Aggregate maximum possible combined put payment and guarantee amount | $ 217 | ||||||||
Liability for the fair value of guarantees | $ 31 | ||||||||
Tax-Exempt Special Facilities Revenue Bonds | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Aggregate principal amount of guarantee | $ 1,900 | $ 1,900 | $ 1,900 | ||||||
Floating Rate Debt | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Debt | 3,400 | 3,400 | 3,400 | ||||||
Fixed Rate Debt | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Debt | 9 | 9 | $ 9 | ||||||
Loans and Leases from Non-U.S. Entities | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Remaining term of debt | 11 years | ||||||||
Aggregate balance | 3,200 | 3,200 | $ 3,200 | ||||||
Aircraft Mortgage Debt | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Aggregate principal amount of guarantee | $ 139 | $ 139 | $ 139 | ||||||
Airbus A319 | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of aircraft committed to purchase | aircraft | 20 | 20 | 20 | ||||||
Boeing 737-700 | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of aircraft committed to purchase | aircraft | 19 | 19 | 19 | ||||||
Boeing 737 MAX | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of aircraft committed to purchase | commitment | 171 | 171 | 171 | ||||||
Number of aircraft grounded under emergency order | aircraft | 14 | ||||||||
Number of flights operated using grounded aircraft | flight | 50 | ||||||||
Boeing 737 MAX | Forecast | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of expected flights operating per day prior to grounding order | flight | 110 | ||||||||
Embraer E175 | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of aircraft committed to purchase | commitment | 38 | 38 | 38 | ||||||
Number of aircraft ordered | aircraft | 20 | ||||||||
Embraer ERJ 145 | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of leased aircraft | aircraft | 54 | ||||||||
Number of aircraft purchased | aircraft | 17 | ||||||||
Embraer CRJ-550 | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of aircraft operated under CPA | Aircraft | 54 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Commitments (Details) $ in Billions | Jun. 30, 2019USD ($)Aircraft |
Commitments and Contingencies Disclosure [Abstract] | |
Last six months of 2019 | $ 2.2 |
2020 | 5.9 |
2021 | 4 |
2022 | 3.3 |
2023 | 2 |
After 2023 | 6.9 |
Total commitments | $ 24.3 |
Number of aircrafts expected to be delivered in 2020 | Aircraft | 17 |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of the Expected Future Payments Through the End of the Terms of CPAs (Details) $ in Billions | Jun. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Last six months of 2019 | $ 1.1 |
2020 | 2.1 |
2021 | 2.1 |
2022 | 1.7 |
2023 | 1.1 |
After 2023 | 4.4 |
Total | $ 12.5 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | ||
May 31, 2019USD ($) | Feb. 28, 2019trust | Jun. 30, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Number of pass-through trusts created | trust | 2 | ||
Revolving Credit Facility | United Airlines, Inc. | Secured Debt | |||
Debt Instrument [Line Items] | |||
Available under revolving credit facility | $ 2,000,000,000 | ||
4.875% Senior Notes due 2025 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 350,000,000 | ||
Interest rate | 4.875% | ||
Redemption price rate | 101.00% |
Debt - Details of Pass Through
Debt - Details of Pass Through Trusts (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Debt Instrument [Line Items] | |||
Proceeds received from issuance of debt | $ 996,000,000 | $ 1,241,000,000 | [1] |
United Airlines, Inc. | |||
Debt Instrument [Line Items] | |||
Proceeds received from issuance of debt | 996,000,000 | $ 1,241,000,000 | [2] |
United Airlines, Inc. | Class AA Pass Through Certificates | February 2019 | |||
Debt Instrument [Line Items] | |||
Face Amount | $ 717,000,000 | ||
Stated interest rate | 4.15% | ||
Total debt recorded | $ 612,000,000 | ||
Proceeds received from issuance of debt | 612,000,000 | ||
Remaining proceeds from issuance of certificates to be received in future periods | 105,000,000 | ||
United Airlines, Inc. | Class A Pass Through Certificates | February 2019 | |||
Debt Instrument [Line Items] | |||
Face Amount | $ 296,000,000 | ||
Stated interest rate | 4.55% | ||
Total debt recorded | $ 253,000,000 | ||
Proceeds received from issuance of debt | 253,000,000 | ||
Remaining proceeds from issuance of certificates to be received in future periods | 43,000,000 | ||
United Airlines, Inc. | ETTC | |||
Debt Instrument [Line Items] | |||
Face Amount | 1,013,000,000 | ||
Total debt recorded | 865,000,000 | ||
Proceeds received from issuance of debt | 865,000,000 | ||
Remaining proceeds from issuance of certificates to be received in future periods | $ 148,000,000 | ||
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. | ||
[2] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Debt - Contractual Principal Pa
Debt - Contractual Principal Payments (Details) - UAL And United $ in Millions | Jun. 30, 2019USD ($) |
Debt Instrument [Line Items] | |
Last six months of 2019 | $ 757 |
2020 | 1,350 |
2021 | 1,344 |
2022 | 1,697 |
2023 | 747 |
After 2023 | 8,484 |
Long-term debt | $ 14,379 |
Special Charges and Mark-to-M_3
Special Charges and Mark-to-Market ("MTM") Adjustments - Components of Special Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Operating: | ||||||
Impairment of assets | $ 61 | $ 111 | $ 69 | $ 134 | ||
Severance and benefit costs | 6 | 11 | 12 | 25 | ||
(Gains) losses on sale of assets and other special charges | 4 | 7 | 8 | 10 | ||
Total operating special charges | 71 | 129 | [1] | 89 | 169 | [1] |
Nonoperating MTM (gains) losses on financial instruments | (34) | 135 | (51) | 90 | ||
Total special charges and MTM (gains) losses on financial instruments | 37 | 264 | 38 | 259 | ||
Income tax benefit | (8) | (59) | (8) | (58) | ||
Total special charges and MTM (gains) losses on financial instruments, net of income tax | $ 29 | $ 205 | $ 30 | $ 201 | ||
[1] | Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information. |
Special Charges and Mark-to-M_4
Special Charges and Mark-to-Market ("MTM") Adjustments - Narrative (Details) Employee in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2017USD ($)Employee | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Early lease termination charge | $ 6,000,000 | |||||
Other miscellaneous impairments | 8,000,000 | |||||
Fair value adjustment for aircraft purchased off lease and impairments related to certain fleet types and certain international slots no longer in use | $ 6,000,000 | $ 8,000,000 | $ 29,000,000 | |||
Severance and benefit costs | 6,000,000 | 11,000,000 | 12,000,000 | 25,000,000 | ||
Gain for the change in fair value of certain derivative assets | 4,000,000 | 1,000,000 | ||||
Use Rights | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Write off of intangible asset | $ 105,000,000 | |||||
Azul | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Gain (loss) for the change in fair value of equity investments | 38,000,000 | (135,000,000) | 52,000,000 | (90,000,000) | ||
Management | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance and benefit costs | 6,000,000 | 5,000,000 | 10,000,000 | 11,000,000 | ||
International Brotherhood of Teamsters | Voluntary Early-Out Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance and benefit costs | $ 6,000,000 | $ 2,000,000 | $ 14,000,000 | |||
Number of technicians and related employees electing to voluntarily separate from the Company | Employee | 1 | |||||
Severance payment per participant (up to) | $ 100,000 | |||||
Aircraft Engines | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Impairment of assets removed from operations | $ 47,000,000 |
Uncategorized Items - ual063019
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 7,000,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (7,000,000) |