Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 12, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | UAL | |
Entity Registrant Name | United Continental Holdings, Inc. | |
Entity Central Index Key | 100,517 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 296,252,435 | |
United Airlines, Inc. | ||
Document Information [Line Items] | ||
Entity Registrant Name | United Airlines, Inc. | |
Entity Central Index Key | 319,687 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,000 |
Statements of Consolidated Oper
Statements of Consolidated Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating revenue: | ||||
Passenger-Mainline | $ 7,083 | $ 7,017 | $ 19,970 | $ 19,119 |
Passenger-Regional | 1,445 | 1,586 | 4,354 | 4,577 |
Total passenger revenue | 8,528 | 8,603 | 24,324 | 23,696 |
Cargo | 257 | 224 | 731 | 626 |
Other operating revenue | 1,093 | 1,086 | 3,243 | 3,182 |
Total operating revenue | 9,878 | 9,913 | 28,298 | 27,504 |
Operating expense: | ||||
Salaries and related costs | 2,812 | 2,625 | 8,341 | 7,707 |
Aircraft fuel | 1,809 | 1,603 | 5,038 | 4,258 |
Landing fees and other rent | 585 | 546 | 1,670 | 1,612 |
Regional capacity purchase | 567 | 572 | 1,652 | 1,645 |
Depreciation and amortization | 556 | 503 | 1,610 | 1,473 |
Aircraft maintenance materials and outside repairs | 451 | 451 | 1,377 | 1,301 |
Distribution expenses | 352 | 345 | 1,021 | 987 |
Aircraft rent | 145 | 168 | 476 | 521 |
Special charges (Note 10) | 50 | 45 | 145 | 669 |
Other operating expenses | 1,459 | 1,431 | 4,199 | 3,998 |
Total operating expenses | 8,786 | 8,289 | 25,529 | 24,171 |
Operating income | 1,092 | 1,624 | 2,769 | 3,333 |
Nonoperating income (expense): | ||||
Interest expense | (164) | (150) | (472) | (466) |
Interest capitalized | 20 | 20 | 64 | 48 |
Interest income | 17 | 14 | 41 | 31 |
Miscellaneous, net (Note 10) | 15 | 2 | (3) | (11) |
Total nonoperating expense, net | (112) | (114) | (370) | (398) |
Income before income taxes | 980 | 1,510 | 2,399 | 2,935 |
Income tax expense | 343 | 545 | 848 | 1,069 |
Net income | $ 637 | $ 965 | $ 1,551 | $ 1,866 |
Earnings per share, basic | $ 2.12 | $ 3.02 | $ 5.06 | $ 5.57 |
Earnings per share, diluted | $ 2.12 | $ 3.01 | $ 5.04 | $ 5.57 |
United Airlines, Inc. | ||||
Operating revenue: | ||||
Passenger-Mainline | $ 7,083 | $ 7,017 | $ 19,970 | $ 19,119 |
Passenger-Regional | 1,445 | 1,586 | 4,354 | 4,577 |
Total passenger revenue | 8,528 | 8,603 | 24,324 | 23,696 |
Cargo | 257 | 224 | 731 | 626 |
Other operating revenue | 1,093 | 1,086 | 3,243 | 3,182 |
Total operating revenue | 9,878 | 9,913 | 28,298 | 27,504 |
Operating expense: | ||||
Salaries and related costs | 2,812 | 2,625 | 8,341 | 7,707 |
Aircraft fuel | 1,809 | 1,603 | 5,038 | 4,258 |
Landing fees and other rent | 585 | 546 | 1,670 | 1,612 |
Regional capacity purchase | 567 | 572 | 1,652 | 1,645 |
Depreciation and amortization | 556 | 503 | 1,610 | 1,473 |
Aircraft maintenance materials and outside repairs | 451 | 451 | 1,377 | 1,301 |
Distribution expenses | 352 | 345 | 1,021 | 987 |
Aircraft rent | 145 | 168 | 476 | 521 |
Special charges (Note 10) | 50 | 45 | 145 | 669 |
Other operating expenses | 1,459 | 1,431 | 4,198 | 3,997 |
Total operating expenses | 8,786 | 8,289 | 25,528 | 24,170 |
Operating income | 1,092 | 1,624 | 2,770 | 3,334 |
Nonoperating income (expense): | ||||
Interest expense | (164) | (150) | (472) | (466) |
Interest capitalized | 20 | 20 | 64 | 48 |
Interest income | 17 | 14 | 41 | 31 |
Miscellaneous, net (Note 10) | 15 | 2 | (3) | (11) |
Total nonoperating expense, net | (112) | (114) | (370) | (398) |
Income before income taxes | 980 | 1,510 | 2,400 | 2,936 |
Income tax expense | 343 | 545 | 848 | 1,069 |
Net income | $ 637 | $ 965 | $ 1,552 | $ 1,867 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 637 | $ 965 | $ 1,551 | $ 1,866 |
Other comprehensive income (loss), net change related to: | ||||
Fuel derivative financial instruments, net of taxes | 12 | 1 | 123 | |
Employee benefit plans, net of taxes | 3 | (75) | (1) | (89) |
Investments and other, net of taxes | 17 | (1) | 5 | (1) |
Total other comprehensive income (loss), net | 20 | (64) | 5 | 33 |
Total comprehensive income, net | 657 | 901 | 1,556 | 1,899 |
United Airlines, Inc. | ||||
Net income | 637 | 965 | 1,552 | 1,867 |
Other comprehensive income (loss), net change related to: | ||||
Fuel derivative financial instruments, net of taxes | 12 | 1 | 123 | |
Employee benefit plans, net of taxes | 3 | (75) | (1) | (89) |
Investments and other, net of taxes | 17 | (1) | 5 | (1) |
Total other comprehensive income (loss), net | 20 | (64) | 5 | 33 |
Total comprehensive income, net | $ 657 | $ 901 | $ 1,557 | $ 1,900 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,870 | $ 2,179 |
Short-term investments | 2,458 | 2,249 |
Receivables, less allowance for doubtful accounts (2017 - $11; 2016 - $10) | 1,603 | 1,176 |
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2017 - $342; 2016 - $295) | 937 | 873 |
Prepaid expenses and other | 1,009 | 832 |
Total current assets | 7,877 | 7,309 |
Operating property and equipment: Owned- | ||
Flight equipment | 29,043 | 25,873 |
Other property and equipment | 6,186 | 5,652 |
Total owned property and equipment | 35,229 | 31,525 |
Less - Accumulated depreciation and amortization | (11,358) | (9,975) |
Total owned property and equipment, net | 23,871 | 21,550 |
Purchase deposits for flight equipment | 1,044 | 1,059 |
Capital leases- | ||
Flight equipment | 1,136 | 1,319 |
Other property and equipment | 488 | 331 |
Total capital leases | 1,624 | 1,650 |
Less - Accumulated amortization | (910) | (941) |
Total capital leases, net | 714 | 709 |
Total operating property and equipment, net | 25,629 | 23,318 |
Other assets: | ||
Goodwill | 4,523 | 4,523 |
Intangibles, less accumulated amortization (2017 - $1,294; 2016 - $1,234) | 3,558 | 3,632 |
Deferred income taxes | 655 | |
Restricted cash | 96 | 124 |
Investments in affiliates and other, net | 882 | 579 |
Total other assets | 9,059 | 9,513 |
Total assets | 42,565 | 40,140 |
Current liabilities: | ||
Advance ticket sales | 4,537 | 3,730 |
Accounts payable | 2,231 | 2,139 |
Frequent flyer deferred revenue | 1,992 | 2,135 |
Accrued salaries and benefits | 1,983 | 2,307 |
Current maturities of long-term debt | 1,516 | 849 |
Current maturities of capital leases | 125 | 116 |
Other | 703 | 1,010 |
Total current liabilities | 13,087 | 12,286 |
Long-term debt | 11,334 | 9,918 |
Long-term obligations under capital leases | 968 | 822 |
Other liabilities and deferred credits: | ||
Frequent flyer deferred revenue | 2,793 | 2,748 |
Postretirement benefit liability | 1,588 | 1,581 |
Pension liability | 1,631 | 1,892 |
Deferred income taxes | 253 | |
Advanced purchase of miles | 106 | 430 |
Lease fair value adjustment, net | 219 | 277 |
Other | 1,616 | 1,527 |
Total other liabilities and deferred credits | 8,206 | 8,455 |
Commitments and contingencies | ||
Stockholder's equity: | ||
Preferred stock | ||
Common stock | 3 | 3 |
Additional capital invested | 6,591 | 6,569 |
Retained earnings | 4,991 | 3,427 |
Stock held in treasury, at cost | (1,791) | (511) |
Accumulated other comprehensive loss | (824) | (829) |
Total stockholder's equity | 8,970 | 8,659 |
Total liabilities and stockholder's equity | 42,565 | 40,140 |
United Airlines, Inc. | ||
Current assets: | ||
Cash and cash equivalents | 1,864 | 2,173 |
Short-term investments | 2,458 | 2,249 |
Receivables, less allowance for doubtful accounts (2017 - $11; 2016 - $10) | 1,603 | 1,176 |
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2017 - $342; 2016 - $295) | 937 | 873 |
Prepaid expenses and other | 1,008 | 832 |
Total current assets | 7,870 | 7,303 |
Operating property and equipment: Owned- | ||
Flight equipment | 29,043 | 25,873 |
Other property and equipment | 6,186 | 5,652 |
Total owned property and equipment | 35,229 | 31,525 |
Less - Accumulated depreciation and amortization | (11,358) | (9,975) |
Total owned property and equipment, net | 23,871 | 21,550 |
Purchase deposits for flight equipment | 1,044 | 1,059 |
Capital leases- | ||
Flight equipment | 1,136 | 1,319 |
Other property and equipment | 488 | 331 |
Total capital leases | 1,624 | 1,650 |
Less - Accumulated amortization | (910) | (941) |
Total capital leases, net | 714 | 709 |
Total operating property and equipment, net | 25,629 | 23,318 |
Other assets: | ||
Goodwill | 4,523 | 4,523 |
Intangibles, less accumulated amortization (2017 - $1,294; 2016 - $1,234) | 3,558 | 3,632 |
Deferred income taxes | 612 | |
Restricted cash | 96 | 124 |
Investments in affiliates and other, net | 882 | 579 |
Total other assets | 9,059 | 9,470 |
Total assets | 42,558 | 40,091 |
Current liabilities: | ||
Advance ticket sales | 4,537 | 3,730 |
Accounts payable | 2,231 | 2,144 |
Frequent flyer deferred revenue | 1,992 | 2,135 |
Accrued salaries and benefits | 1,983 | 2,307 |
Current maturities of long-term debt | 1,516 | 849 |
Current maturities of capital leases | 125 | 116 |
Other | 707 | 1,009 |
Total current liabilities | 13,091 | 12,290 |
Long-term debt | 11,334 | 9,918 |
Long-term obligations under capital leases | 968 | 822 |
Other liabilities and deferred credits: | ||
Frequent flyer deferred revenue | 2,793 | 2,748 |
Postretirement benefit liability | 1,588 | 1,581 |
Pension liability | 1,631 | 1,892 |
Deferred income taxes | 297 | |
Advanced purchase of miles | 106 | 430 |
Lease fair value adjustment, net | 219 | 277 |
Other | 1,616 | 1,527 |
Total other liabilities and deferred credits | 8,250 | 8,455 |
Commitments and contingencies | ||
Stockholder's equity: | ||
Additional capital invested | 2,325 | 3,573 |
Retained earnings | 7,504 | 5,937 |
Accumulated other comprehensive loss | (824) | (829) |
Receivable from related parties | (90) | (75) |
Total stockholder's equity | 8,915 | 8,606 |
Total liabilities and stockholder's equity | $ 42,558 | $ 40,091 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables, allowance for doubtful accounts | $ 11 | $ 10 |
Aircraft fuel, spare parts and supplies, obsolescence allowance | 342 | 295 |
Intangibles, accumulated amortization | $ 1,294 | $ 1,234 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 1,000,000,000 | 1,000,000,000 |
Common shares, outstanding | 296,252,431 | 314,612,744 |
United Airlines, Inc. | ||
Receivables, allowance for doubtful accounts | $ 11 | $ 10 |
Aircraft fuel, spare parts and supplies, obsolescence allowance | 342 | 295 |
Intangibles, accumulated amortization | $ 1,294 | $ 1,234 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 1,000 | 1,000 |
Common shares, issued | 1,000 | 1,000 |
Common shares, outstanding | 1,000 | 1,000 |
Condensed Statements of Consoli
Condensed Statements of Consolidated Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | $ 2,685 | $ 4,884 | |
Cash Flows from Investing Activities: | |||
Capital expenditures | (2,900) | (2,343) | |
Purchases of short-term and other investments | (2,584) | (1,989) | |
Proceeds from sale of short-term and other investments | 2,380 | 1,957 | |
Proceeds from sale of property and equipment | 8 | 24 | |
Investment in and loans to affiliates | (8) | ||
Other, net | 142 | (5) | |
Net cash used in investing activities | (2,954) | (2,364) | |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt and airport construction financing | 2,119 | 510 | |
Repurchases of common stock | (1,291) | (2,442) | |
Payments of long-term debt | (722) | (911) | |
Principal payments under capital leases | (84) | (95) | |
Other, net | (77) | (40) | |
Net cash used in financing activities | (55) | (2,978) | |
Net decrease in cash, cash equivalents and restricted cash | (324) | (458) | |
Cash, cash equivalents and restricted cash at beginning of the period | 2,303 | 3,212 | |
Cash, cash equivalents and restricted cash at end of the period | [1] | 1,979 | 2,754 |
Investing and Financing Activities Not Affecting Cash: | |||
Property and equipment acquired through the issuance of debt and capital leases | 918 | 115 | |
Airport construction financing | 41 | 68 | |
Operating lease conversions to capital lease | 12 | ||
United Airlines, Inc. | |||
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | 2,671 | 4,878 | |
Cash Flows from Investing Activities: | |||
Capital expenditures | (2,900) | (2,343) | |
Purchases of short-term investments and other investments | (2,584) | (1,989) | |
Proceeds from sale of short-term and other investments | 2,380 | 1,957 | |
Proceeds from sale of property and equipment | 8 | 24 | |
Investment in and loans to affiliates | (8) | ||
Other, net | 142 | (5) | |
Net cash used in investing activities | (2,954) | (2,364) | |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt and airport construction financing | 2,119 | 510 | |
Dividend to UAL | (1,291) | (2,442) | |
Payments of long-term debt | (722) | (911) | |
Principal payments under capital leases | (84) | (95) | |
Other, net | (63) | (34) | |
Net cash used in financing activities | (41) | (2,972) | |
Net decrease in cash, cash equivalents and restricted cash | (324) | (458) | |
Cash, cash equivalents and restricted cash at beginning of the period | 2,297 | 3,206 | |
Cash, cash equivalents and restricted cash at end of the period | [2] | 1,973 | 2,748 |
Investing and Financing Activities Not Affecting Cash: | |||
Property and equipment acquired through the issuance of debt and capital leases | 918 | 115 | |
Airport construction financing | $ 41 | 68 | |
Operating lease conversions to capital lease | $ 12 | ||
[1] | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Reconciliation of cash, cash equivalents and restricted cash: Current assets: Cash and cash equivalents $ 1,870 $ 2,630 Restricted cash included in Prepaid expenses and other 13 1 Other assets: Restricted cash 96 123 Total cash, cash equivalents and restricted cash $ 1,979 $ 2,754 | ||
[2] | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Reconciliation of cash, cash equivalents and restricted cash: Current assets: Cash and cash equivalents $ 1,864 $ 2,624 Restricted cash included in Prepaid expenses and other 13 1 Other assets: Restricted cash 96 123 Total cash, cash equivalents and restricted cash $ 1,973 $ 2,748 |
Condensed Statements of Consol7
Condensed Statements of Consolidated Cash Flows (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 | |
Current assets: | |||
Cash and cash equivalents | $ 1,870 | $ 2,630 | |
Other assets: | |||
Restricted cash | 96 | 123 | |
Total cash, cash equivalents and restricted cash | [1] | 1,979 | 2,754 |
United Airlines, Inc. | |||
Current assets: | |||
Cash and cash equivalents | 1,864 | 2,624 | |
Other assets: | |||
Restricted cash | 96 | 123 | |
Total cash, cash equivalents and restricted cash | [2] | 1,973 | 2,748 |
Prepaid Expenses and Other | |||
Current assets: | |||
Restricted cash included in Prepaid expenses and other | 13 | 1 | |
Prepaid Expenses and Other | United Airlines, Inc. | |||
Current assets: | |||
Restricted cash included in Prepaid expenses and other | $ 13 | $ 1 | |
[1] | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Reconciliation of cash, cash equivalents and restricted cash: Current assets: Cash and cash equivalents $ 1,870 $ 2,630 Restricted cash included in Prepaid expenses and other 13 1 Other assets: Restricted cash 96 123 Total cash, cash equivalents and restricted cash $ 1,979 $ 2,754 | ||
[2] | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Reconciliation of cash, cash equivalents and restricted cash: Current assets: Cash and cash equivalents $ 1,864 $ 2,624 Restricted cash included in Prepaid expenses and other 13 1 Other assets: Restricted cash 96 123 Total cash, cash equivalents and restricted cash $ 1,973 $ 2,748 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2017 | |
Recently Issued Accounting Standards | NOTE 1 - RECENTLY ISSUED ACCOUNTING STANDARDS The Financial Accounting Standards Board (“FASB”) amended the FASB Accounting Standards Codification and created a new Topic 606, Revenue from Contracts with Customers. Revenue Recognition In February 2016, the FASB amended the FASB Accounting Standards Codification and created a new Topic 842, Leases right-of-use Leases In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments—Overall 825-10) 2016-01”). available-for-sale 2016-01 In March 2017, the FASB issued Accounting Standards Update No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017-07”). . 2017-07 2017-07 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share | NOTE 2 - EARNINGS The computations of UAL’s basic and diluted earnings per share are set forth below (in millions, except per share amounts): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Earnings available to common stockholders $ 637 $ 965 $ 1,551 $ 1,866 Basic weighted-average shares outstanding 299.8 320.0 306.8 334.9 Effect of employee stock awards 0.8 0.4 0.8 0.3 Diluted weighted-average shares outstanding 300.6 320.4 307.6 335.2 Earnings per share, basic $ 2.12 $ 3.02 $ 5.06 $ 5.57 Earnings per share, diluted $ 2.12 $ 3.01 $ 5.04 $ 5.57 The number of antidilutive securities excluded from the computation of diluted earnings per share amounts was not material. In the three and nine months ended September 30, 2017, UAL repurchased approximately 8 million and 18 million shares of UAL common stock in open market transactions, respectively, for $0.6 billion and $1.3 billion, respectively. As of September 30, 2017, the Company had approximately $0.6 billion remaining to purchase shares under its existing share repurchase authority. 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) | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) | NOTE 3 - ACCUMULATED The tables below present the components of the Company’s accumulated other comprehensive income (loss), net of tax (“AOCI”) (in millions): Deferred Taxes UAL Pension and Fuel Investments Pension and Fuel Investments Total Balance at June 30, 2017 $ (860) $ — $ (16) $ 26 $ — $ 6 $ (844) Changes in value (9) — 26 3 — (9) 11 Amounts reclassified to earnings 14 — — (5) — — 9 Net change 5 — 26 (2) — (9) 20 Balance at September 30, 2017 $ (855) $ — $ 10 $ 24 $ — $ (3) $ (824) Balance at December 31, 2016 $ (854) $ (2) $ 1 $ 24 $ 1 $ 1 $ (829) Changes in value (42) — 9 15 — (3) (21) Amounts reclassified to earnings 41 2 — (15) (1) (1) 26 Net change (1) 2 9 — (1) (4) 5 Balance at September 30, 2017 $ (855) $ — $ 10 $ 24 $ — $ (3) $ (824) Deferred Taxes UAL Pension and Fuel Investments Pension and Fuel Investments Total Balance at June 30, 2016 $ (385) $ (41) $ 3 $ (146) $ (165) $ — $ (734) Changes in value (124) (6) 1 45 2 (1) (83) Amounts reclassified to earnings 6 24 (2) (2) (8) 1 19 Net change (118) 18 (1) 43 (6) — (64) Balance at September 30, 2016 $ (503) $ (23) $ 2 $ (103) $ (171) $ — $ (798) Balance at December 31, 2015 $ (363) $ (215) $ 3 $ (154) $ (102) $ — $ (831) Changes in value (157) (5) 1 57 2 (1) (103) Amounts reclassified to earnings 17 197 (2) (6) (71) 1 136 Net change (140) 192 (1) 51 (69) — 33 Balance at September 30, 2016 $ (503) $ (23) $ 2 $ (103) $ (171) $ — $ (798) Details about AOCI Components Amount Reclassified from AOCI to Income Affected Line Item in the Statements of Consolidated Operations Three Months Ended Nine Months Ended 2017 2016 2017 2016 Pension and other postretirement liabilities Amortization of unrecognized losses and prior service cost (a) $ 14 $ 6 $ 41 $ 17 Salaries and related costs Fuel derivative contracts Reclassifications of losses into earnings — 24 2 197 Aircraft fuel Investments and other Reclassifications of gains into earnings — (2) — (2) Miscellaneous, net (a) This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 5 of this report for additional information). |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Taxes | NOTE 4 - INCOME TAXES The Company’s effective tax rate for the three and nine months ended September 30, 2017 was 35.0% and 35.3%, respectively, and the effective tax rate for the three and nine months ended September 30, 2016 was 36.1% and 36.4%, respectively. The effective tax rates represented a blend of federal, state and foreign taxes and included the impact of certain nondeductible items. The effective tax rate for the three and nine months ended September 30, 2017 also reflects the impact of a change in the mix of domestic and foreign earnings. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Employee Benefit Plans | NOTE 5 - EMPLOYEE BENEFIT PLANS Defined Benefit Pension and Other Postretirement Benefit Plans. Pension Benefits Other Postretirement Three Months Ended September 30, Three Months Ended September 30, 2017 2016 2017 2016 Service cost $ 48 $ 29 $ 4 $ 4 Interest cost 55 50 16 22 Expected return on plan assets (61) (54) — — Amortization of unrecognized (gain) loss and prior service cost (credit) 32 19 (18) (13) Settlement loss 3 2 — — Curtailment gain — — — (47) Total $ 77 $ 46 $ 2 $ (34) Pension Benefits Other Postretirement Nine Months Ended Nine Months Ended 2017 2016 2017 2016 Service cost $ 146 $ 84 $ 10 $ 14 Interest cost 165 151 50 66 Expected return on plan assets (182) (162) (1) (1) Amortization of unrecognized (gain) loss and prior service cost (credit) 95 57 (54) (40) Settlement loss 5 4 — — Curtailment gain — — — (47) Total $ 229 $ 134 $ 5 $ (8) During the three and nine months ended September 30, 2017, the Company contributed $160 million and $400 million, respectively, to its U.S. domestic tax-qualified Share-Based Compensation. non-qualified In the nine months ended September 30, 2017, UAL granted share-based compensation awards pursuant to both the 2008 Plan and the 2017 Plan. These share-based compensation awards include 1.5 million RSUs, consisting of 0.9 million time-vested RSUs and 0.6 million performance-based RSUs, and 36,000 stock options. The time-vested RSUs vest pro-rata, 20-day pre-tax 20-day The table below presents information related to share-based compensation (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Share-based compensation expense $ 10 $ 23 $ 66 $ 36 September 30, December 31, Unrecognized share-based compensation $ 90 $ 65 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Financial Instruments and Fair Value Measurements | NOTE 6 - FINANCIAL 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): September 30, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,870 $ 1,870 $ — $ — $ 2,179 $ 2,179 $ — $ — Short-term investments: Corporate debt 959 — 959 — 835 — 835 — Asset-backed securities 891 — 891 — 792 — 792 — Certificates of deposit placed through an account registry service (“CDARS”) 142 — 142 — 246 — 246 — U.S. government and agency notes 112 — 112 — 140 — 140 — Other fixed-income securities 171 — 171 — 54 — 54 — Other investments measured at NAV 183 — — — 182 — — — Restricted cash 109 109 — — 124 124 — — Long-term investments: Equity securities 114 114 — — — — — — Enhanced equipment trust certificates (“EETC”) 21 — — 21 23 — — 23 Available-for-sale available-for-sale. Restricted cash - Restricted Equity securities available-for-sale 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): Fair Value of Debt by Fair Value Hierarchy Level September 30, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Long-term debt $ 12,850 $ 13,217 $ — $ 9,640 $ 3,577 $ 10,767 $ 11,055 $ — $ 8,184 $ 2,871 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. three-day 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. |
Hedging Activities
Hedging Activities | 9 Months Ended |
Sep. 30, 2017 | |
Hedging Activities | NOTE 7 - HEDGING Fuel Derivatives As of September 30, 2017, the Company did not have any fuel hedging contracts outstanding to hedge its fuel consumption. The last of the Company’s fuel hedge derivatives designated for cash flow hedge accounting expired in December 2016. The Company’s current strategy is to not enter into transactions to hedge its fuel consumption, although the Company regularly reviews its strategy based on market conditions and other factors. The following table presents the impact of derivative instruments and their location within the Company’s unaudited statements of consolidated operations (in millions): Derivatives designated as cash flow hedges Amount of Loss Recognized in AOCI on Derivatives (Effective Portion) Loss Reclassified from Fuel Expense Three Months Ended Three Months Ended 2017 2016 2017 2016 Fuel contracts $ — $ (6) $ — $ (24) Amount of Loss Recognized in AOCI on Derivatives (Effective Portion) Loss Reclassified from Nine Months Ended Nine Months Ended 2017 2016 2017 2016 Fuel contracts $ — $ (5) $ (2) $ (197) (a) The 2017 loss reclassified from AOCI into fuel expense represents hedge losses on December 2016 settled trades, but for which the associated fuel purchased in December was not consumed until January 2017. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies | NOTE 8 - COMMITMENTS Commitments. Aircraft Type Number of Firm Airbus A350 45 Boeing 737 MAX 161 Boeing 777-300ER 4 Boeing 787 18 Embraer E175 5 (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. For the remainder of 2017, United expects to take delivery of five Embraer E175 aircraft. Additionally, the Company also currently expects to take delivery of four used Airbus A319s and two used Airbus A320s for the remainder of 2017. The table below summarizes United’s commitments as of September 30, 2017, which primarily relate to the acquisition of aircraft and related spare engines, aircraft improvements and include other capital purchase commitments. Any new firm aircraft orders, including through the exercise of purchase options and purchase rights, will increase the total future capital commitments of the Company. (in billions) Last three months of 2017 $ 0.9 2018 3.0 2019 3.1 2020 2.2 2021 1.4 After 2021 11.4 $ 22.0 United secured individual bank financing for five Embraer E175 aircraft to be delivered in the last three months of 2017. See Note 9 of this report for additional information on aircraft financing. The Company has also secured backstop financing commitments from certain of its aircraft manufacturers for a limited number of its future aircraft deliveries, subject to certain customary conditions. Financing may be necessary to satisfy the Company’s capital commitments for its firm order aircraft and other related capital expenditures. Regional CPAs. In the third quarter of 2017, United reached agreements with certain of its regional air partners to accelerate the retirement of 21 turboprop aircraft from service, modify some aircraft service entry and exit dates, as well as extend the term of up to approximately 125 aircraft under an existing CPA through December 31, 2022. The future commitments have been incorporated into the table below. The table below summarizes the Company’s future payments through the end of the terms of our CPAs, excluding variable pass-through costs such as fuel and landing fees, among others. (in billions) Last three months of 2017 $ 0.5 2018 2.0 2019 1.8 2020 1.6 2021 1.5 After 2021 4.6 $ 12.0 Guarantees. tax-exempt In the Company’s financing transactions that include loans, the Company 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 in which the interest rate is based on the London Interbank Offered Rate (“LIBOR”), 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 September 30, 2017, the Company had $3.3 billion of floating rate debt and $68 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. non-U.S. As of September 30, 2017, United is the guarantor of $159 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. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt | NOTE 9 - DEBT As of September 30, 2017, a substantial portion of the Company’s assets, principally aircraft, route authorities, airport slots and loyalty program intangible assets, was pledged under various loan and other agreements. As of September 30, 2017, UAL and United were in compliance with their debt covenants. 2017 Credit and Guaranty Agreement. take-off Borrowings under the 2017 Credit Agreement bear interest at a variable rate equal to LIBOR, subject to a 0% floor, plus a margin of 2.25% per annum, or another rate based on certain market interest rates, plus a margin of 1.25% per annum. The principal amount of the term loan must be repaid in consecutive quarterly installments of 0.25% of the original principal amount thereof, commencing on June 30, 2017, with any unpaid balance due on April 1, 2024. United may prepay all or a portion of the loan from time to time, at par plus accrued and unpaid interest. United pays a commitment fee equal to 0.75% per annum on the undrawn amount available under the revolving credit facility. The 2017 Credit Agreement includes covenants that, among other things, require the Company to maintain at least $2.0 billion of unrestricted liquidity and a minimum ratio of appraised value of collateral to the outstanding obligations under the Credit Agreement of 1.60 to 1.0. The 2017 Credit Agreement contains events of default customary for this type of financing, including a cross default and cross acceleration provision to certain other material indebtedness of the Company. Under the provisions of the 2017 Credit Agreement, UAL’s ability to make investments and to pay dividends on, or repurchase, UAL’s common stock is restricted. EETCs . EETC Date Class Principal Final expected Stated Total debt recorded 2017 Proceeds received from issuance of debt during September 2016 AA $ 637 October 2028 2.875% $ 637 $ 557 September 2016 A 283 October 2028 3.10% 283 247 June 2016 AA 729 July 2028 3.10% 729 319 June 2016 A 324 July 2028 3.45% 324 142 $ 1,973 $ 1,973 $ 1,265 Secured Notes Payable. 4.25% Senior Notes due 2022. 5% Senior Notes due 2024. The table below presents the Company’s contractual principal payments (not including debt discount or debt issuance costs) at September 30, 2017 under then-outstanding long-term debt agreements (in millions): Last three months of 2017 $ 184 2018 1,527 2019 1,115 2020 1,120 2021 1,107 After 2021 7,963 $ 13,016 |
Special Charges
Special Charges | 9 Months Ended |
Sep. 30, 2017 | |
Special Charges | NOTE 10 - SPECIAL CHARGES For the three and nine months ended September 30, special charges consisted of the following (in millions): Three Months Ended Nine Months Ended Operating: 2017 2016 2017 2016 Severance and benefit costs $ 23 $ 13 $ 101 $ 27 Impairment of assets 15 — 15 412 Labor agreement costs — 14 — 124 Cleveland airport lease restructuring — — — 74 (Gains) losses on sale of assets and other special charges 12 18 29 32 Special charges 50 45 145 669 Nonoperating: Other (gain) loss — — — (1) Special charges before income taxes 50 45 145 668 Income tax benefit related to special charges (18) (16) (52) (241) Total special charges, net of tax $ 32 $ 29 $ 93 $ 427 During the three and nine months ended September 30, 2017, the Company recorded $16 million ($10 million net of taxes) and $73 million ($47 million net of taxes), respectively, of severance and benefit costs related to a voluntary early-out During the three and nine months ended September 30, 2016, the Company recorded $13 million ($8 million net of taxes) and $27 million ($17 million net of taxes), respectively, of severance and benefit costs primarily related to a voluntary early-out During the three months ended September 30, 2017, the Company recorded a $15 million ($10 million net of taxes) intangible asset impairment charge related to a maintenance service agreement. In April 2016, the Federal Aviation Administration (“FAA”) announced that, effective October 30, 2016, it would designate Newark Liberty International Airport (“Newark”) as a Level 2 schedule-facilitated airport under the International Air Transport Association Worldwide Slot Guidelines. The designation was associated with an updated demand and capacity analysis of Newark by the FAA. In the second quarter of 2016, the Company determined that the FAA’s action impaired the entire value of its Newark slots because the slots are no longer the mechanism that governs take-off During the nine months ended September 30, 2016, the fleet service, passenger service, storekeeper and other employees represented by the International Association of Machinists and Aerospace Workers (the “IAM”) ratified seven new contracts with the Company which extended the contracts through 2021. The Company also reached a tentative agreement with the IBT during the same time period. During the three and nine months ended September 30, 2016, the Company recorded $61 million ($39 million net of taxes) and $171 million ($109 million net of taxes), respectively, of special charges primarily for payments in conjunction with the IAM and IBT agreements described above. Also, as part of its contract with the Association of Flight Attendants, the Company amended two of its flight attendant postretirement medical plans. The amendments triggered curtailment accounting, resulting in the recognition of a one-time During the nine months ended September 30, 2016, the City of Cleveland agreed to amend the Company’s lease, which runs through 2029, associated with certain excess airport terminal space (principally Terminal D) and related facilities at Hopkins International Airport. The Company recorded an accrual for remaining payments under the lease for facilities that the Company no longer uses and will continue to incur costs under the lease without economic benefit to the Company. This liability was measured and recorded at its fair value when the Company ceased its right to use such facilities leased to it pursuant to the lease. The Company recorded a special charge of $74 million ($47 million net of taxes) related to the amended lease. Accrual The accrual balance for severance and benefits was $31 million as of September 30, 2017, compared to $34 million as of September 30, 2016. The severance-related accrual as of September 30, 2017 is expected to be mostly paid through early 2019. The accrual balance for future lease payments on permanently grounded aircraft was $28 million as of September 30, 2017, compared to $41 million as of September 30, 2016. The grounded aircraft related accrual as of September 30, 2017 is expected to be mostly paid through 2025. The following is a reconciliation of severance and permanently grounded aircraft accrual activity for the nine months ended September 30: Severance and Permanently Grounded Balance at December 31, 2016 $ 14 $ 41 Accrual 101 — Payments (84) (13) Balance at September 30, 2017 $ 31 $ 28 Severance and Permanently Balance at December 31, 2015 $ 27 $ 78 Accrual 27 (17) Payments (20) (20) Balance at September 30, 2016 $ 34 $ 41 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Computation of 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 Nine Months Ended 2017 2016 2017 2016 Earnings available to common stockholders $ 637 $ 965 $ 1,551 $ 1,866 Basic weighted-average shares outstanding 299.8 320.0 306.8 334.9 Effect of employee stock awards 0.8 0.4 0.8 0.3 Diluted weighted-average shares outstanding 300.6 320.4 307.6 335.2 Earnings per share, basic $ 2.12 $ 3.02 $ 5.06 $ 5.57 Earnings per share, diluted $ 2.12 $ 3.01 $ 5.04 $ 5.57 |
Accumulated Other Comprehensi19
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Components of Accumulated Other Comprehensive Income (Loss), Net of Tax | The tables below present the components of the Company’s accumulated other comprehensive income (loss), net of tax (“AOCI”) (in millions): Deferred Taxes UAL Pension and Fuel Investments Pension and Fuel Investments Total Balance at June 30, 2017 $ (860) $ — $ (16) $ 26 $ — $ 6 $ (844) Changes in value (9) — 26 3 — (9) 11 Amounts reclassified to earnings 14 — — (5) — — 9 Net change 5 — 26 (2) — (9) 20 Balance at September 30, 2017 $ (855) $ — $ 10 $ 24 $ — $ (3) $ (824) Balance at December 31, 2016 $ (854) $ (2) $ 1 $ 24 $ 1 $ 1 $ (829) Changes in value (42) — 9 15 — (3) (21) Amounts reclassified to earnings 41 2 — (15) (1) (1) 26 Net change (1) 2 9 — (1) (4) 5 Balance at September 30, 2017 $ (855) $ — $ 10 $ 24 $ — $ (3) $ (824) Deferred Taxes UAL Pension and Fuel Investments Pension and Fuel Investments Total Balance at June 30, 2016 $ (385) $ (41) $ 3 $ (146) $ (165) $ — $ (734) Changes in value (124) (6) 1 45 2 (1) (83) Amounts reclassified to earnings 6 24 (2) (2) (8) 1 19 Net change (118) 18 (1) 43 (6) — (64) Balance at September 30, 2016 $ (503) $ (23) $ 2 $ (103) $ (171) $ — $ (798) Balance at December 31, 2015 $ (363) $ (215) $ 3 $ (154) $ (102) $ — $ (831) Changes in value (157) (5) 1 57 2 (1) (103) Amounts reclassified to earnings 17 197 (2) (6) (71) 1 136 Net change (140) 192 (1) 51 (69) — 33 Balance at September 30, 2016 $ (503) $ (23) $ 2 $ (103) $ (171) $ — $ (798) Details about AOCI Components Amount Reclassified from AOCI to Income Affected Line Item in the Statements of Consolidated Operations Three Months Ended Nine Months Ended 2017 2016 2017 2016 Pension and other postretirement liabilities Amortization of unrecognized losses and prior service cost (a) $ 14 $ 6 $ 41 $ 17 Salaries and related costs Fuel derivative contracts Reclassifications of losses into earnings — 24 2 197 Aircraft fuel Investments and other Reclassifications of gains into earnings — (2) — (2) Miscellaneous, net (a) This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 5 of this report for additional information). |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Components of Net Periodic Benefit Cost | The Company’s net periodic benefit cost includes the following components (in millions): Pension Benefits Other Postretirement Three Months Ended September 30, Three Months Ended September 30, 2017 2016 2017 2016 Service cost $ 48 $ 29 $ 4 $ 4 Interest cost 55 50 16 22 Expected return on plan assets (61) (54) — — Amortization of unrecognized (gain) loss and prior service cost (credit) 32 19 (18) (13) Settlement loss 3 2 — — Curtailment gain — — — (47) Total $ 77 $ 46 $ 2 $ (34) Pension Benefits Other Postretirement Nine Months Ended Nine Months Ended 2017 2016 2017 2016 Service cost $ 146 $ 84 $ 10 $ 14 Interest cost 165 151 50 66 Expected return on plan assets (182) (162) (1) (1) Amortization of unrecognized (gain) loss and prior service cost (credit) 95 57 (54) (40) Settlement loss 5 4 — — Curtailment gain — — — (47) Total $ 229 $ 134 $ 5 $ (8) |
Share-Based Compensation Expense | The table below presents information related to share-based compensation (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Share-based compensation expense $ 10 $ 23 $ 66 $ 36 September 30, December 31, Unrecognized share-based compensation $ 90 $ 65 |
Financial Instruments and Fai21
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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): September 30, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,870 $ 1,870 $ — $ — $ 2,179 $ 2,179 $ — $ — Short-term investments: Corporate debt 959 — 959 — 835 — 835 — Asset-backed securities 891 — 891 — 792 — 792 — Certificates of deposit placed through an account registry service (“CDARS”) 142 — 142 — 246 — 246 — U.S. government and agency notes 112 — 112 — 140 — 140 — Other fixed-income securities 171 — 171 — 54 — 54 — Other investments measured at NAV 183 — — — 182 — — — Restricted cash 109 109 — — 124 124 — — Long-term investments: Equity securities 114 114 — — — — — — Enhanced equipment trust certificates (“EETC”) 21 — — 21 23 — — 23 |
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): Fair Value of Debt by Fair Value Hierarchy Level September 30, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Long-term debt $ 12,850 $ 13,217 $ — $ 9,640 $ 3,577 $ 10,767 $ 11,055 $ — $ 8,184 $ 2,871 |
Hedging Activities (Tables)
Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Gain on Derivative Instruments | The following table presents the impact of derivative instruments and their location within the Company’s unaudited statements of consolidated operations (in millions): Derivatives designated as cash flow hedges Amount of Loss Recognized in AOCI on Derivatives (Effective Portion) Loss Reclassified from Fuel Expense Three Months Ended Three Months Ended 2017 2016 2017 2016 Fuel contracts $ — $ (6) $ — $ (24) Amount of Loss Recognized in AOCI on Derivatives (Effective Portion) Loss Reclassified from Nine Months Ended Nine Months Ended 2017 2016 2017 2016 Fuel contracts $ — $ (5) $ (2) $ (197) (a) The 2017 loss reclassified from AOCI into fuel expense represents hedge losses on December 2016 settled trades, but for which the associated fuel purchased in December was not consumed until January 2017. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Commitments to Purchase Aircrafts | The table below summarizes United’s commitments as of September 30, 2017, which primarily relate to the acquisition of aircraft and related spare engines, aircraft improvements and include other capital purchase commitments. Any new firm aircraft orders, including through the exercise of purchase options and purchase rights, will increase the total future capital commitments of the Company. (in billions) Last three months of 2017 $ 0.9 2018 3.0 2019 3.1 2020 2.2 2021 1.4 After 2021 11.4 $ 22.0 |
Future Lease Payment Under Terms of Capacity Purchase Agreement | The table below summarizes the Company’s future payments through the end of the terms of our CPAs, excluding variable pass-through costs such as fuel and landing fees, among others. (in billions) Last three months of 2017 $ 0.5 2018 2.0 2019 1.8 2020 1.6 2021 1.5 After 2021 4.6 $ 12.0 |
Aircraft Type | |
Schedule of Commitments to Purchase Aircrafts | As of September 30, 2017, 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: Aircraft Type Number of Firm Airbus A350 45 Boeing 737 MAX 161 Boeing 777-300ER 4 Boeing 787 18 Embraer E175 5 (a) United also has options and purchase rights for additional aircraft. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Details of Pass Through Trusts | Certain details of the pass-through trusts with proceeds received from issuance of debt in 2017 are as follows (in millions, except stated interest rate): EETC Date Class Principal Final expected Stated Total debt recorded 2017 Proceeds received from issuance of debt during September 2016 AA $ 637 October 2028 2.875% $ 637 $ 557 September 2016 A 283 October 2028 3.10% 283 247 June 2016 AA 729 July 2028 3.10% 729 319 June 2016 A 324 July 2028 3.45% 324 142 $ 1,973 $ 1,973 $ 1,265 |
Contractual Principal Payments | The table below presents the Company’s contractual principal payments (not including debt discount or debt issuance costs) at September 30, 2017 under then-outstanding long-term debt agreements (in millions): Last three months of 2017 $ 184 2018 1,527 2019 1,115 2020 1,120 2021 1,107 After 2021 7,963 $ 13,016 |
Special Charges (Tables)
Special Charges (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Components of Special Charges | For the three and nine months ended September 30, special charges consisted of the following (in millions): Three Months Ended Nine Months Ended Operating: 2017 2016 2017 2016 Severance and benefit costs $ 23 $ 13 $ 101 $ 27 Impairment of assets 15 — 15 412 Labor agreement costs — 14 — 124 Cleveland airport lease restructuring — — — 74 (Gains) losses on sale of assets and other special charges 12 18 29 32 Special charges 50 45 145 669 Nonoperating: Other (gain) loss — — — (1) Special charges before income taxes 50 45 145 668 Income tax benefit related to special charges (18) (16) (52) (241) Total special charges, net of tax $ 32 $ 29 $ 93 $ 427 |
Schedule of Severance Related Accrual | The following is a reconciliation of severance and permanently grounded aircraft accrual activity for the nine months ended September 30: Severance and Permanently Grounded Balance at December 31, 2016 $ 14 $ 41 Accrual 101 — Payments (84) (13) Balance at September 30, 2017 $ 31 $ 28 Severance and Permanently Balance at December 31, 2015 $ 27 $ 78 Accrual 27 (17) Payments (20) (20) Balance at September 30, 2016 $ 34 $ 41 |
Recently Issued Accounting St26
Recently Issued Accounting Standards - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification from other operating revenue into passenger revenue | $ 8,528 | $ 8,603 | $ 24,324 | $ 23,696 | |
Topic 606 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification from other operating revenue into passenger revenue | $ 2,000 |
Computation of Earnings Per Sha
Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Computation of Earnings Per Share [Line Items] | ||||
Earnings available to common stockholders | $ 637 | $ 965 | $ 1,551 | $ 1,866 |
Basic weighted-average shares outstanding | 299.8 | 320 | 306.8 | 334.9 |
Effect of employee stock awards | 0.8 | 0.4 | 0.8 | 0.3 |
Diluted weighted-average shares outstanding | 300.6 | 320.4 | 307.6 | 335.2 |
Earnings per share, basic | $ 2.12 | $ 3.02 | $ 5.06 | $ 5.57 |
Earnings per share, diluted | $ 2.12 | $ 3.01 | $ 5.04 | $ 5.57 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) shares in Millions, $ in Billions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($)shares | Sep. 30, 2017USD ($)shares | |
Earnings Loss Per Share [Line Items] | ||
Amount remaining under repurchase programs | $ 0.6 | $ 0.6 |
Open Market Repurchase Program | ||
Earnings Loss Per Share [Line Items] | ||
Number of shares repurchased | shares | 8 | 18 |
Repurchases of common stock | $ 0.6 | $ 1.3 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance, net of tax | $ (734) | $ 8,659 | $ (831) | |
Changes in value, net of tax | (83) | (103) | ||
Amounts reclassified to earnings, net of tax | 19 | 136 | ||
Total other comprehensive income (loss), net | $ 20 | (64) | 5 | 33 |
Ending Balance, net of tax | 8,970 | (798) | 8,970 | (798) |
Pension and Other Postretirement Liabilities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance, before tax | (860) | (385) | (854) | (363) |
Changes in value, before tax | (9) | (124) | (42) | (157) |
Amounts reclassified to earnings, before tax | 14 | 6 | 41 | 17 |
Net change, before tax | 5 | (118) | (1) | (140) |
Ending Balance, before tax | (855) | (503) | (855) | (503) |
Beginning Balance, deferred taxes | 26 | (146) | 24 | (154) |
Changes in value, deferred taxes | 3 | 45 | 15 | 57 |
Amounts reclassified to earnings, deferred taxes | (5) | (2) | (15) | (6) |
Net change, deferred taxes | (2) | 43 | 51 | |
Ending Balance, deferred taxes | 24 | (103) | 24 | (103) |
Derivative Contracts | Fuel | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance, before tax | (41) | (2) | (215) | |
Changes in value, before tax | (6) | (5) | ||
Amounts reclassified to earnings, before tax | 24 | 2 | 197 | |
Net change, before tax | 18 | 2 | 192 | |
Ending Balance, before tax | (23) | (23) | ||
Beginning Balance, deferred taxes | (165) | 1 | (102) | |
Changes in value, deferred taxes | 2 | 2 | ||
Amounts reclassified to earnings, deferred taxes | (8) | (1) | (71) | |
Net change, deferred taxes | (6) | (1) | (69) | |
Ending Balance, deferred taxes | (171) | (171) | ||
Investments and Other | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance, before tax | (16) | 3 | 1 | 3 |
Changes in value, before tax | 26 | 1 | 9 | 1 |
Amounts reclassified to earnings, before tax | (2) | (2) | ||
Net change, before tax | 26 | (1) | 9 | (1) |
Ending Balance, before tax | 10 | 2 | 10 | 2 |
Beginning Balance, deferred taxes | 6 | 1 | ||
Changes in value, deferred taxes | (9) | (1) | (3) | (1) |
Amounts reclassified to earnings, deferred taxes | $ 1 | (1) | $ 1 | |
Net change, deferred taxes | (9) | (4) | ||
Ending Balance, deferred taxes | (3) | (3) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance, net of tax | (844) | (829) | ||
Changes in value, net of tax | 11 | (21) | ||
Amounts reclassified to earnings, net of tax | 9 | 26 | ||
Total other comprehensive income (loss), net | 20 | 5 | ||
Ending Balance, net of tax | $ (824) | $ (824) |
Details about Accumulated Other
Details about Accumulated Other Comprehensive Income Components (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Salaries And Related Costs | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amortization of unrecognized losses and prior service cost | [1] | $ 14 | $ 6 | $ 41 | $ 17 |
Miscellaneous, Net | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassifications of gains into earnings | (2) | (2) | |||
Fuel Oil Contract | Aircraft Fuel | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassifications of losses into earnings | $ 24 | $ 2 | $ 197 | ||
[1] | This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 5 of this report for additional information). |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Taxes [Line Items] | ||||
Effective income tax rate | 35.00% | 36.10% | 35.30% | 36.40% |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 48 | $ 29 | $ 146 | $ 84 |
Interest cost | 55 | 50 | 165 | 151 |
Expected return on plan assets | (61) | (54) | (182) | (162) |
Amortization of unrecognized (gain) loss and prior service cost (credit) | 32 | 19 | 95 | 57 |
Settlement loss | 3 | 2 | 5 | 4 |
Total | 77 | 46 | 229 | 134 |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 4 | 10 | 14 |
Interest cost | 16 | 22 | 50 | 66 |
Expected return on plan assets | (1) | (1) | ||
Amortization of unrecognized (gain) loss and prior service cost (credit) | (18) | (13) | (54) | (40) |
Curtailment gain | (47) | (47) | ||
Total | $ 2 | $ (34) | $ 5 | $ (8) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Pension Benefits | ||
Compensation and Retirement Disclosure [Abstract] | ||
Employer contribution to tax-qualified defined benefit pension plans | $ 160 | $ 400 |
RSUs | ||
Compensation and Retirement Disclosure [Abstract] | ||
Share-based compensation, other than options, awards granted | 1,500 | |
Share-based compensation, vesting period | 3 years | |
Performance Shares | ||
Compensation and Retirement Disclosure [Abstract] | ||
Share-based compensation, vesting period | 3 years | |
Share-Based Compensation, vesting date | Dec. 31, 2019 | |
Number of days used to compute performance period average closing price of restricted stock units | 20 days | |
Stock Options | ||
Compensation and Retirement Disclosure [Abstract] | ||
Share-based compensation, option awards granted | 36 | |
Time Vested Restricted Stock Units RSU | ||
Compensation and Retirement Disclosure [Abstract] | ||
Share-based compensation, other than options, awards granted | 900 | |
Performance Based Restricted Stock Units RSU | ||
Compensation and Retirement Disclosure [Abstract] | ||
Share-based compensation, other than options, awards granted | 600 |
Share-Based Compensation Expens
Share-Based Compensation Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||||
Share-based compensation expense | $ 10 | $ 23 | $ 66 | $ 36 | |
Unrecognized share-based compensation | $ 90 | $ 90 | $ 65 |
Financial Assets and Liabilitie
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 1,870 | $ 2,179 |
Restricted cash | 109 | 124 |
Equity securities | 114 | |
Enhanced equipment trust certificates ("EETC") | 21 | 23 |
Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 959 | 835 |
Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 891 | 792 |
CDARS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 142 | 246 |
U.S. Government and Agency Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 112 | 140 |
Other Fixed Income Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 171 | 54 |
Other Investments Measured At NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 183 | 182 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,870 | 2,179 |
Restricted cash | 109 | 124 |
Equity securities | 114 | |
Level 2 | Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 959 | 835 |
Level 2 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 891 | 792 |
Level 2 | CDARS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 142 | 246 |
Level 2 | U.S. Government and Agency Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 112 | 140 |
Level 2 | Other Fixed Income Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 171 | 54 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Enhanced equipment trust certificates ("EETC") | $ 21 | $ 23 |
Financial Instruments and Fai36
Financial Instruments and Fair Value Measurements - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017 | |
EETC | |
Fair Value [Line Items] | |
Available-for-sale securities remaining maturities | 2,019 |
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 | 17 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 | 1 year |
U.S. Government and Other Securities | Maximum | |
Fair Value [Line Items] | |
Available-for-sale securities remaining maturities | 2 years |
Carrying Values and Estimated F
Carrying Values and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Carrying (Reported) Amount, Fair Value Disclosure | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 12,850 | $ 10,767 |
Estimate of Fair Value, Fair Value Disclosure | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt fair value | 13,217 | 11,055 |
Estimate of Fair Value, Fair Value Disclosure | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt fair value | 9,640 | 8,184 |
Estimate of Fair Value, Fair Value Disclosure | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt fair value | $ 3,577 | $ 2,871 |
Hedging Activities - Additional
Hedging Activities - Additional Information (Detail) - Fuel Contract | 9 Months Ended |
Sep. 30, 2017Contract | |
Derivatives And Hedging Activities [Line Items] | |
Fuel hedging contracts outstanding | 0 |
Cash Flow Hedging | Designated as Hedging Instrument | |
Derivatives And Hedging Activities [Line Items] | |
Fuel hedges expiration date | 2016-12 |
Schedule of Gain on Derivative
Schedule of Gain on Derivative Instruments (Detail) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2017 | [1] | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion) | $ (6) | $ (5) | ||
Loss Reclassified from AOCI into Fuel Expense | $ (24) | $ (2) | $ (197) | |
[1] | The 2017 loss reclassified from AOCI into fuel expense represents hedge losses on December 2016 settled trades, but for which the associated fuel purchased in December was not consumed until January 2017. |
Schedule of Commitments to Purc
Schedule of Commitments to Purchase Aircrafts (Detail) - United Airlines, Inc. - Capital Addition Purchase Commitments | Sep. 30, 2017Aircraft | [1] |
Airbus A350 Aircraft | ||
Long-term Purchase Commitment [Line Items] | ||
Number of new aircraft committed to purchase | 45 | |
Boeing 737 MAX Aircraft | ||
Long-term Purchase Commitment [Line Items] | ||
Number of new aircraft committed to purchase | 161 | |
Boeing 777-300ER Aircraft | ||
Long-term Purchase Commitment [Line Items] | ||
Number of new aircraft committed to purchase | 4 | |
Boeing 787 Aircraft | ||
Long-term Purchase Commitment [Line Items] | ||
Number of new aircraft committed to purchase | 18 | |
Embraer E175 Aircraft | ||
Long-term Purchase Commitment [Line Items] | ||
Number of new aircraft committed to purchase | 5 | |
[1] | United also has options and purchase rights for additional aircraft. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Feb. 17, 2017Aircraft | Sep. 30, 2017USD ($)EmployeeAircraft | Sep. 30, 2017USD ($)EmployeeAircraft |
Commitments and Contingencies [Line Items] | |||
Aggregate balance | $ 12,000,000,000 | $ 12,000,000,000 | |
Tax-exempt special facilities revenue bonds | |||
Commitments and Contingencies [Line Items] | |||
Guarantor obligations, maximum exposure | 1,800,000,000 | 1,800,000,000 | |
Operating leases obligations | 1,400,000,000 | 1,400,000,000 | |
Capital leases obligations | 441,000,000 | 441,000,000 | |
Floating Rate Debt | |||
Commitments and Contingencies [Line Items] | |||
Debt instrument principal amount | 3,300,000,000 | 3,300,000,000 | |
Fixed Rate Debt | |||
Commitments and Contingencies [Line Items] | |||
Debt instrument principal amount | 68,000,000 | 68,000,000 | |
Loans And Leases From Non U S Entities | |||
Commitments and Contingencies [Line Items] | |||
Aggregate balance | 3,200,000,000 | 3,200,000,000 | |
Aircraft Mortgage Debt | |||
Commitments and Contingencies [Line Items] | |||
Guarantor obligations, maximum exposure | $ 159,000,000 | $ 159,000,000 | |
Minimum | Tax-exempt special facilities revenue bonds | |||
Commitments and Contingencies [Line Items] | |||
Debt instrument maturity year | 2,019 | ||
Maximum | |||
Commitments and Contingencies [Line Items] | |||
Debt instrument, remaining terms (years) | 11 years | ||
Maximum | Tax-exempt special facilities revenue bonds | |||
Commitments and Contingencies [Line Items] | |||
Debt instrument maturity year | 2,038 | ||
Maximum | Loans And Leases From Non U S Entities | |||
Commitments and Contingencies [Line Items] | |||
Debt instrument, remaining terms (years) | 11 years | ||
Air Wisconsin | Maximum | CRJ 200 | |||
Commitments and Contingencies [Line Items] | |||
Number of aircraft to operate | Aircraft | 65 | ||
United Airlines, Inc. | |||
Commitments and Contingencies [Line Items] | |||
Number of aircrafts under the extended term of contract | Aircraft | 125 | ||
Capacity purchase agreement contract expiration date after extension | Dec. 31, 2022 | ||
Debt instrument maturity year | 2,027 | ||
Debt instrument principal amount | $ 392,000,000 | $ 392,000,000 | |
Number of employees | Employee | 89,700 | 89,700 | |
Percentage of employees represented by various U.S. labor organizations | 80.00% | ||
United Airlines, Inc. | Turboprop Aircraft [Member] | |||
Commitments and Contingencies [Line Items] | |||
Number of aircraft to be retire from service | Aircraft | 21 | 21 | |
United Airlines, Inc. | Delivered in Last Three Months of 2017 | Embraer E175 Aircraft | |||
Commitments and Contingencies [Line Items] | |||
Number of additional aircraft ordered for future delivery | Aircraft | 5 | 5 | |
United Airlines, Inc. | Capital Addition Purchase Commitments | |||
Commitments and Contingencies [Line Items] | |||
New aircraft, scheduled delivery date | 2,027 | ||
United Airlines, Inc. | Capital Addition Purchase Commitments | Embraer E175 Aircraft | |||
Commitments and Contingencies [Line Items] | |||
Number of aircraft expected to be delivered through the remainder of 2017 | Aircraft | 5 | 5 | |
United Airlines, Inc. | Capital Addition Purchase Commitments | A319 aircraft | |||
Commitments and Contingencies [Line Items] | |||
Number of aircraft expected to be delivered through the remainder of 2017 | Aircraft | 4 | 4 | |
United Airlines, Inc. | Capital Addition Purchase Commitments | Airbus A320 Aircraft | |||
Commitments and Contingencies [Line Items] | |||
Number of aircraft expected to be delivered through the remainder of 2017 | Aircraft | 2 | 2 |
Schedule of Acquisition of Airc
Schedule of Acquisition of Aircrafts and Related Spare Engines (Detail) $ in Billions | Sep. 30, 2017USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Last three months of 2017 | $ 0.9 |
2,018 | 3 |
2,019 | 3.1 |
2,020 | 2.2 |
2,021 | 1.4 |
After 2,021 | 11.4 |
Total commitments | $ 22 |
Future Lease Payment Under Term
Future Lease Payment Under Terms of Capacity Purchase Agreement (Detail) $ in Billions | Sep. 30, 2017USD ($) |
Long-term Purchase Commitment [Line Items] | |
Last three months of 2017 | $ 0.5 |
2,018 | 2 |
2,019 | 1.8 |
2,020 | 1.6 |
2,021 | 1.5 |
After 2,021 | 4.6 |
Contractual Obligation, Total | $ 12 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2017USD ($) | Jan. 30, 2017USD ($) | Sep. 30, 2017USD ($) | |
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Minimum ratio of appraised value of collateral to the outstanding obligations | 1.60 | 1.60 | |
Credit Agreement | Minimum | |||
Debt Instrument [Line Items] | |||
Credit Agreement Covenants Minimum Liquidity Requirement Value | $ 2,000,000,000 | ||
United Airlines, Inc. | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 392,000,000 | $ 392,000,000 | |
Debt instrument maturity year | 2,027 | ||
United Airlines, Inc. | 4.25% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 400,000,000 | $ 400,000,000 | |
Debt instrument maturity date | Oct. 1, 2022 | ||
Debt instrument stated interest rate | 4.25% | 4.25% | |
Notes repurchase price | 101.00% | ||
United Airlines, Inc. | 5% Senior Notes due 2024 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 300,000,000 | ||
Debt instrument maturity date | Feb. 1, 2024 | ||
Debt instrument stated interest rate | 5.00% | ||
Notes repurchase price | 101.00% | ||
United Airlines, Inc. | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage | 0.75% | ||
United Airlines, Inc. | Secured Debt | |||
Debt Instrument [Line Items] | |||
Quarterly principal repayment amount | 0.25% | 0.25% | |
United Airlines, Inc. | Secured Debt | Term Loan Due April 1, 2024 [Member] | Interest Rate Floor | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.00% | ||
United Airlines, Inc. | Secured Debt | Term Loan Due April 1, 2024 [Member] | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.25% | ||
United Airlines, Inc. | Secured Debt | Term Loan Due April 1, 2024 [Member] | Certain Market Interest Rates | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.25% | ||
United Airlines, Inc. | Secured Debt | Term Loan Facility Due April 1, 2024 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 1,500,000,000 | $ 1,500,000,000 | |
Debt instrument maturity date | Apr. 1, 2024 | ||
Increase in term loan balance | $ 440,000,000 | ||
United Airlines, Inc. | Secured Debt | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit agreement | 2,000,000,000 | 2,000,000,000 | |
United Airlines, Inc. | Secured Debt | Revolving Credit Facility Available For Drawing Until April 1, 2022 | |||
Debt Instrument [Line Items] | |||
Credit agreement | $ 2,000,000,000 | $ 2,000,000,000 | |
Revolving credit facility available for drawing date | Apr. 1, 2022 |
Details of Pass Through Trusts
Details of Pass Through Trusts (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | ||
Proceeds received from issuance of debt | $ 2,119 | $ 510 |
United Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Principal | 392 | |
Proceeds received from issuance of debt | 2,119 | $ 510 |
United Airlines, Inc. | Class AA Pass Through Certificates | September 2016 | ||
Debt Instrument [Line Items] | ||
Principal | $ 637 | |
Final expected distribution date | 2028-10 | |
Stated interest rate | 2.875% | |
Total debt recorded | $ 637 | |
Proceeds received from issuance of debt | 557 | |
United Airlines, Inc. | Class AA Pass Through Certificates | June 2016 | ||
Debt Instrument [Line Items] | ||
Principal | $ 729 | |
Final expected distribution date | 2028-07 | |
Stated interest rate | 3.10% | |
Total debt recorded | $ 729 | |
Proceeds received from issuance of debt | 319 | |
United Airlines, Inc. | Class A Pass Through Certificates | September 2016 | ||
Debt Instrument [Line Items] | ||
Principal | $ 283 | |
Final expected distribution date | 2028-10 | |
Stated interest rate | 3.10% | |
Total debt recorded | $ 283 | |
Proceeds received from issuance of debt | 247 | |
United Airlines, Inc. | Class A Pass Through Certificates | June 2016 | ||
Debt Instrument [Line Items] | ||
Principal | $ 324 | |
Final expected distribution date | 2028-07 | |
Stated interest rate | 3.45% | |
Total debt recorded | $ 324 | |
Proceeds received from issuance of debt | 142 | |
United Airlines, Inc. | EETC | ||
Debt Instrument [Line Items] | ||
Principal | 1,973 | |
Total debt recorded | 1,973 | |
Proceeds received from issuance of debt | $ 1,265 |
Contractual Principal Payments
Contractual Principal Payments Not Including Debt Discount Or Debt Issuance Costs (Detail) - UAL and United $ in Millions | Sep. 30, 2017USD ($) |
Debt Instrument [Line Items] | |
Last three months of 2017 | $ 184 |
2,018 | 1,527 |
2,019 | 1,115 |
2,020 | 1,120 |
2,021 | 1,107 |
After 2,021 | 7,963 |
Long-term debt | $ 13,016 |
Components of Special Charges (
Components of Special Charges (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating: | ||||
Severance and benefit costs | $ 23 | $ 13 | $ 101 | $ 27 |
Impairment of assets | 15 | 15 | 412 | |
Labor agreement costs | 14 | 124 | ||
Cleveland airport lease restructuring | 74 | |||
(Gains) losses on sale of assets and other special charges | 12 | 18 | 29 | 32 |
Special charges | 50 | 45 | 145 | 669 |
Nonoperating: | ||||
Other (gain) loss | (1) | |||
Special charges before income taxes | 50 | 45 | 145 | 668 |
Income tax benefit related to special charges | (18) | (16) | (52) | (241) |
Total special charges, net of tax | $ 32 | $ 29 | $ 93 | $ 427 |
Special Charges - Additional In
Special Charges - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($)Technician | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)plan | |
Special Charges [Line Items] | ||||||
Severance and benefits costs | $ 23,000,000 | $ 13,000,000 | $ 101,000,000 | $ 27,000,000 | ||
Severance and benefits costs net of tax | 8,000,000 | 17,000,000 | ||||
Impairment of assets | 15,000,000 | 15,000,000 | 412,000,000 | |||
Labor agreement costs | 14,000,000 | $ 124,000,000 | ||||
Lease maturity year | 2,029 | |||||
Cleveland airport lease restructuring | $ 74,000,000 | |||||
Cleveland airport lease restructuring, net of taxes | 47,000,000 | |||||
Accrual severance and benefit | 31,000,000 | 34,000,000 | $ 31,000,000 | 34,000,000 | ||
Severance-related accrual expected payment date | 2,019 | |||||
Accrual for permanently grounded aircraft | 28,000,000 | 41,000,000 | $ 28,000,000 | 41,000,000 | ||
Grounded aircraft related accrual expected payment date | 2,025 | |||||
Postretirement Medical Plan | Flight Attendant Postretirement Medical Plan | ||||||
Special Charges [Line Items] | ||||||
Curtailment gain recognition of prior service credit | 47,000,000 | |||||
Curtailment gain recognition of prior service credit,net of tax | $ 30,000,000 | |||||
Number of plans amended | plan | 2 | |||||
Newark Liberty International Airport | ||||||
Special Charges [Line Items] | ||||||
Impairment of indefinite-lived intangible assets | $ 412,000,000 | |||||
Impairment of indefinite-lived intangible assets, net of tax benefits | $ 264,000,000 | |||||
International Brotherhood of Teamsters | ||||||
Special Charges [Line Items] | ||||||
Severance and benefits costs | 16,000,000 | $ 73,000,000 | ||||
Severance and benefits costs net of tax | 10,000,000 | 47,000,000 | ||||
Int'l Association of Machinists | ||||||
Special Charges [Line Items] | ||||||
Labor agreement costs | 61,000,000 | $ 171,000,000 | ||||
Labor agreement costs net of tax | $ 39,000,000 | $ 109,000,000 | ||||
Voluntary early out program | International Brotherhood of Teamsters | ||||||
Special Charges [Line Items] | ||||||
Number of positions eliminated | Technician | 1,000 | |||||
Voluntary early out program | International Brotherhood of Teamsters | Maximum | ||||||
Special Charges [Line Items] | ||||||
Severance payment per participant | $ 100,000 | |||||
Management Reorganization Initiative | ||||||
Special Charges [Line Items] | ||||||
Severance and benefits costs | 7,000,000 | 28,000,000 | ||||
Severance and benefits costs net of tax | 5,000,000 | $ 18,000,000 | ||||
Maintenance Service Agreement | ||||||
Special Charges [Line Items] | ||||||
Impairment of assets | 15,000,000 | |||||
Impairment of assets net of tax | $ 10,000,000 |
Schedule of Severance Related A
Schedule of Severance Related Accrual (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Severance and Benefits Costs | ||
Schedule Of Accrual Activity [Line Items] | ||
Beginning Balance | $ 14 | $ 27 |
Accrual | 101 | 27 |
Payments | (84) | (20) |
Ending Balance | 31 | 34 |
Permanently Grounded Aircraft | ||
Schedule Of Accrual Activity [Line Items] | ||
Beginning Balance | 41 | 78 |
Accrual | (17) | |
Payments | (13) | (20) |
Ending Balance | $ 28 | $ 41 |