Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 14, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-06033 | |
Entity Registrant Name | United Airlines Holdings, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-2675207 | |
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 | |
Entity Common Stock, Shares Outstanding | 326,744,698 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000100517 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | UAL | |
Security Exchange Name | NASDAQ | |
Preferred Stock Purchase Rights | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
United Airlines, Inc. | ||
Entity Information [Line Items] | ||
Entity File Number | 001-10323 | |
Entity Registrant Name | United Airlines, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2099724 | |
Entity Address, Address Line One | 233 South Wacker Drive, | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | (872) | |
Local Phone Number | 825-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Entity Central Index Key | 0000319687 |
Statements of Consolidated Oper
Statements of Consolidated Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating revenue: | ||||
Operating revenue | $ 12,112 | $ 5,471 | $ 19,678 | $ 8,692 |
Operating expense: | ||||
Salaries and related costs | 2,836 | 2,276 | 5,623 | 4,500 |
Aircraft fuel | 3,811 | 1,232 | 6,041 | 2,083 |
Landing fees and other rent | 668 | 564 | 1,280 | 1,083 |
Depreciation and amortization | 611 | 620 | 1,222 | 1,243 |
Regional capacity purchase | 567 | 547 | 1,132 | 1,026 |
Aircraft maintenance materials and outside repairs | 527 | 302 | 934 | 571 |
Distribution expenses | 393 | 139 | 619 | 224 |
Aircraft rent | 67 | 52 | 128 | 107 |
Special charges (credits) | 112 | (948) | 104 | (2,325) |
Other operating expenses | 1,642 | 957 | 3,093 | 1,831 |
Total operating expense | 11,234 | 5,741 | 20,176 | 10,343 |
Operating income (loss) | 878 | (270) | (498) | (1,651) |
Nonoperating income (expense): | ||||
Interest expense | (420) | (426) | (844) | (779) |
Interest capitalized | 22 | 22 | 46 | 39 |
Interest income | 33 | 12 | 38 | 19 |
Unrealized gains (losses) on investments, net | (40) | 147 | (40) | 125 |
Miscellaneous, net | (14) | (49) | 5 | (68) |
Total nonoperating expense, net | (419) | (294) | (795) | (664) |
Income (loss) before income tax expense (benefit) | 459 | (564) | (1,293) | (2,315) |
Income tax expense (benefit) | 130 | (130) | (245) | (524) |
Net income (loss) | $ 329 | $ (434) | $ (1,048) | $ (1,791) |
Earnings (loss) per share, basic (in dollars per share) | $ 1.01 | $ (1.34) | $ (3.22) | $ (5.60) |
Earnings (loss) per share, diluted ( in dollars per share) | $ 1 | $ (1.34) | $ (3.22) | $ (5.60) |
Passenger revenue | ||||
Operating revenue: | ||||
Operating revenue | $ 10,829 | $ 4,366 | $ 17,177 | $ 6,682 |
Cargo | ||||
Operating revenue: | ||||
Operating revenue | 574 | 606 | 1,201 | 1,103 |
Other operating revenue | ||||
Operating revenue: | ||||
Operating revenue | $ 709 | $ 499 | $ 1,300 | $ 907 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 329 | $ (434) | $ (1,048) | $ (1,791) |
Other comprehensive income (loss), net of tax: | ||||
Employee benefit plans | 4 | 12 | 9 | 26 |
Investments and other | (11) | 0 | (11) | (1) |
Total other comprehensive income (loss), net of tax | (7) | 12 | (2) | 25 |
Total comprehensive income (loss), net | $ 322 | $ (422) | $ (1,050) | $ (1,766) |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 16,885 | $ 18,283 |
Short-term investments | 3,190 | 123 |
Restricted cash | 43 | 37 |
Receivables, less allowance for credit losses (2022 — $31; 2021 — $28) | 2,217 | 1,663 |
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 — $578; 2021 — $546) | 1,153 | 983 |
Prepaid expenses and other | 883 | 745 |
Total current assets | 24,371 | 21,834 |
Operating property and equipment: | ||
Flight equipment | 40,044 | 39,584 |
Other property and equipment | 9,019 | 8,764 |
Purchase deposits for flight equipment | 2,338 | 2,215 |
Total operating property and equipment | 51,401 | 50,563 |
Less — Accumulated depreciation and amortization | (19,548) | (18,489) |
Total operating property and equipment, net | 31,853 | 32,074 |
Operating lease right-of-use assets | 4,440 | 4,645 |
Other assets: | ||
Goodwill | 4,527 | 4,527 |
Intangibles, less accumulated amortization (2022 — $1,451; 2021 — $1,544) | 2,782 | 2,803 |
Restricted cash | 204 | 213 |
Deferred income taxes | 907 | 659 |
Investments in affiliates and other, less allowance for credit losses (2022 — $623; 2021 — $622) | 1,297 | 1,420 |
Total other assets | 9,717 | 9,622 |
Total assets | 70,381 | 68,175 |
Current liabilities: | ||
Accounts payable | 3,755 | 2,562 |
Accrued salaries and benefits | 1,943 | 2,121 |
Advance ticket sales | 9,931 | 6,354 |
Frequent flyer deferred revenue | 2,590 | 2,239 |
Current maturities of long-term debt | 3,012 | 3,002 |
Current maturities of other financial liabilities | 914 | 834 |
Current maturities of operating leases | 543 | 556 |
Current maturities of finance leases | 78 | 76 |
Other | 678 | 560 |
Total current liabilities | 23,444 | 18,304 |
Long-term debt | 29,175 | 30,361 |
Long-term obligations under operating leases | 4,997 | 5,152 |
Long-term obligations under finance leases | 205 | 219 |
Other liabilities and deferred credits: | ||
Frequent flyer deferred revenue | 3,905 | 4,043 |
Pension liability | 1,934 | 1,920 |
Postretirement benefit liability | 964 | 1,000 |
Other financial liabilities | 496 | 863 |
Other | 1,297 | 1,284 |
Total other liabilities and deferred credits | 8,596 | 9,110 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 326,744,101 and 323,810,825 shares at June 30, 2022 and December 31, 2021, respectively | 4 | 4 |
Additional capital invested | 8,970 | 9,156 |
Stock held in treasury, at cost | (3,551) | (3,814) |
Retained earnings (accumulated deficit) | (515) | 625 |
Accumulated other comprehensive loss | (944) | (942) |
Total stockholders' equity | 3,964 | 5,029 |
Total liabilities and stockholders' equity | $ 70,381 | $ 68,175 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for credit losses | $ 31 | $ 28 |
Aircraft fuel, spare, parts and supplies, obsolescence allowance | 578 | 546 |
Intangibles, accumulated amortization | 1,451 | 1,544 |
Allowance for credit losses on investments in affiliates and other | $ 623 | $ 622 |
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) | 326,744,101 | 323,810,825 |
Condensed Statements of Consoli
Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | $ 4,167 | $ 3,122 | |
Cash Flows from Investing Activities: | |||
Capital expenditures, net of flight equipment purchase deposit returns | (952) | (1,305) | |
Purchases of short-term and other investments | (3,302) | 0 | |
Proceeds from sale of short-term and other investments | 215 | 184 | |
Proceeds from sale of property and equipment | 138 | 13 | |
Other, net | (13) | (2) | |
Net cash used in investing activities | (3,914) | (1,110) | |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt, net of discounts and fees | 212 | 11,116 | |
Proceeds from equity issuance | 0 | 532 | |
Payments of long-term debt, finance leases and other financing liabilities | (1,795) | (4,072) | |
Other, net | (71) | (22) | |
Net cash provided by (used in) financing activities | (1,654) | 7,554 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,401) | 9,566 | |
Cash, cash equivalents and restricted cash at beginning of the period | 18,533 | 11,742 | |
Cash, cash equivalents and restricted cash at end of the period | [1] | 17,132 | 21,308 |
Investing and Financing Activities Not Affecting Cash: | |||
Property and equipment acquired through the issuance of debt, finance leases and other | 0 | 761 | |
Lease modifications and lease conversions | 82 | 59 | |
Right-of-use assets acquired through operating leases | 84 | 214 | |
Equity investment interest received in exchange for aircraft | 42 | 0 | |
Notes receivable and warrants received for entering into agreements | $ 2 | $ 139 | |
[1]The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Current assets: Cash and cash equivalents $ 16,885 $ 20,838 Restricted cash — Current 43 254 Restricted cash — Non-Current 204 216 Total cash, cash equivalents and restricted cash $ 17,132 $ 21,308 |
Condensed Statements of Conso_2
Condensed Statements of Consolidated Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | ||
Current assets: | ||||||
Cash and cash equivalents | $ 16,885 | $ 18,283 | $ 20,838 | |||
Restricted cash — Current | 43 | 37 | 254 | |||
Restricted cash — Non-Current | 204 | 213 | 216 | |||
Total cash, cash equivalents and restricted cash | $ 17,132 | [1] | $ 18,533 | $ 21,308 | [1] | $ 11,742 |
[1]The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Current assets: Cash and cash equivalents $ 16,885 $ 20,838 Restricted cash — Current 43 254 Restricted cash — Non-Current 204 216 Total cash, cash equivalents and restricted cash $ 17,132 $ 21,308 |
Statements of Consolidated Stoc
Statements of Consolidated Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Capital Invested | Treasury Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) |
Balance (in shares) at Dec. 31, 2020 | 311,800,000 | |||||
Balance at Dec. 31, 2020 | $ 5,960 | $ 4 | $ 8,366 | $ (3,897) | $ 2,626 | $ (1,139) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (1,791) | (1,791) | ||||
Other comprehensive income (loss) | 25 | 25 | ||||
Stock-settled share-based compensation | 100 | 100 | ||||
Issuance of common stock (in shares) | 11,000,000 | |||||
Issuance of common stock | 532 | 532 | ||||
Warrants issued | 99 | 99 | ||||
Stock issued for share-based awards, net of shares withheld for tax (in shares) | 800,000 | |||||
Stock issued for share-based awards, net of shares withheld for tax | (21) | (55) | 65 | (31) | ||
Balance (in shares) at Jun. 30, 2021 | 323,600,000 | |||||
Balance at Jun. 30, 2021 | 4,904 | $ 4 | 9,042 | (3,832) | 804 | (1,114) |
Balance (in shares) at Mar. 31, 2021 | 323,600,000 | |||||
Balance at Mar. 31, 2021 | 5,206 | $ 4 | 8,923 | (3,834) | 1,239 | (1,126) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (434) | (434) | ||||
Other comprehensive income (loss) | 12 | 12 | ||||
Stock-settled share-based compensation | 68 | 68 | ||||
Warrants issued | 52 | 52 | ||||
Stock issued for share-based awards, net of shares withheld for tax (in shares) | 0 | |||||
Stock issued for share-based awards, net of shares withheld for tax | 0 | (1) | 2 | (1) | ||
Balance (in shares) at Jun. 30, 2021 | 323,600,000 | |||||
Balance at Jun. 30, 2021 | $ 4,904 | $ 4 | 9,042 | (3,832) | 804 | (1,114) |
Balance (in shares) at Dec. 31, 2021 | 323,810,825 | 323,800,000 | ||||
Balance at Dec. 31, 2021 | $ 5,029 | $ 4 | 9,156 | (3,814) | 625 | (942) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (1,048) | (1,048) | ||||
Other comprehensive income (loss) | (2) | (2) | ||||
Stock-settled share-based compensation | 55 | 55 | ||||
Stock issued for share-based awards, net of shares withheld for tax (in shares) | 2,900,000 | |||||
Stock issued for share-based awards, net of shares withheld for tax | $ (70) | (241) | 263 | (92) | ||
Balance (in shares) at Jun. 30, 2022 | 326,744,101 | 326,700,000 | ||||
Balance at Jun. 30, 2022 | $ 3,964 | $ 4 | 8,970 | (3,551) | (515) | (944) |
Balance (in shares) at Mar. 31, 2022 | 326,700,000 | |||||
Balance at Mar. 31, 2022 | 3,624 | $ 4 | 8,953 | (3,552) | (844) | (937) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 329 | 329 | ||||
Other comprehensive income (loss) | (7) | (7) | ||||
Stock-settled share-based compensation | 17 | 17 | ||||
Stock issued for share-based awards, net of shares withheld for tax (in shares) | 0 | |||||
Stock issued for share-based awards, net of shares withheld for tax | $ 1 | 0 | 1 | 0 | ||
Balance (in shares) at Jun. 30, 2022 | 326,744,101 | 326,700,000 | ||||
Balance at Jun. 30, 2022 | $ 3,964 | $ 4 | $ 8,970 | $ (3,551) | $ (515) | $ (944) |
Statements of Consolidated Op_2
Statements of Consolidated Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating revenue: | ||||
Operating revenue | $ 12,112 | $ 5,471 | $ 19,678 | $ 8,692 |
Operating expense: | ||||
Salaries and related costs | 2,836 | 2,276 | 5,623 | 4,500 |
Aircraft fuel | 3,811 | 1,232 | 6,041 | 2,083 |
Landing fees and other rent | 668 | 564 | 1,280 | 1,083 |
Depreciation and amortization | 611 | 620 | 1,222 | 1,243 |
Regional capacity purchase | 567 | 547 | 1,132 | 1,026 |
Aircraft maintenance materials and outside repairs | 527 | 302 | 934 | 571 |
Distribution expenses | 393 | 139 | 619 | 224 |
Aircraft rent | 67 | 52 | 128 | 107 |
Special charges (credits) | 112 | (948) | 104 | (2,325) |
Other operating expenses | 1,642 | 957 | 3,093 | 1,831 |
Total operating expense | 11,234 | 5,741 | 20,176 | 10,343 |
Operating income (loss) | 878 | (270) | (498) | (1,651) |
Nonoperating income (expense): | ||||
Interest expense | (420) | (426) | (844) | (779) |
Interest capitalized | 22 | 22 | 46 | 39 |
Interest income | 33 | 12 | 38 | 19 |
Unrealized gains (losses) on investments, net | (40) | 147 | (40) | 125 |
Miscellaneous, net | (14) | (49) | 5 | (68) |
Total nonoperating expense, net | (419) | (294) | (795) | (664) |
Income (loss) before income tax expense (benefit) | 459 | (564) | (1,293) | (2,315) |
Income tax expense (benefit) | 130 | (130) | (245) | (524) |
Net income (loss) | 329 | (434) | (1,048) | (1,791) |
United Airlines, Inc. | ||||
Operating revenue: | ||||
Operating revenue | 12,112 | 5,471 | 19,678 | 8,692 |
Operating expense: | ||||
Salaries and related costs | 2,836 | 2,276 | 5,623 | 4,500 |
Aircraft fuel | 3,811 | 1,232 | 6,041 | 2,083 |
Landing fees and other rent | 668 | 564 | 1,280 | 1,083 |
Depreciation and amortization | 611 | 620 | 1,222 | 1,243 |
Regional capacity purchase | 567 | 547 | 1,132 | 1,026 |
Aircraft maintenance materials and outside repairs | 527 | 302 | 934 | 571 |
Distribution expenses | 393 | 139 | 619 | 224 |
Aircraft rent | 67 | 52 | 128 | 107 |
Special charges (credits) | 112 | (948) | 104 | (2,325) |
Other operating expenses | 1,642 | 956 | 3,092 | 1,830 |
Total operating expense | 11,234 | 5,740 | 20,175 | 10,342 |
Operating income (loss) | 878 | (269) | (497) | (1,650) |
Nonoperating income (expense): | ||||
Interest expense | (420) | (426) | (844) | (779) |
Interest capitalized | 22 | 22 | 46 | 39 |
Interest income | 33 | 12 | 38 | 19 |
Unrealized gains (losses) on investments, net | (40) | 147 | (40) | 125 |
Miscellaneous, net | (14) | (50) | 5 | (69) |
Total nonoperating expense, net | (419) | (295) | (795) | (665) |
Income (loss) before income tax expense (benefit) | 459 | (564) | (1,292) | (2,315) |
Income tax expense (benefit) | 129 | (130) | (245) | (524) |
Net income (loss) | 330 | (434) | (1,047) | (1,791) |
Passenger revenue | ||||
Operating revenue: | ||||
Operating revenue | 10,829 | 4,366 | 17,177 | 6,682 |
Passenger revenue | United Airlines, Inc. | ||||
Operating revenue: | ||||
Operating revenue | 10,829 | 4,366 | 17,177 | 6,682 |
Cargo | ||||
Operating revenue: | ||||
Operating revenue | 574 | 606 | 1,201 | 1,103 |
Cargo | United Airlines, Inc. | ||||
Operating revenue: | ||||
Operating revenue | 574 | 606 | 1,201 | 1,103 |
Other operating revenue | ||||
Operating revenue: | ||||
Operating revenue | 709 | 499 | 1,300 | 907 |
Other operating revenue | United Airlines, Inc. | ||||
Operating revenue: | ||||
Operating revenue | $ 709 | $ 499 | $ 1,300 | $ 907 |
Statements of Consolidated Co_2
Statements of Consolidated Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income (loss) | $ 329 | $ (434) | $ (1,048) | $ (1,791) |
Other comprehensive income (loss), net of tax: | ||||
Employee benefit plans | 4 | 12 | 9 | 26 |
Investments and other | (11) | 0 | (11) | (1) |
Total other comprehensive income (loss), net of tax | (7) | 12 | (2) | 25 |
Total comprehensive income (loss), net | 322 | (422) | (1,050) | (1,766) |
United Airlines, Inc. | ||||
Net income (loss) | 330 | (434) | (1,047) | (1,791) |
Other comprehensive income (loss), net of tax: | ||||
Employee benefit plans | 4 | 12 | 9 | 26 |
Investments and other | (11) | 0 | (11) | (1) |
Total other comprehensive income (loss), net of tax | (7) | 12 | (2) | 25 |
Total comprehensive income (loss), net | $ 323 | $ (422) | $ (1,049) | $ (1,766) |
Consolidated Balance Sheets (_3
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 16,885 | $ 18,283 |
Short-term investments | 3,190 | 123 |
Restricted cash | 43 | 37 |
Receivables, less allowance for credit losses (2022 — $31; 2021 — $28) | 2,217 | 1,663 |
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 — $578; 2021 — $546) | 1,153 | 983 |
Prepaid expenses and other | 883 | 745 |
Total current assets | 24,371 | 21,834 |
Operating property and equipment: | ||
Flight equipment | 40,044 | 39,584 |
Other property and equipment | 9,019 | 8,764 |
Purchase deposits for flight equipment | 2,338 | 2,215 |
Total operating property and equipment | 51,401 | 50,563 |
Less — Accumulated depreciation and amortization | (19,548) | (18,489) |
Total operating property and equipment, net | 31,853 | 32,074 |
Operating lease right-of-use assets | 4,440 | 4,645 |
Other assets: | ||
Goodwill | 4,527 | 4,527 |
Intangibles, less accumulated amortization (2022 — $1,451; 2021 — $1,544) | 2,782 | 2,803 |
Restricted cash | 204 | 213 |
Deferred income taxes | 907 | 659 |
Investments in affiliates and other, less allowance for credit losses (2022 — $623; 2021 — $622) | 1,297 | 1,420 |
Total other assets | 9,717 | 9,622 |
Total assets | 70,381 | 68,175 |
Current liabilities: | ||
Accounts payable | 3,755 | 2,562 |
Accrued salaries and benefits | 1,943 | 2,121 |
Advance ticket sales | 9,931 | 6,354 |
Frequent flyer deferred revenue | 2,590 | 2,239 |
Current maturities of long-term debt | 3,012 | 3,002 |
Current maturities of other financial liabilities | 914 | 834 |
Current maturities of operating leases | 543 | 556 |
Current maturities of finance leases | 78 | 76 |
Other | 678 | 560 |
Total current liabilities | 23,444 | 18,304 |
Long-term debt | 29,175 | 30,361 |
Long-term obligations under operating leases | 4,997 | 5,152 |
Long-term obligations under finance leases | 205 | 219 |
Other liabilities and deferred credits: | ||
Frequent flyer deferred revenue | 3,905 | 4,043 |
Pension liability | 1,934 | 1,920 |
Postretirement benefit liability | 964 | 1,000 |
Other financial liabilities | 496 | 863 |
Other | 1,297 | 1,284 |
Total other liabilities and deferred credits | 8,596 | 9,110 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock at par, $0.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at both June 30, 2022 and December 31, 2021 | 4 | 4 |
Additional capital invested | 8,970 | 9,156 |
Retained earnings (accumulated deficit) | (515) | 625 |
Accumulated other comprehensive loss | (944) | (942) |
Total stockholders' equity | 3,964 | 5,029 |
Total liabilities and stockholders' equity | 70,381 | 68,175 |
United Airlines, Inc. | ||
Current assets: | ||
Cash and cash equivalents | 16,885 | 18,283 |
Short-term investments | 3,190 | 123 |
Restricted cash | 43 | 37 |
Receivables, less allowance for credit losses (2022 — $31; 2021 — $28) | 2,217 | 1,663 |
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 — $578; 2021 — $546) | 1,153 | 983 |
Prepaid expenses and other | 883 | 745 |
Total current assets | 24,371 | 21,834 |
Operating property and equipment: | ||
Flight equipment | 40,044 | 39,584 |
Other property and equipment | 9,019 | 8,764 |
Purchase deposits for flight equipment | 2,338 | 2,215 |
Total operating property and equipment | 51,401 | 50,563 |
Less — Accumulated depreciation and amortization | (19,548) | (18,489) |
Total operating property and equipment, net | 31,853 | 32,074 |
Operating lease right-of-use assets | 4,440 | 4,645 |
Other assets: | ||
Goodwill | 4,527 | 4,527 |
Intangibles, less accumulated amortization (2022 — $1,451; 2021 — $1,544) | 2,782 | 2,803 |
Restricted cash | 204 | 213 |
Deferred income taxes | 878 | 631 |
Investments in affiliates and other, less allowance for credit losses (2022 — $623; 2021 — $622) | 1,297 | 1,420 |
Total other assets | 9,688 | 9,594 |
Total assets | 70,352 | 68,147 |
Current liabilities: | ||
Accounts payable | 3,755 | 2,562 |
Accrued salaries and benefits | 1,943 | 2,121 |
Advance ticket sales | 9,931 | 6,354 |
Frequent flyer deferred revenue | 2,590 | 2,239 |
Current maturities of long-term debt | 3,012 | 3,002 |
Current maturities of other financial liabilities | 914 | 834 |
Current maturities of operating leases | 543 | 556 |
Current maturities of finance leases | 78 | 76 |
Other | 680 | 563 |
Total current liabilities | 23,446 | 18,307 |
Long-term debt | 29,175 | 30,361 |
Long-term obligations under operating leases | 4,997 | 5,152 |
Long-term obligations under finance leases | 205 | 219 |
Other liabilities and deferred credits: | ||
Frequent flyer deferred revenue | 3,905 | 4,043 |
Pension liability | 1,934 | 1,920 |
Postretirement benefit liability | 964 | 1,000 |
Other financial liabilities | 496 | 863 |
Other | 1,297 | 1,284 |
Total other liabilities and deferred credits | 8,596 | 9,110 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock at par, $0.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at both June 30, 2022 and December 31, 2021 | 0 | 0 |
Additional capital invested | 373 | 317 |
Retained earnings (accumulated deficit) | 1,930 | 2,977 |
Accumulated other comprehensive loss | (944) | (942) |
Payable to parent | 2,574 | 2,646 |
Total stockholders' equity | 3,933 | 4,998 |
Total liabilities and stockholders' equity | $ 70,352 | $ 68,147 |
Consolidated Balance Sheets (_4
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Receivables, allowance for credit losses | $ 31 | $ 28 |
Aircraft fuel, spare, parts and supplies, obsolescence allowance | 578 | 546 |
Intangibles, accumulated amortization | 1,451 | 1,544 |
Allowance for credit losses on investments in affiliates and other | $ 623 | $ 622 |
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) | 326,744,101 | 323,810,825 |
United Airlines, Inc. | ||
Receivables, allowance for credit losses | $ 31 | $ 28 |
Aircraft fuel, spare, parts and supplies, obsolescence allowance | 578 | 546 |
Intangibles, accumulated amortization | 1,451 | 1,544 |
Allowance for credit losses on investments in affiliates and other | $ 623 | $ 622 |
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 Conso_3
Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | $ 4,167 | $ 3,122 | |
Cash Flows from Investing Activities: | |||
Capital expenditures, net of flight equipment purchase deposit returns | (952) | (1,305) | |
Purchases of short-term and other investments | (3,302) | 0 | |
Proceeds from sale of short-term and other investments | 215 | 184 | |
Proceeds from sale of property and equipment | 138 | 13 | |
Other, net | (13) | (2) | |
Net cash used in investing activities | (3,914) | (1,110) | |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt, net of discounts and fees | 212 | 11,116 | |
Proceeds from issuance of parent company stock | 0 | 532 | |
Payments of long-term debt, finance leases and other financing liabilities | (1,795) | (4,072) | |
Other, net | (71) | (22) | |
Net cash provided by (used in) financing activities | (1,654) | 7,554 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,401) | 9,566 | |
Cash, cash equivalents and restricted cash at beginning of the period | 18,533 | 11,742 | |
Cash, cash equivalents and restricted cash at end of the period | [1] | 17,132 | 21,308 |
Investing and Financing Activities Not Affecting Cash: | |||
Property and equipment acquired through the issuance of debt, finance leases and other | 0 | 761 | |
Lease modifications and lease conversions | 82 | 59 | |
Right-of-use assets acquired through operating leases | 84 | 214 | |
Equity investment interest received in exchange for aircraft | 42 | 0 | |
Notes receivable and warrants received for entering into agreements | 2 | 139 | |
United Airlines, Inc. | |||
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | 4,096 | 3,101 | |
Cash Flows from Investing Activities: | |||
Capital expenditures, net of flight equipment purchase deposit returns | (952) | (1,305) | |
Purchases of short-term and other investments | (3,302) | 0 | |
Proceeds from sale of short-term and other investments | 215 | 184 | |
Proceeds from sale of property and equipment | 138 | 13 | |
Other, net | (13) | (2) | |
Net cash used in investing activities | (3,914) | (1,110) | |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt, net of discounts and fees | 212 | 11,116 | |
Proceeds from issuance of parent company stock | 0 | 532 | |
Payments of long-term debt, finance leases and other financing liabilities | (1,795) | (4,072) | |
Other, net | 0 | (1) | |
Net cash provided by (used in) financing activities | (1,583) | 7,575 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,401) | 9,566 | |
Cash, cash equivalents and restricted cash at beginning of the period | 18,533 | 11,742 | |
Cash, cash equivalents and restricted cash at end of the period | [2] | 17,132 | 21,308 |
Investing and Financing Activities Not Affecting Cash: | |||
Property and equipment acquired through the issuance of debt, finance leases and other | 0 | 761 | |
Lease modifications and lease conversions | 82 | 59 | |
Right-of-use assets acquired through operating leases | 84 | 214 | |
Equity investment interest received in exchange for aircraft | 42 | 0 | |
Notes receivable and warrants received for entering into agreements | $ 2 | $ 139 | |
[1]The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Current assets: Cash and cash equivalents $ 16,885 $ 20,838 Restricted cash — Current 43 254 Restricted cash — Non-Current 204 216 Total cash, cash equivalents and restricted cash $ 17,132 $ 21,308 Current assets: Cash and cash equivalents $ 16,885 $ 20,838 Restricted cash — Current 43 254 Restricted cash — Non-Current 204 216 Total cash, cash equivalents and restricted cash $ 17,132 $ 21,308 |
Condensed Statements of Conso_4
Condensed Statements of Consolidated Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | ||
Current assets: | |||||
Cash and cash equivalents | $ 16,885 | $ 18,283 | $ 20,838 | ||
Restricted cash — Current | 43 | 37 | 254 | ||
Restricted cash — Non-Current | 204 | 213 | 216 | ||
Total cash, cash equivalents and restricted cash | 17,132 | [1] | 18,533 | 21,308 | [1] |
United Airlines, Inc. | |||||
Current assets: | |||||
Cash and cash equivalents | 16,885 | 18,283 | 20,838 | ||
Restricted cash — Current | 43 | 37 | 254 | ||
Restricted cash — Non-Current | 204 | 213 | 216 | ||
Total cash, cash equivalents and restricted cash | $ 17,132 | [2] | $ 18,533 | $ 21,308 | [2] |
[1]The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Current assets: Cash and cash equivalents $ 16,885 $ 20,838 Restricted cash — Current 43 254 Restricted cash — Non-Current 204 216 Total cash, cash equivalents and restricted cash $ 17,132 $ 21,308 Current assets: Cash and cash equivalents $ 16,885 $ 20,838 Restricted cash — Current 43 254 Restricted cash — Non-Current 204 216 Total cash, cash equivalents and restricted cash $ 17,132 $ 21,308 |
Statements of Consolidated St_2
Statements of Consolidated Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Additional Capital Invested | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | United Airlines, Inc. | United Airlines, Inc. Additional Capital Invested | United Airlines, Inc. Retained Earnings (Accumulated Deficit) | United Airlines, Inc. Accumulated Other Comprehensive Income (Loss) | United Airlines, Inc. Payable to Parent |
Balance at Dec. 31, 2020 | $ 5,960 | $ 8,366 | $ 2,626 | $ (1,139) | $ 5,928 | $ 85 | $ 4,939 | $ (1,139) | $ 2,043 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (1,791) | (1,791) | (1,791) | (1,791) | |||||
Other comprehensive income (loss) | 25 | 25 | 25 | 25 | |||||
Stock-settled share-based compensation | 100 | 100 | 100 | 100 | |||||
Impact of UAL common stock issuance | 532 | 532 | 532 | 532 | |||||
Other | 78 | 78 | |||||||
Balance at Jun. 30, 2021 | 4,904 | 9,042 | 804 | (1,114) | 4,872 | 185 | 3,148 | (1,114) | 2,653 |
Balance at Mar. 31, 2021 | 5,206 | 8,923 | 1,239 | (1,126) | 5,175 | 117 | 3,582 | (1,126) | 2,602 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (434) | (434) | (434) | (434) | |||||
Other comprehensive income (loss) | 12 | 12 | 12 | 12 | |||||
Stock-settled share-based compensation | 68 | 68 | 68 | 68 | |||||
Other | 51 | 51 | |||||||
Balance at Jun. 30, 2021 | 4,904 | 9,042 | 804 | (1,114) | 4,872 | 185 | 3,148 | (1,114) | 2,653 |
Balance at Dec. 31, 2021 | 5,029 | 9,156 | 625 | (942) | 4,998 | 317 | 2,977 | (942) | 2,646 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (1,048) | (1,048) | (1,047) | (1,047) | |||||
Other comprehensive income (loss) | (2) | (2) | (2) | (2) | |||||
Stock-settled share-based compensation | 55 | 55 | 56 | 56 | |||||
Other | (72) | (72) | |||||||
Balance at Jun. 30, 2022 | 3,964 | 8,970 | (515) | (944) | 3,933 | 373 | 1,930 | (944) | 2,574 |
Balance at Mar. 31, 2022 | 3,624 | 8,953 | (844) | (937) | 3,593 | 355 | 1,600 | (937) | 2,575 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 329 | 329 | 330 | ||||||
Other comprehensive income (loss) | (7) | (7) | (7) | (7) | |||||
Stock-settled share-based compensation | 17 | 17 | 18 | 18 | |||||
Other | (1) | (1) | |||||||
Balance at Jun. 30, 2022 | $ 3,964 | $ 8,970 | $ (515) | $ (944) | $ 3,933 | $ 373 | $ 1,930 | $ (944) | $ 2,574 |
Combined Notes to the Financial
Combined Notes to the Financial Statements (Unaudited) | 6 Months Ended |
Jun. 30, 2022 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company, and its principal, wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). This Quarterly Report on Form 10-Q is a combined report of UAL and United, including their respective consolidated financial statements. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures, and any significant differences between the operations and results of UAL and United are separately disclosed and explained. We sometimes use the words "we," "our," "us," and the "Company" in this report for disclosures that relate to all of UAL and United. The UAL and United unaudited condensed consolidated financial statements shown here have been prepared as required by the U.S. Securities and Exchange Commission (the "SEC"). Some information and footnote disclosures normally included in financial statements that comply with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted as permitted by the SEC. The financial statements include all adjustments, including normal recurring adjustments and other adjustments, which are considered necessary for a fair presentation of the Company's financial position and results of operations for interim periods presented. The UAL and United financial statements should be read together with the information included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "2021 Form 10-K"). The Company's quarterly financial data is subject to seasonal fluctuations. Historically its second and third quarter financial results have reflected higher travel demand, and were better than its first and fourth quarter financial results. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Revenue by Geography. The table below presents the Company's operating revenue by principal geographic region (as defined by the U.S. Department of Transportation) (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Domestic (U.S. and Canada) $ 7,819 $ 3,767 $ 12,905 $ 5,878 Atlantic 2,481 585 3,570 995 Latin America 1,195 727 2,104 1,119 Pacific 617 392 1,099 700 Total $ 12,112 $ 5,471 $ 19,678 $ 8,692 Advance Ticket Sales. All tickets sold at any given point in time have travel dates through the next 12 months. The Company defers amounts related to future travel in its Advance ticket sales liability account. The Company's Advance ticket sales liability also includes credits issued to customers on electronic travel certificates ("ETCs") and future flight credits ("FFCs"), primarily for ticket cancellations, which can be applied towards a purchase of a new ticket. ETCs are valid up to one year from the date of issuance; however, all ETCs issued on or before December 31, 2022 have been extended to December 31, 2023. FFCs are valid for 12 months from the original ticket date; however, all FFCs issued on or before December 31, 2022 have been extended to December 31, 2023. The Company is unable to estimate the amount of the ETCs and FFCs that will be used within the next 12 months and has classified the entire amount of the Advance ticket sales liability in current liabilities even though some of the ETCs and FFCs could be used after the next 12 months. The Company estimates the value of Advance tickets sales that will expire unused ("breakage") and recognizes revenue at the scheduled flight date. To determine breakage, the Company uses its historical experience with expired tickets and other facts, such as recent aging trends, program changes and modifications that could affect the ultimate expiration patterns of tickets. Given the uncertainty of travel demand caused by the novel coronavirus ("COVID-19") pandemic, changes in our estimates of ETCs and FFCs that may expire unused could have a significant impact on revenue. Changes in estimates of breakage are recognized prospectively in proportion to the remaining usage of the related tickets. In the three and six months ended June 30, 2022, the Company recognized approximately $4.2 billion and $2.6 billion, respectively, of passenger revenue for tickets that were included in Advance ticket sales at the beginning of those periods. In the three and six months ended June 30, 2021, the Company recognized approximately $1.5 billion and $1.4 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 baggage fees, premium seats, inflight amenities 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 $0.9 billion and $1.5 billion of ancillary fees within passenger revenue in the three and six months ended June 30, 2022, respectively. The Company recorded $0.5 billion and $0.8 billion of ancillary fees within passenger revenue in the three and six months ended June 30, 2021, 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, 2022 2021 2022 2021 Total Frequent flyer deferred revenue - beginning balance $ 6,417 $ 6,109 $ 6,282 $ 5,975 Total miles awarded 666 360 1,143 632 Travel miles redeemed (566) (267) (888) (390) Non-travel miles redeemed (22) (17) (42) (32) Total Frequent flyer deferred revenue - ending balance $ 6,495 $ 6,185 $ 6,495 $ 6,185 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | LOSS) PER SHARE The computations of UAL's basic and diluted earnings (loss) per share are set forth below (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Earnings (loss) available to common stockholders $ 329 $ (434) $ (1,048) $ (1,791) Basic weighted-average shares outstanding 326.7 323.6 325.9 320.1 Dilutive effect of employee stock awards 1.7 — — — Dilutive effect of stock warrants 1.9 — — — Diluted weighted-average shares outstanding 330.3 323.6 325.9 320.1 Earnings (loss) per share, basic $ 1.01 $ (1.34) $ (3.22) $ (5.60) Earnings (loss) per share, diluted $ 1.00 $ (1.34) $ (3.22) $ (5.60) Potentially dilutive securities (a) Stock warrants 1.5 — 1.5 0.3 Employee stock awards 0.7 0.7 0.7 0.7 (a) Weighted-average potentially dilutive securities outstanding excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The table below presents the components of the Company's accumulated other comprehensive income (loss), net of tax ("AOCI") (in millions): Pension and Other Postretirement Liabilities Investments and Other Deferred Taxes (a) Total Balance at March 31, 2022 $ (839) $ — $ (98) $ (937) Changes in value 6 (14) 2 (6) Amounts reclassified to earnings (1) (b) — — (1) Balance at June 30, 2022 $ (834) $ (14) $ (96) $ (944) Balance at December 31, 2021 $ (847) $ — $ (95) $ (942) Changes in value 14 (14) (1) (1) Amounts reclassified to earnings (1) (b) — — (1) Balance at June 30, 2022 $ (834) $ (14) $ (96) $ (944) Balance at March 31, 2021 $ (1,084) $ 1 $ (43) $ (1,126) Changes in value 11 — (2) 9 Amounts reclassified to earnings 5 (b) — (2) 3 Balance at June 30, 2021 $ (1,068) $ 1 $ (47) $ (1,114) Balance at December 31, 2020 $ (1,102) $ 2 $ (39) $ (1,139) Changes in value 24 (1) (5) 18 Amounts reclassified to earnings 10 (b) — (3) 7 Balance at June 30, 2021 $ (1,068) $ 1 $ (47) $ (1,114) (a) Relates primarily to pension and other postretirement benefit liabilities and includes approximately $285 million of deferred income tax expense that will not be recognized in net income until these obligations are fully extinguished. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to results from operations. (b) 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 | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESThe Company's effective tax rates for the three and six months ended June 30, 2022 were 28.3% and 18.9%, respectively. The effective tax rates for the three and six months ended June 30, 2021 were 23.0% and 22.6%, respectively. The effective tax rate represents a blend of federal, state and foreign taxes and includes the impact of certain nondeductible items. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss for the reporting period. We have used a discrete effective tax rate method to calculate taxes for the three and six months ended June 30, 2022. We believe that, at this time, the use of the discrete method for the three and six months ended June 30, 2022 is more appropriate than the estimated annual effective tax rate method as the estimated annual effective tax rate method is not reliable due to a high degree of uncertainty in estimating annual pretax earnings. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 2022 2021 Service cost $ 51 $ 60 $ 2 $ 3 Salaries and related costs Interest cost 47 46 8 7 Miscellaneous, net Expected return on plan assets (76) (71) (1) (1) Miscellaneous, net Amortization of unrecognized (gain) loss 31 42 (4) (7) Miscellaneous, net Amortization of prior service credit — — (28) (31) Miscellaneous, net Other — 1 — — Miscellaneous, net Total $ 53 $ 78 $ (23) $ (29) 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 2022 2021 2022 2021 Service cost $ 102 $ 120 $ 4 $ 5 Salaries and related costs Interest cost 94 92 15 13 Miscellaneous, net Expected return on plan assets (154) (142) (1) (1) Miscellaneous, net Amortization of unrecognized (gain) loss 61 85 (7) (14) Miscellaneous, net Amortization of prior service credit — — (56) (62) Miscellaneous, net Special termination benefits — — — 46 Miscellaneous, net Other 1 1 — — Miscellaneous, net Total $ 104 $ 156 $ (45) $ (13) During the first quarter of 2021, the Company offered special separation benefits in the form of additional subsidies for retiree medical costs for certain U.S.-based front-line employees. The subsidies are in the form of a one-time contribution to a notional Retiree Health Account of $125,000 for full-time employees and $75,000 for part-time employees. As a result, the Company recorded $46 million for those additional benefits. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 16,885 $ 16,885 $ — $ — $ 18,283 $ 18,283 $ — $ — Restricted cash - current 43 43 — — 37 37 — — Restricted cash - non-current 204 204 — — 213 213 — — Short-term investments: Corporate debt 43 — 43 — 95 — 95 — Asset-backed securities 163 — 163 — 26 — 26 — U.S. government and agency notes 2,984 — 2,984 — 2 — 2 — Long-term investments: Equity securities 142 142 — — 229 229 — — Investments presented in the table above have the same fair value as their carrying value. Restricted cash - current — Primarily includes amounts to be used for the payment of fees, principal and interest on senior secured notes and a secured term loan facility (the "MileagePlus Financing") secured by substantially all of the assets of Mileage Plus Holdings, LLC, a direct wholly-owned subsidiary of United. Restricted cash - non-current — Primarily includes collateral associated with the MileagePlus Financing, collateral for letters of credit and collateral associated with facility leases and other insurance-related obligations. Short-term investments — The short-term investments shown in the table above are classified as available-for-sale and have remaining maturities of approximately one year or less. Equity securities — Represents equity and equity-linked securities (such as vested warrants) that make up United's investments in Azul Linhas Aéreas Brasileiras S.A., Clear Secure, Inc. and Archer Aviation Inc. Other fair value information. The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions). Carrying amounts include any related discounts, premiums and issuance costs: June 30, 2022 December 31, 2021 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 $ 32,187 $ 30,020 $ — $ 25,089 $ 4,931 $ 33,363 $ 34,550 $ — $ 29,088 $ 5,462 Fair value of the financial instruments included in the tables above was determined as follows: Description Fair Value Methodology Cash and cash equivalents and Restricted cash (current and non-current) The carrying amounts of these assets approximate fair value. Short-term investments and Equity securities 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. 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. Investments in Regional Carriers. As of June 30, 2022, United holds investments in two regional carriers that fly for the Company as United Express under its capacity purchase agreements. The combined carrying value of the investments was approximately $178 million as of June 30, 2022. United accounts for each investment using the equity method. During the second quarter of 2022, United divested its investment in ManaAir, LLC, the parent company of ExpressJet Airlines LLC. Other Investments. United holds equity investments in a number of companies with emerging technologies and sustainable solutions. United also has equity investments in Avianca Group International Limited, a multinational airline holding company, and JetSuiteX, Inc., an independent air carrier doing business as JSX. None of these investments have readily determinable fair values. We account for these investments at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. As of June 30, 2022, the carrying value of these investments was $331 million. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments. As of June 30, 2022, United had firm commitments and options to purchase aircraft from The Boeing Company ("Boeing") and Airbus S.A.S. ("Airbus") as presented in the table below: Scheduled Aircraft Deliveries Aircraft Type Number of Firm Last Six Months 2023 After 2023 Airbus A321XLR 50 — — 50 Airbus A321neo 70 — 12 58 Airbus A350 45 — — 45 Boeing 737 MAX 364 50 109 205 Boeing 787 8 8 — — (a) United also has options and purchase rights for additional aircraft. The aircraft listed in the table above are scheduled for delivery through 2030. The amount and timing of the Company's future capital commitments could change to the extent that: (i) the Company and the aircraft manufacturers, with whom the Company has existing orders for new aircraft, agree to modify the contracts governing those orders; (ii) rights are exercised pursuant to the relevant agreements to modify the timing of deliveries; or (iii) the aircraft manufacturers are unable to deliver in accordance with the terms of those orders. Furthermore, Boeing notified United that seven Boeing 737 MAX aircraft and three Boeing 787 aircraft scheduled for delivery in 2022, as shown in the table above, are now expected to deliver in 2023. In the first half of 2022, United gave notice of its intent to exercise options to purchase, in 2023, eight Boeing 737 MAX aircraft that are currently leased under sale and leaseback arrangements. The table below summarizes United's commitments as of June 30, 2022, which include aircraft and related spare engines, aircraft improvements and non-aircraft capital commitments (in billions): Last six months of 2022 $ 4.8 2023 7.8 2024 5.4 2025 4.4 2026 3.4 After 2026 8.8 $ 34.6 Legal Contingencies. The Company has certain contingencies resulting from litigation and claims incident to the ordinary course of business. As of June 30, 2022, management believes, after considering a number of factors, including (but not limited to) the information currently available, the views of legal counsel, the nature of the contingencies to which the Company is subject and prior experience, that its defenses and assertions in pending legal proceedings have merit and the ultimate disposition of any pending matter will not materially affect the Company's financial position, results of operations or cash flows. The Company records liabilities for legal claims when it is probable that a loss will be incurred and the amount is reasonably estimable. These amounts are recorded based on the Company's assessments of the likelihood of their eventual disposition. During the three months ended June 30, 2022, the Company recorded charges of $94 million as a result of a number of recent decisions, including one involving another carrier, that appear to impact the Company's ability to successfully assert, in certain cases, that federal law preempts state and local laws that conflict with union contracts and/or federal requirements. Guarantees. As of June 30, 2022, United is the guarantor of approximately $2.0 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 consolidated balance sheet with the associated expense recorded on a straight-line basis over the expected lease term. All of these bonds are due between 2023 and 2041. As of June 30, 2022, United is the guarantor of $99 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 below for the Company's debt, and the Company would potentially be responsible for those costs under the guarantees. 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 (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 June 30, 2022, the Company had $13.1 billion of floating rate debt with remaining terms of up to approximately 10 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 approximately 10 years and an aggregate balance of $9.9 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. Credit Card Processing Agreements. The Company has agreements with financial institutions that process customer credit card transactions for the sale of air travel and other services. Under certain of the Company's credit card processing agreements, the financial institutions in certain circumstances have the right to require that the Company maintain a reserve equal to a portion of advance ticket sales that has been processed by that financial institution, but for which the Company has not yet provided the air transportation. Such financial institutions may require additional cash or other collateral reserves to be established or additional withholding of payments related to receivables collected if the Company does not maintain certain minimum levels of unrestricted cash, cash equivalents and short-term investments (collectively, "Unrestricted Liquidity"). The Company's level of Unrestricted Liquidity as of June 30, 2022 is substantially in excess of these minimum levels. Labor . As of June 30, 2022, the Company had approximately 91,200 employees, of whom approximately 85% were represented by various U.S. labor organizations. This total includes employees who elected to voluntarily separate from the Company pursuant to voluntary leave programs and voluntary separation programs offered in 2020 and 2021 but who were still on pre-separation leave of absence with pay and benefits as of June 30, 2022. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT As of June 30, 2022, we had $1.75 billion undrawn and available under our revolving credit facility. Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional indebtedness and pay dividends or repurchase stock. As of June 30, 2022, UAL and United were in compliance with their respective debt covenants. The table below presents the Company's contractual principal payments (not including $447 million of unamortized debt discount, premiums and debt issuance costs) at June 30, 2022 under then-outstanding long-term debt agreements (in millions): Last six months of 2022 $ 1,519 2023 2,929 2024 3,908 2025 3,375 2026 5,148 After 2026 15,755 $ 32,634 In the second quarter of 2022, United borrowed $220 million aggregate principal amount from a financial institution to finance the purchase of aircraft. The notes evidencing these borrowings, which are secured by the related aircraft, mature in 2034 and have interest rates of 4%. |
Special Charges (Credits)
Special Charges (Credits) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
SPECIAL CHARGES (CREDITS) | SPECIAL CHARGES (CREDITS) For the three and six months ended June 30, operating and nonoperating special charges (credits) and unrealized (gains) losses on investments in the statements of consolidated operations consisted of the following (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 CARES Act grant $ — $ (1,079) $ — $ (2,889) Severance and benefit costs — 11 — 428 Impairment of assets — 59 — 59 (Gains) losses on sale of assets and other special charges 112 61 104 77 Total operating special charges (credits) 112 (948) 104 (2,325) Nonoperating unrealized (gains) losses on investments, net 40 (147) 40 (125) Nonoperating debt extinguishment and modification fees — 62 7 62 Nonoperating special termination benefits — — — 46 Total nonoperating special charges and unrealized (gains) losses on investments, net 40 (85) 47 (17) Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net 152 (1,033) 151 (2,342) Income tax (benefit) expense, net of valuation allowance (10) 203 (10) 494 Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net of income taxes $ 142 $ (830) $ 141 $ (1,848) 2022 (Gains) losses on sale of assets and other special charges. During the three and six months ended June 30, 2022, the Company recorded $112 million and $104 million, respectively, of net charges primarily comprised of $94 million for various legal matters. See Note 7 of this report for a discussion of the legal matters. Nonoperating unrealized (gains) losses on investments, net. During the three and six months ended June 30, 2022, the Company recorded losses of $40 million . Nonoperating debt extinguishment and modifications fees . During the six months ended June 30, 2022, the Company recorded $7 million of charges primarily related to the early redemption of $400 million of its outstanding principal amount of the 4.25% senior notes due 2022. 2021 CARES Act grant. During the six months ended June 30, 2021, the Company received approximately $5.8 billion in funding pursuant to two Payroll Support Program Extension Agreements (collectively, the "PSP2 and PSP3 Agreements") under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which included approximately $1.7 billion aggregate principal amount of unsecured promissory notes. The Company recorded $1.1 billion and $2.9 billion as grant income in Special charges (credits) during the three and six months ended June 30, 2021, respectively. The Company also recorded $52 million and $99 million for warrants to purchase shares of UAL common stock issued to the U.S. Treasury Department as part of the PSP2 and PSP3 Agreements, within stockholders' equity, as an offset to the grant income in the three and six months ended June 30, 2021, respectively. Severance and benefit costs . During the three and six months ended June 30, 2021, the Company recorded charges of $11 million and $428 million, respectively, related to pay continuation and benefits-related costs provided to employees who chose to voluntarily separate from the Company. The Company offered, based on employee group, age and completed years of service, pay continuation, health care coverage, and travel benefits. Approximately 4,500 employees elected to voluntarily separate from the Company. Impairment of assets . During the three and six months ended June 30, 2021, the Company recorded $59 million of impairments primarily related to 64 Embraer EMB 145LR aircraft and related engines that United retired from its regional aircraft fleet. The decision to retire these aircraft was triggered by the United Next aircraft order. (Gains) losses on sale of assets and other special charges. During the three and six months ended June 30, 2021, the Company recorded charges of $61 million and $77 million, respectively, primarily related to incentives for certain of its front-line employees to receive a COVID-19 vaccination and the termination of the lease associated with three floors of its headquarters at the Willis Tower in Chicago in the first quarter of 2021. Nonoperating unrealized (gains) losses on investments, net . During the three and six months ended June 30, 2021, the Company recorded $147 million and $125 million of gains, respectively . Nonoperating debt extinguishment and modification fees. During the three and six months ended June 30, 2021, the Company recorded $62 million of charges for fees and discounts related to the issuance of a new term loan and revolving credit facility and the prepayment of a CARES Act loan and a 2017 term loan and revolving credit facility. Nonoperating special termination benefits. During the six months ended June 30, 2021, as part of the first quarter 2021 voluntary leave programs, the Company recorded $46 million of special termination benefits in the form of additional subsidies for retiree medical costs for certain U.S.-based front-line employees. The subsidies were in the form of a one-time contribution into a notional Retiree Health Account of $125,000 for full-time employees and $75,000 for part-time employees. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Operating Revenue by Geographic Region | The table below presents the Company's operating revenue by principal geographic region (as defined by the U.S. Department of Transportation) (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Domestic (U.S. and Canada) $ 7,819 $ 3,767 $ 12,905 $ 5,878 Atlantic 2,481 585 3,570 995 Latin America 1,195 727 2,104 1,119 Pacific 617 392 1,099 700 Total $ 12,112 $ 5,471 $ 19,678 $ 8,692 |
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, 2022 2021 2022 2021 Total Frequent flyer deferred revenue - beginning balance $ 6,417 $ 6,109 $ 6,282 $ 5,975 Total miles awarded 666 360 1,143 632 Travel miles redeemed (566) (267) (888) (390) Non-travel miles redeemed (22) (17) (42) (32) Total Frequent flyer deferred revenue - ending balance $ 6,495 $ 6,185 $ 6,495 $ 6,185 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The computations of UAL's basic and diluted earnings (loss) per share are set forth below (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Earnings (loss) available to common stockholders $ 329 $ (434) $ (1,048) $ (1,791) Basic weighted-average shares outstanding 326.7 323.6 325.9 320.1 Dilutive effect of employee stock awards 1.7 — — — Dilutive effect of stock warrants 1.9 — — — Diluted weighted-average shares outstanding 330.3 323.6 325.9 320.1 Earnings (loss) per share, basic $ 1.01 $ (1.34) $ (3.22) $ (5.60) Earnings (loss) per share, diluted $ 1.00 $ (1.34) $ (3.22) $ (5.60) Potentially dilutive securities (a) Stock warrants 1.5 — 1.5 0.3 Employee stock awards 0.7 0.7 0.7 0.7 (a) Weighted-average potentially dilutive securities outstanding excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income, Net of Tax | The table below presents the components of the Company's accumulated other comprehensive income (loss), net of tax ("AOCI") (in millions): Pension and Other Postretirement Liabilities Investments and Other Deferred Taxes (a) Total Balance at March 31, 2022 $ (839) $ — $ (98) $ (937) Changes in value 6 (14) 2 (6) Amounts reclassified to earnings (1) (b) — — (1) Balance at June 30, 2022 $ (834) $ (14) $ (96) $ (944) Balance at December 31, 2021 $ (847) $ — $ (95) $ (942) Changes in value 14 (14) (1) (1) Amounts reclassified to earnings (1) (b) — — (1) Balance at June 30, 2022 $ (834) $ (14) $ (96) $ (944) Balance at March 31, 2021 $ (1,084) $ 1 $ (43) $ (1,126) Changes in value 11 — (2) 9 Amounts reclassified to earnings 5 (b) — (2) 3 Balance at June 30, 2021 $ (1,068) $ 1 $ (47) $ (1,114) Balance at December 31, 2020 $ (1,102) $ 2 $ (39) $ (1,139) Changes in value 24 (1) (5) 18 Amounts reclassified to earnings 10 (b) — (3) 7 Balance at June 30, 2021 $ (1,068) $ 1 $ (47) $ (1,114) (a) Relates primarily to pension and other postretirement benefit liabilities and includes approximately $285 million of deferred income tax expense that will not be recognized in net income until these obligations are fully extinguished. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to results from operations. (b) 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) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 2022 2021 Service cost $ 51 $ 60 $ 2 $ 3 Salaries and related costs Interest cost 47 46 8 7 Miscellaneous, net Expected return on plan assets (76) (71) (1) (1) Miscellaneous, net Amortization of unrecognized (gain) loss 31 42 (4) (7) Miscellaneous, net Amortization of prior service credit — — (28) (31) Miscellaneous, net Other — 1 — — Miscellaneous, net Total $ 53 $ 78 $ (23) $ (29) 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 2022 2021 2022 2021 Service cost $ 102 $ 120 $ 4 $ 5 Salaries and related costs Interest cost 94 92 15 13 Miscellaneous, net Expected return on plan assets (154) (142) (1) (1) Miscellaneous, net Amortization of unrecognized (gain) loss 61 85 (7) (14) Miscellaneous, net Amortization of prior service credit — — (56) (62) Miscellaneous, net Special termination benefits — — — 46 Miscellaneous, net Other 1 1 — — Miscellaneous, net Total $ 104 $ 156 $ (45) $ (13) |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 16,885 $ 16,885 $ — $ — $ 18,283 $ 18,283 $ — $ — Restricted cash - current 43 43 — — 37 37 — — Restricted cash - non-current 204 204 — — 213 213 — — Short-term investments: Corporate debt 43 — 43 — 95 — 95 — Asset-backed securities 163 — 163 — 26 — 26 — U.S. government and agency notes 2,984 — 2,984 — 2 — 2 — Long-term investments: Equity securities 142 142 — — 229 229 — — |
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). Carrying amounts include any related discounts, premiums and issuance costs: June 30, 2022 December 31, 2021 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 $ 32,187 $ 30,020 $ — $ 25,089 $ 4,931 $ 33,363 $ 34,550 $ — $ 29,088 $ 5,462 |
Fair Value Measurement Inputs and Valuation Techniques | Fair value of the financial instruments included in the tables above was determined as follows: Description Fair Value Methodology Cash and cash equivalents and Restricted cash (current and non-current) The carrying amounts of these assets approximate fair value. Short-term investments and Equity securities 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. 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. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Firm Commitments and Options to Purchase Aircraft and Summary of Commitments | As of June 30, 2022, United had firm commitments and options to purchase aircraft from The Boeing Company ("Boeing") and Airbus S.A.S. ("Airbus") as presented in the table below: Scheduled Aircraft Deliveries Aircraft Type Number of Firm Last Six Months 2023 After 2023 Airbus A321XLR 50 — — 50 Airbus A321neo 70 — 12 58 Airbus A350 45 — — 45 Boeing 737 MAX 364 50 109 205 Boeing 787 8 8 — — (a) United also has options and purchase rights for additional aircraft. |
Summary of Commitments | The table below summarizes United's commitments as of June 30, 2022, which include aircraft and related spare engines, aircraft improvements and non-aircraft capital commitments (in billions): Last six months of 2022 $ 4.8 2023 7.8 2024 5.4 2025 4.4 2026 3.4 After 2026 8.8 $ 34.6 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Contractual Principal Payments under Long-Term Debt Agreements | The table below presents the Company's contractual principal payments (not including $447 million of unamortized debt discount, premiums and debt issuance costs) at June 30, 2022 under then-outstanding long-term debt agreements (in millions): Last six months of 2022 $ 1,519 2023 2,929 2024 3,908 2025 3,375 2026 5,148 After 2026 15,755 $ 32,634 |
Special Charges (Credits) (Tabl
Special Charges (Credits) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Components of Special Charges | For the three and six months ended June 30, operating and nonoperating special charges (credits) and unrealized (gains) losses on investments in the statements of consolidated operations consisted of the following (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 CARES Act grant $ — $ (1,079) $ — $ (2,889) Severance and benefit costs — 11 — 428 Impairment of assets — 59 — 59 (Gains) losses on sale of assets and other special charges 112 61 104 77 Total operating special charges (credits) 112 (948) 104 (2,325) Nonoperating unrealized (gains) losses on investments, net 40 (147) 40 (125) Nonoperating debt extinguishment and modification fees — 62 7 62 Nonoperating special termination benefits — — — 46 Total nonoperating special charges and unrealized (gains) losses on investments, net 40 (85) 47 (17) Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net 152 (1,033) 151 (2,342) Income tax (benefit) expense, net of valuation allowance (10) 203 (10) 494 Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net of income taxes $ 142 $ (830) $ 141 $ (1,848) |
Revenue - Operating Revenue by
Revenue - Operating Revenue by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 12,112 | $ 5,471 | $ 19,678 | $ 8,692 |
Domestic (U.S. and Canada) | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 7,819 | 3,767 | 12,905 | 5,878 |
Atlantic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,481 | 585 | 3,570 | 995 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 1,195 | 727 | 2,104 | 1,119 |
Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 617 | $ 392 | $ 1,099 | $ 700 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue From Contract With Customer [Line Items] | ||||
Operating revenue | $ 12,112 | $ 5,471 | $ 19,678 | $ 8,692 |
Advance Ticket Sales | ||||
Revenue From Contract With Customer [Line Items] | ||||
Revenue recognized | 4,200 | 1,500 | 2,600 | 1,400 |
Ancillary Fees | ||||
Revenue From Contract With Customer [Line Items] | ||||
Operating revenue | 900 | 500 | 1,500 | 800 |
Other Operating Revenue | ||||
Revenue From Contract With Customer [Line Items] | ||||
Operating revenue | 709 | 499 | 1,300 | 907 |
Other Operating Revenue | Chase and Other Partner Agreements | ||||
Revenue From Contract With Customer [Line Items] | ||||
Operating revenue | $ 600 | $ 400 | $ 1,100 | $ 800 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Frequent Flyer Deferred Revenue [Roll Forward] | ||||
Total Frequent flyer deferred revenue - beginning balance | $ 6,417 | $ 6,109 | $ 6,282 | $ 5,975 |
Total miles awarded | 666 | 360 | 1,143 | 632 |
Travel miles redeemed | (566) | (267) | (888) | (390) |
Non-travel miles redeemed | (22) | (17) | (42) | (32) |
Total Frequent flyer deferred revenue - ending balance | $ 6,495 | $ 6,185 | $ 6,495 | $ 6,185 |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Earnings (loss) available to common stockholders | $ 329 | $ (434) | $ (1,048) | $ (1,791) |
Weighted-average shares outstanding, basic (in shares) | 326,700 | 323,600 | 325,900 | 320,100 |
Dilutive effect of employee stock awards (in shares) | 1,700 | 0 | 0 | 0 |
Dilutive effect of stock warrants (in shares) | 1,900 | 0 | 0 | 0 |
Weighted-average shares outstanding, diluted (in shares) | 330,300 | 323,600 | 325,900 | 320,100 |
Earnings (loss) per share, basic (in dollars per share) | $ 1.01 | $ (1.34) | $ (3.22) | $ (5.60) |
Earnings (loss) per share, diluted ( in dollars per share) | $ 1 | $ (1.34) | $ (3.22) | $ (5.60) |
Stock warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities | 1,500 | 0 | 1,500 | 300 |
Employee stock awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities | 700 | 700 | 700 | 700 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Deferred Taxes | ||||
Balance | $ (98) | $ (43) | $ (95) | $ (39) |
Changes in value | 2 | (2) | (5) | |
Amounts reclassified to earnings | 0 | (2) | (3) | |
Balance | (96) | (47) | (96) | (47) |
Total | ||||
Balance | 3,624 | 5,206 | 5,029 | 5,960 |
Changes in value | (6) | 9 | (1) | 18 |
Amounts reclassified to earnings | (1) | 3 | (1) | 7 |
Balance | 3,964 | 4,904 | 3,964 | 4,904 |
Accumulated Other Comprehensive Income (Loss) | ||||
Total | ||||
Balance | (937) | (1,126) | (942) | (1,139) |
Balance | (944) | (1,114) | (944) | (1,114) |
Deferred income tax expense | 285 | 285 | ||
Pension and Other Postretirement Liabilities | ||||
Before Tax | ||||
Balance | (839) | (1,084) | (847) | (1,102) |
Changes in value | 6 | 11 | 14 | 24 |
Amounts reclassified to earnings | (1) | 5 | (1) | 10 |
Balance | (834) | (1,068) | (834) | (1,068) |
Investments and Other | ||||
Before Tax | ||||
Balance | 0 | 1 | 0 | 2 |
Changes in value | (14) | 0 | (14) | (1) |
Amounts reclassified to earnings | 0 | 0 | 0 | 0 |
Balance | $ (14) | $ 1 | $ (14) | $ 1 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 28.30% | 23% | 18.90% | 22.60% |
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, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 51 | $ 60 | $ 102 | $ 120 | |
Interest cost | 47 | 46 | 94 | 92 | |
Expected return on plan assets | (76) | (71) | (154) | (142) | |
Amortization of unrecognized (gain) loss | 31 | 42 | 61 | 85 | |
Amortization of prior service credit | 0 | 0 | 0 | 0 | |
Special termination benefits | 0 | 0 | |||
Other | 0 | 1 | 1 | 1 | |
Total | 53 | 78 | 104 | 156 | |
Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 2 | 3 | 4 | 5 | |
Interest cost | 8 | 7 | 15 | 13 | |
Expected return on plan assets | (1) | (1) | (1) | (1) | |
Amortization of unrecognized (gain) loss | (4) | (7) | (7) | (14) | |
Amortization of prior service credit | (28) | (31) | (56) | (62) | |
Special termination benefits | $ 46 | 0 | 46 | ||
Other | 0 | 0 | 0 | 0 | |
Total | $ (23) | $ (29) | $ (45) | $ (13) |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Postretirement Benefits | |||
Compensation and Retirement Disclosure [Abstract] | |||
Special termination benefits | $ 46,000 | $ 0 | $ 46,000 |
Employee Separation | Voluntary Separation Leave Programs | Full-Time Employees | |||
Compensation and Retirement Disclosure [Abstract] | |||
One-time per employee contribution for special termination benefits related to VSL programs | 125 | 125 | |
Employee Separation | Voluntary Separation Leave Programs | Part-Time Employees | |||
Compensation and Retirement Disclosure [Abstract] | |||
One-time per employee contribution for special termination benefits related to VSL programs | $ 75 | $ 75 |
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, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 16,885 | $ 18,283 |
Restricted cash - current | 43 | 37 |
Restricted cash - non-current | 204 | 213 |
Equity securities | 142 | 229 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 16,885 | 18,283 |
Restricted cash - current | 43 | 37 |
Restricted cash - non-current | 204 | 213 |
Equity securities | 142 | 229 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash - current | 0 | 0 |
Restricted cash - non-current | 0 | 0 |
Equity securities | 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 - current | 0 | 0 |
Restricted cash - non-current | 0 | 0 |
Equity securities | 0 | 0 |
Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 43 | 95 |
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 | 43 | 95 |
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 | 163 | 26 |
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 | 163 | 26 |
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 | 2,984 | 2 |
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 | 2,984 | 2 |
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 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) regionalCarrier | |
Fair Value [Line Items] | |
Number of regional carriers invested in | regionalCarrier | 2 |
Equity method investments | $ 178 |
Corporate Debt | Maximum | |
Fair Value [Line Items] | |
Available-for-sale securities remaining maturities | 1 year |
Other Investment | |
Fair Value [Line Items] | |
Investment carrying value | $ 331 |
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, 2022 | Dec. 31, 2021 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 32,187 | $ 33,363 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 30,020 | 34,550 |
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 | 25,089 | 29,088 |
Level 3 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 4,931 | $ 5,462 |
Commitments and Contingencies -
Commitments and Contingencies - Firm Commitments and Options to Purchase Aircraft (Details) | Jun. 30, 2022 commitment |
Airbus A321XLR | |
Long-term Purchase Commitment [Line Items] | |
Number of firm commitments | 50 |
Scheduled Aircraft Deliveries | |
Last Six Months of 2022 | 0 |
2023 | 0 |
After 2023 | 50 |
Airbus A321neo | |
Long-term Purchase Commitment [Line Items] | |
Number of firm commitments | 70 |
Scheduled Aircraft Deliveries | |
Last Six Months of 2022 | 0 |
2023 | 12 |
After 2023 | 58 |
Airbus A350 | |
Long-term Purchase Commitment [Line Items] | |
Number of firm commitments | 45 |
Scheduled Aircraft Deliveries | |
Last Six Months of 2022 | 0 |
2023 | 0 |
After 2023 | 45 |
Boeing 737 MAX | |
Long-term Purchase Commitment [Line Items] | |
Number of firm commitments | 364 |
Scheduled Aircraft Deliveries | |
Last Six Months of 2022 | 50 |
2023 | 109 |
After 2023 | 205 |
Boeing 787 | |
Long-term Purchase Commitment [Line Items] | |
Number of firm commitments | 8 |
Scheduled Aircraft Deliveries | |
Last Six Months of 2022 | 8 |
2023 | 0 |
After 2023 | 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 USD ($) employee aircraft | Jun. 30, 2022 USD ($) employee aircraft | Jul. 21, 2022 aircraft | |
Commitments and Contingencies [Line Items] | |||
Loss contingency, loss in period | $ 94 | $ 94 | |
Remaining term of debt | 10 years | ||
Boeing 737 MAX | |||
Commitments and Contingencies [Line Items] | |||
Sale leaseback transaction, number of leased assets expected to be purchased in next fiscal year | aircraft | 8 | 8 | |
Boeing 737 MAX | Subsequent Event | |||
Commitments and Contingencies [Line Items] | |||
Number of aircraft expected to take delivery that are delayed | aircraft | 7 | ||
Boeing 787 | Subsequent Event | |||
Commitments and Contingencies [Line Items] | |||
Number of aircraft expected to take delivery that are delayed | aircraft | 3 | ||
United Airlines, Inc. | |||
Commitments and Contingencies [Line Items] | |||
Number of employees | employee | 91,200 | 91,200 | |
Percentage of employees represented by various U.S. labor organizations | 85% | ||
Tax-Exempt Special Facilities Revenue Bonds | |||
Commitments and Contingencies [Line Items] | |||
Aggregate principal amount of guarantee | $ 2,000 | $ 2,000 | |
Aircraft Mortgage Debt | |||
Commitments and Contingencies [Line Items] | |||
Aggregate principal amount of guarantee | 99 | 99 | |
Floating Rate Debt | |||
Commitments and Contingencies [Line Items] | |||
Debt | 13,100 | $ 13,100 | |
Loans and Leases from Non-U.S. Entities | |||
Commitments and Contingencies [Line Items] | |||
Remaining term of debt | 10 years | ||
Aggregate balance | $ 9,900 | $ 9,900 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Commitments (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Last six months of 2022 | $ 4,800 |
2023 | 7,800 |
2024 | 5,400 |
2025 | 4,400 |
2026 | 3,400 |
After 2026 | 8,800 |
Capital Commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Total commitments | $ 34,600 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | |||
Unamortized debt discount | $ 447 | $ 447 | |
Proceeds from issuance of debt, net of discounts and fees | $ 212 | $ 11,116 | |
Secured Debt | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt, net of discounts and fees | $ 220 | ||
Stated interest rate | 4% | 4% | |
United Airlines, Inc. | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt, net of discounts and fees | $ 212 | $ 11,116 | |
Revolving Credit Facility | United Airlines, Inc. | Secured Debt | |||
Debt Instrument [Line Items] | |||
Available under revolving credit facility | $ 1,750 | $ 1,750 |
Debt - Contractual Principal Pa
Debt - Contractual Principal Payments (Details) - UAL And United $ in Millions | Jun. 30, 2022 USD ($) |
Debt Instrument [Line Items] | |
Last six months of 2022 | $ 1,519 |
2023 | 2,929 |
2024 | 3,908 |
2025 | 3,375 |
2026 | 5,148 |
After 2026 | 15,755 |
Long-term debt | $ 32,634 |
Special Charges (Credits) - Com
Special Charges (Credits) - Components of Special Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
CARES Act grant | $ 0 | $ (1,079) | $ 0 | $ (2,889) |
Severance and benefit costs | 0 | 11 | 0 | 428 |
Impairment of assets | 0 | 59 | 0 | 59 |
(Gains) losses on sale of assets and other special charges | 112 | 61 | 104 | 77 |
Total operating special charges (credits) | 112 | (948) | 104 | (2,325) |
Nonoperating unrealized (gains) losses on investments, net | 40 | (147) | 40 | (125) |
Nonoperating debt extinguishment and modification fees | 0 | 62 | 7 | 62 |
Nonoperating special termination benefits | 0 | 0 | 0 | 46 |
Total nonoperating special charges and unrealized (gains) losses on investments, net | 40 | (85) | 47 | (17) |
Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net | 152 | (1,033) | 151 | (2,342) |
Income tax (benefit) expense, net of valuation allowance | (10) | 203 | (10) | 494 |
Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net of income taxes | $ 142 | $ (830) | $ 141 | $ (1,848) |
Special Charges (Credits) - Nar
Special Charges (Credits) - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) aircraft | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) aircraft employee | |
Restructuring Cost and Reserve [Line Items] | |||||
(Gains) losses on sale of assets and other special charges | $ 112,000 | $ 61,000 | $ 104,000 | $ 77,000 | |
Loss contingency, loss in period | 94,000 | 94,000 | |||
Nonoperating unrealized gains (losses) | (40,000) | 147,000 | (40,000) | 125,000 | |
Debt extinguishment costs | 7,000 | ||||
Government assistance received | 5,800,000 | ||||
Government assistance received through unsecured loans | 1,700,000 | ||||
Severance and benefit costs | 0 | 11,000 | 0 | 428,000 | |
Impairment of assets | 0 | $ 59,000 | 0 | $ 59,000 | |
Number of aircraft and related spare engines retired | aircraft | 64 | 64 | |||
Nonoperating debt extinguishment and modification fees | 0 | $ 62,000 | 7,000 | $ 62,000 | |
Nonoperating special termination benefits | 0 | 0 | 0 | (46,000) | |
Unsecured Debt | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Long-term debt | $ 400,000 | $ 400,000 | |||
Payroll Support Program 2 & 3 (PSP 2 & 3) Warrants | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Issuance of warrants | 52,000 | 99,000 | |||
PSP 2 & 3 Note | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Grant income | $ 1,100,000 | $ 2,900,000 | |||
Employee Separation | Voluntary Separation Leave Programs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of employees electing to voluntarily separate from the company | employee | 4,500 | ||||
Nonoperating special termination benefits | $ 46,000 | ||||
Employee Separation | Voluntary Separation Leave Programs | Full-Time Employees | |||||
Restructuring Cost and Reserve [Line Items] | |||||
One-time per employee contribution for special termination benefits related to VSL programs | $ 125 | 125 | |||
Employee Separation | Voluntary Separation Leave Programs | Part-Time Employees | |||||
Restructuring Cost and Reserve [Line Items] | |||||
One-time per employee contribution for special termination benefits related to VSL programs | $ 75 | $ 75 |