Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 14, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'UAL | ' |
Entity Registrant Name | 'United Continental Holdings, Inc. | ' |
Entity Central Index Key | '0000100517 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 373,504,409 |
United Airlines, Inc. | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'United Airlines, Inc. | ' |
Entity Central Index Key | '0000319687 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000 |
Statements_of_Consolidated_Ope
Statements of Consolidated Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating revenue: | ' | ' |
Passenger-Mainline | $5,848 | $5,938 |
Passenger-Regional | 1,536 | 1,621 |
Total passenger revenue | 7,384 | 7,559 |
Cargo | 209 | 227 |
Other operating revenue | 1,103 | 935 |
Total revenue | 8,696 | 8,721 |
Operating expense: | ' | ' |
Aircraft fuel | 2,917 | 3,050 |
Salaries and related costs | 2,153 | 2,127 |
Regional capacity purchase | 559 | 588 |
Landing fees and other rent | 572 | 497 |
Aircraft maintenance materials and outside repairs | 458 | 438 |
Depreciation and amortization | 409 | 408 |
Distribution expenses | 318 | 328 |
Aircraft rent | 224 | 240 |
Special charges | 52 | 92 |
Other operating expenses | 1,383 | 1,217 |
Total operating expenses | 9,045 | 8,985 |
Operating loss | -349 | -264 |
Nonoperating income (expense): | ' | ' |
Interest expense | -187 | -201 |
Interest capitalized | 14 | 11 |
Interest income | 5 | 5 |
Miscellaneous, net | -89 | 23 |
Total other expense | -257 | -162 |
Loss before income taxes | -606 | -426 |
Income tax expense (benefit) | 3 | -9 |
Net loss | -609 | -417 |
Loss per share, basic | ($1.66) | ($1.26) |
Loss per share, diluted | ($1.66) | ($1.26) |
United Airlines, Inc. | ' | ' |
Operating revenue: | ' | ' |
Passenger-Mainline | 5,848 | 5,938 |
Passenger-Regional | 1,536 | 1,621 |
Total passenger revenue | 7,384 | 7,559 |
Cargo | 209 | 227 |
Other operating revenue | 1,103 | 937 |
Total revenue | 8,696 | 8,723 |
Operating expense: | ' | ' |
Aircraft fuel | 2,917 | 3,050 |
Salaries and related costs | 2,153 | 2,127 |
Regional capacity purchase | 559 | 588 |
Landing fees and other rent | 572 | 497 |
Aircraft maintenance materials and outside repairs | 458 | 438 |
Depreciation and amortization | 409 | 408 |
Distribution expenses | 318 | 328 |
Aircraft rent | 224 | 240 |
Special charges | 52 | 92 |
Other operating expenses | 1,375 | 1,217 |
Total operating expenses | 9,037 | 8,985 |
Operating loss | -341 | -262 |
Nonoperating income (expense): | ' | ' |
Interest expense | -189 | -203 |
Interest capitalized | 14 | 11 |
Interest income | 5 | 5 |
Miscellaneous, net | -66 | 85 |
Total other expense | -236 | -102 |
Loss before income taxes | -577 | -364 |
Income tax expense (benefit) | 3 | -2 |
Net loss | ($580) | ($362) |
Statements_of_Consolidated_Com
Statements of Consolidated Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net loss | ($609) | ($417) | ||
Other comprehensive income (loss), net change related to: | ' | ' | ||
Fuel derivative financial instruments | -7 | ' | ||
Employee benefit plans | -21 | 21 | ||
Investments and other | ' | -2 | ||
Comprehensive income (loss) adjustments | -28 | [1] | 19 | [1] |
Total comprehensive loss, net | -637 | -398 | ||
United Airlines, Inc. | ' | ' | ||
Net loss | -580 | -362 | ||
Other comprehensive income (loss), net change related to: | ' | ' | ||
Fuel derivative financial instruments | -7 | ' | ||
Employee benefit plans | -21 | 21 | ||
Investments and other | 1 | -1 | ||
Other | ' | 6 | ||
Comprehensive income (loss) adjustments | -27 | 26 | ||
Total comprehensive loss, net | ($607) | ($336) | ||
[1] | UAL and United amounts are substantially the same except for an additional $6 million of income tax benefit at United in 2013 and additional (losses) gains related to investments and other of $1 million and $1 million in 2014 and 2013, respectively. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $3,009 | $3,220 | ||
Short-term investments | 2,015 | 1,901 | ||
Total unrestricted cash, cash equivalents and short-term investments | 5,024 | 5,121 | ||
Restricted cash | 49 | 31 | ||
Receivables, less allowance for doubtful accounts (2014 - $17; 2013 - $13) | 1,609 | 1,503 | ||
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2014 - $170; 2013 - $162) | 641 | 667 | ||
Deferred income taxes | 620 | 676 | ||
Prepaid expenses and other | 845 | 704 | ||
Total current assets | 8,788 | 8,702 | ||
Operating property and equipment: Owned- | ' | ' | ||
Flight equipment | 19,376 | 18,786 | ||
Other property and equipment | 3,759 | 3,687 | ||
Operating property and equipment - owned, gross | 23,135 | 22,473 | ||
Less - Accumulated depreciation and amortization | -6,364 | -6,080 | ||
Operating property and equipment - owned, net | 16,771 | 16,393 | ||
Purchase deposits for flight equipment | 688 | 706 | ||
Capital leases- | ' | ' | ||
Flight equipment | 1,496 | 1,490 | ||
Other property and equipment | 315 | 307 | ||
Operating property and equipment - capital leases, gross | 1,811 | 1,797 | ||
Less - Accumulated amortization | -886 | -849 | ||
Operating property and equipment - capital leases, net | 925 | 948 | ||
Total property, plant, and equipment, net | 18,384 | 18,047 | ||
Other assets: | ' | ' | ||
Goodwill | 4,523 | 4,523 | ||
Intangibles, less accumulated amortization (2014 - $954; 2013 - $933) | 4,402 | 4,436 | ||
Restricted cash | 340 | 364 | ||
Other, net | 748 | 740 | ||
Other assets total | 10,013 | 10,063 | ||
Total assets | 37,185 | 36,812 | ||
Current liabilities: | ' | ' | ||
Advance ticket sales | 4,804 | 3,405 | ||
Frequent flyer deferred revenue | 2,318 | 2,369 | ||
Accounts payable | 2,332 | 2,087 | ||
Accrued salaries and benefits | 1,363 | 1,696 | ||
Current maturities of long-term debt | 1,178 | 1,368 | ||
Current maturities of capital leases | 112 | 117 | ||
Other | 984 | 1,065 | ||
Total current liabilities | 13,091 | 12,107 | ||
Long-term debt | 10,098 | 10,171 | ||
Long-term obligations under capital leases | 736 | 753 | ||
Other liabilities and deferred credits: | ' | ' | ||
Frequent flyer deferred revenue | 2,593 | 2,535 | ||
Postretirement benefit liability | 1,701 | 1,703 | ||
Pension liability | 1,626 | 1,650 | ||
Advanced purchase of miles | 1,282 | 1,338 | ||
Deferred income taxes | 1,608 | 1,662 | ||
Lease fair value adjustment, net | 590 | 626 | ||
Other | 1,281 | 1,283 | ||
Total non-current liabilities | 10,681 | 10,797 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity (deficit): | ' | ' | ||
Preferred stock | ' | ' | ||
Common stock | 4 | 4 | ||
Additional capital invested | 7,666 | 7,425 | ||
Accumulated deficit | -5,624 | -5,015 | ||
Stock held in treasury, at cost | -47 | -38 | ||
Accumulated other comprehensive income (loss) | 580 | [1] | 608 | [1] |
Total stockholders' equity | 2,579 | 2,984 | ||
Total liabilities and stockholders' equity (deficit) | 37,185 | 36,812 | ||
United Airlines, Inc. | ' | ' | ||
Current assets: | ' | ' | ||
Cash and cash equivalents | 3,003 | 3,214 | ||
Short-term investments | 2,015 | 1,901 | ||
Total unrestricted cash, cash equivalents and short-term investments | 5,018 | 5,115 | ||
Restricted cash | 49 | 31 | ||
Receivables, less allowance for doubtful accounts (2014 - $17; 2013 - $13) | 1,609 | 1,503 | ||
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2014 - $170; 2013 - $162) | 641 | 667 | ||
Deferred income taxes | 614 | 674 | ||
Prepaid expenses and other | 893 | 705 | ||
Total current assets | 8,824 | 8,695 | ||
Operating property and equipment: Owned- | ' | ' | ||
Flight equipment | 19,376 | 18,786 | ||
Other property and equipment | 3,759 | 3,687 | ||
Operating property and equipment - owned, gross | 23,135 | 22,473 | ||
Less - Accumulated depreciation and amortization | -6,364 | -6,080 | ||
Operating property and equipment - owned, net | 16,771 | 16,393 | ||
Purchase deposits for flight equipment | 688 | 706 | ||
Capital leases- | ' | ' | ||
Flight equipment | 1,496 | 1,490 | ||
Other property and equipment | 315 | 307 | ||
Operating property and equipment - capital leases, gross | 1,811 | 1,797 | ||
Less - Accumulated amortization | -886 | -849 | ||
Operating property and equipment - capital leases, net | 925 | 948 | ||
Total property, plant, and equipment, net | 18,384 | 18,047 | ||
Other assets: | ' | ' | ||
Goodwill | 4,523 | 4,523 | ||
Intangibles, less accumulated amortization (2014 - $954; 2013 - $933) | 4,402 | 4,436 | ||
Restricted cash | 340 | 364 | ||
Other, net | 1,333 | 1,221 | ||
Other assets total | 10,598 | 10,544 | ||
Total assets | 37,806 | 37,286 | ||
Current liabilities: | ' | ' | ||
Advance ticket sales | 4,804 | 3,405 | ||
Frequent flyer deferred revenue | 2,318 | 2,369 | ||
Accounts payable | 2,336 | 2,092 | ||
Accrued salaries and benefits | 1,363 | 1,696 | ||
Current maturities of long-term debt | 1,178 | 1,368 | ||
Current maturities of capital leases | 112 | 117 | ||
Payables to related parties | 102 | 114 | ||
Other | 975 | 1,064 | ||
Total current liabilities | 13,188 | 12,225 | ||
Long-term debt | 9,996 | 10,020 | ||
Long-term obligations under capital leases | 736 | 753 | ||
Other liabilities and deferred credits: | ' | ' | ||
Frequent flyer deferred revenue | 2,593 | 2,535 | ||
Postretirement benefit liability | 1,701 | 1,703 | ||
Pension liability | 1,626 | 1,650 | ||
Advanced purchase of miles | 1,282 | 1,338 | ||
Deferred income taxes | 1,603 | 1,661 | ||
Lease fair value adjustment, net | 590 | 626 | ||
Other | 1,634 | 1,552 | ||
Total non-current liabilities | 11,029 | 11,065 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity (deficit): | ' | ' | ||
Common stock | 0 | 0 | ||
Additional capital invested | 7,598 | 7,590 | ||
Accumulated deficit | -5,322 | -4,743 | ||
Accumulated other comprehensive income (loss) | 581 | 608 | ||
Receivable from related parties | ' | -232 | ||
Total stockholders' equity | 2,857 | 3,223 | ||
Total liabilities and stockholders' equity (deficit) | $37,806 | $37,286 | ||
[1] | UAL and United amounts are substantially the same except for an additional $6 million of income tax benefit at United in 2013 and additional (losses) gains related to investments and other of $1 million and $1 million in 2014 and 2013, respectively. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Receivables, allowance for doubtful accounts | $17 | $13 |
Aircraft fuel, spare parts and supplies, obsolescence allowance | 170 | 162 |
Intangibles, accumulated amortization | 954 | 933 |
Common stock, par value | $0.01 | $0.01 |
Common shares, authorized | 1,000,000,000 | 1,000,000,000 |
Common shares, outstanding | 373,502,963 | 362,283,555 |
United Airlines, Inc. | ' | ' |
Receivables, allowance for doubtful accounts | 17 | 13 |
Aircraft fuel, spare parts and supplies, obsolescence allowance | 170 | 162 |
Intangibles, accumulated amortization | $954 | $933 |
Common stock, par value | $0.01 | $0.01 |
Common shares, authorized | 1,000 | 1,000 |
Common shares, issued | 1,000 | 1,000 |
Common shares, outstanding | 1,000 | 1,000 |
Condensed_Statements_of_Consol
Condensed Statements of Consolidated Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net cash provided by operating activities | $694 | $393 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -364 | -375 |
Increase in short-term and other investments, net | -111 | -77 |
Proceeds from sale of property and equipment | 35 | 9 |
Decrease in restricted cash, net | 6 | 12 |
Other, net | 7 | ' |
Net cash used in investing activities | -427 | -431 |
Cash Flows from Financing Activities: | ' | ' |
Payments of long-term debt | -613 | -1,241 |
Proceeds from issuance of long-term debt | 147 | 109 |
Principal payments under capital leases | -24 | -29 |
Other, net | 12 | -33 |
Net cash used in financing activities | -478 | -1,194 |
Net decrease in cash and cash equivalents | -211 | -1,232 |
Cash and cash equivalents at beginning of the period | 3,220 | 4,770 |
Cash and cash equivalents at end of the period | 3,009 | 3,538 |
Investing and Financing Activities Not Affecting Cash: | ' | ' |
Property and equipment acquired through the issuance of debt | 375 | 146 |
Exchanges of certain convertible notes for common stock | 202 | ' |
Airport construction financing | 2 | 5 |
United Airlines, Inc. | ' | ' |
Cash Flows from Operating Activities: | ' | ' |
Net cash provided by operating activities | 686 | 389 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -364 | -375 |
Increase in short-term and other investments, net | -111 | -77 |
Proceeds from sale of property and equipment | 35 | 9 |
Decrease in restricted cash, net | 6 | 12 |
Other, net | 7 | ' |
Net cash used in investing activities | -427 | -431 |
Cash Flows from Financing Activities: | ' | ' |
Payments of long-term debt | -613 | -1,241 |
Proceeds from issuance of long-term debt | 147 | 109 |
Principal payments under capital leases | -24 | -29 |
Other, net | 20 | -30 |
Net cash used in financing activities | -470 | -1,191 |
Net decrease in cash and cash equivalents | -211 | -1,233 |
Cash and cash equivalents at beginning of the period | 3,214 | 4,765 |
Cash and cash equivalents at end of the period | 3,003 | 3,532 |
Investing and Financing Activities Not Affecting Cash: | ' | ' |
Property and equipment acquired through the issuance of debt | 375 | 146 |
Transfer of UAL subsidiaries to United | 186 | ' |
Exchanges of certain convertible notes for common stock | 156 | ' |
Airport construction financing | $2 | $5 |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Significant Accounting Policies | ' |
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES | |
Frequent Flyer Accounting. On March 30, 2014, US Airways exited Star Alliance. Effective with the exit date, the Company updated its estimated selling price for miles to a value based on the equivalent ticket value less fulfillment discount, which incorporates the expected redemption of miles. The equivalent ticket value used as the basis for the estimated selling price of miles is based on the prior 12 months’ weighted average equivalent ticket value of similar fares as those used to settle award redemptions while taking into consideration such factors as redemption pattern, cabin class, loyalty status and geographic region. This change in estimate will be applied on a prospective basis beginning April 1, 2014. The estimated impact of this change on consolidated revenue is expected to be an increase of approximately $75 million in 2014. | |
Related Party Receivables. At December 31, 2013, United had receivables from two affiliates, which were wholly-owned subsidiaries of UAL, of $232 million that were classified against stockholder’s equity. UAL transferred all of its equity interest in each of the two subsidiaries to United in the first quarter of 2014, and the transfers have been reflected as reductions in paid in capital. |
Loss_Per_Share
Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Loss Per Share | ' | ||||||||
NOTE 2 - LOSS PER SHARE | |||||||||
The table below represents the computation of UAL’s basic and diluted loss per share amounts and the number of securities that have been excluded from the computation of diluted loss per share amounts because they were antidilutive (in millions, except per share amounts): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Basic and diluted loss per share: | |||||||||
Loss available to common stockholders | $ | -609 | $ | -417 | |||||
Weighted average shares outstanding, basic and diluted | 368 | 332 | |||||||
Loss per share, basic and diluted | $ | -1.66 | $ | -1.26 | |||||
Potentially dilutive shares excluded from diluted per share amounts: | |||||||||
Restricted stock and stock options | 2 | 4 | |||||||
Convertible notes | 28 | 61 | |||||||
During the three months ended March 31, 2014, UAL issued approximately five million additional shares of UAL common stock in exchange for, or upon conversion of, $46 million in aggregate principal amount of UAL’s outstanding 6% convertible senior notes due 2029 held by such securityholders. The newly issued shares of UAL common stock are included in the determination of basic weighted average shares outstanding for the three months ended March 31, 2014 from the date the shares were issued. The Company retired the 6% convertible senior notes acquired in the exchange. | |||||||||
In the first quarter of 2014, holders of substantially all of the remaining $156 million outstanding principal amount of the 4.5% Senior Limited-Subordination Convertible Notes due 2021 (the “4.5% Notes”) exercised their right to convert such notes into approximately five million shares of UAL common stock at a conversion rate of 30.6419 shares of UAL common stock per $1,000 principal amount of 4.5% Notes. The newly issued shares of UAL common stock are included in the determination of basic weighted average shares outstanding for the three months ended March 31, 2014 from the date the shares were issued. See Note 9 for information related to exercises of the 4.5% Notes. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
The tables below present the components of the Company’s accumulated other comprehensive income (loss), net of tax (“AOCI”) (in millions): | |||||||||||||||||
UAL (a) | Pension and | Derivative | Investments | Total | |||||||||||||
Other | Contracts | and Other | |||||||||||||||
Postretirement | |||||||||||||||||
Liabilities | |||||||||||||||||
Balance at December 31, 2013 | $ | 584 | $ | 11 | $ | 13 | $ | 608 | |||||||||
Changes in value | -5 | -10 | — | -15 | |||||||||||||
Amounts reclassified to earnings | -16 | 3 | — | -13 | |||||||||||||
Net current-period change | -21 | -7 | — | -28 | |||||||||||||
Balance at March 31, 2014 | $ | 563 | $ | 4 | $ | 13 | $ | 580 | |||||||||
Balance at December 31, 2012 | $ | -1,042 | $ | -10 | $ | 6 | $ | (1,046) | |||||||||
Changes in value | — | -9 | -2 | -11 | |||||||||||||
Amounts reclassified to earnings | 21 | 9 | — | 30 | |||||||||||||
Net current-period change | 21 | — | -2 | 19 | |||||||||||||
Balance at March 31, 2013 | $ | -1,021 | $ | -10 | $ | 4 | $ | -1,027 | |||||||||
Details about AOCI Components | Amount Reclassified from AOCI to | Affected Line Item in | |||||||||||||||
Income | the Statements of | ||||||||||||||||
Consolidated Operations | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||
Fuel contracts-reclassifications of (gains) losses into earnings (b) | $ | 3 | $ | 9 | Aircraft fuel | ||||||||||||
Amortization of pension and post-retirement items | |||||||||||||||||
Amortization of unrecognized (gains) losses and prior service cost (credit) (b) (c) | $ | -16 | $ | 21 | Salaries and related costs | ||||||||||||
(a) UAL and United amounts are substantially the same except for an additional $6 million of income tax benefit at United in 2013 and additional (losses) gains related to investments and other of $1 million and $1 million in 2014 and 2013, respectively. | |||||||||||||||||
(b) Income tax expense for these items was offset by the Company’s valuation allowance. | |||||||||||||||||
(c) This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 5 of this report for additional details). |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes | ' |
NOTE 4 - INCOME TAXES | |
Our effective tax rates are lower than the federal statutory rate of 35% primarily because of the impact of changes to existing valuation allowances. We continue to provide a valuation allowance for our deferred tax assets in excess of deferred tax liabilities because we have concluded that it is more likely than not that such deferred tax assets will ultimately not be realized. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
NOTE 5 - EMPLOYEE BENEFIT PLANS | |||||||||||||||||
Defined Benefit Pension and Other Postretirement Benefit Plans. The Company’s net periodic benefit cost includes the following components (in millions): | |||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||
Benefits | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 24 | $ | 33 | $ | 5 | $ | 14 | |||||||||
Interest cost | 51 | 47 | 22 | 28 | |||||||||||||
Expected return on plan assets | -45 | -40 | -1 | -1 | |||||||||||||
Amortization of unrecognized (gain) loss and prior service cost (credit) | 3 | 18 | -19 | 3 | |||||||||||||
Total | $ | 33 | $ | 58 | $ | 7 | $ | 44 | |||||||||
During the three months ended March 31, 2014, the Company contributed $57 million to its tax-qualified defined benefit pension plans. | |||||||||||||||||
Share-Based Compensation. In February 2014, UAL granted share-based compensation awards pursuant to the United Continental Holdings, Inc. 2008 Incentive Compensation Plan. These share-based compensation awards include approximately 0.3 million shares of restricted stock and 0.5 million restricted stock units (“RSUs”) that vest pro-rata over three years on the anniversary of the grant date. The time-vested RSUs are cash-settled based on the 20-day average closing price of UAL common stock immediately prior to the vesting date. In addition, the Company granted 0.6 million performance-based RSUs that will vest based on the Company’s return on invested capital for the three years ending December 31, 2016. If this performance condition is achieved, cash payments will be made after the end of the performance period based on the 20-day average closing price of UAL common stock immediately prior to the vesting date. The Company accounts for the RSUs as liability awards. The table below presents information related to share-based compensation (in millions): | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Share-based compensation expense (a) | $ | 32 | $ | 27 | |||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Unrecognized share-based compensation | $ | 90 | $ | 44 | |||||||||||||
(a) Includes $3 million and $8 million of expense recognized in merger integration-related costs for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||
Profit Sharing Plans. Substantially all employees participated in profit sharing plans, which depending on the work group, pay from 5% to 20% of total pre-tax earnings, excluding special items and share-based compensation expense, to eligible employees when pre-tax profit, excluding special items, profit sharing expense and share-based compensation program expense, exceeds $10 million. Eligible U.S. co-workers in each participating work group received a profit sharing payout using a formula based on the ratio of each qualified co-worker’s annual eligible earnings to the eligible earnings of all qualified co-workers in all domestic work groups. The international profit sharing plan paid eligible non-U.S. co-workers the same percentage of eligible pay that is calculated under the U.S. profit sharing plan for management and administrative employees. Profit sharing expense is recorded as a component of salaries and related costs in the consolidated statements of operations. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||||||||||
NOTE 6 - FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||||||||||||
The table below presents disclosures about the financial assets and financial liabilities measured at fair value on a recurring basis in the Company’s financial statements (in millions): | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
UAL | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,009 | $ | 3,009 | $ | — | $ | — | $ | 3,220 | $ | 3,220 | $ | — | $ | — | |||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 796 | — | 796 | — | 694 | — | 694 | — | |||||||||||||||||||||||||||||||||
Corporate debt | 667 | — | 667 | — | 685 | — | 685 | — | |||||||||||||||||||||||||||||||||
Certificates of deposit placed through an account registry service (“CDARS”) | 315 | — | 315 | — | 301 | — | 301 | — | |||||||||||||||||||||||||||||||||
Auction rate securities | 96 | — | — | 96 | 105 | — | — | 105 | |||||||||||||||||||||||||||||||||
U.S. government and agency notes | 44 | — | 44 | — | 38 | — | 38 | — | |||||||||||||||||||||||||||||||||
Other fixed income securities | 97 | — | 97 | — | 78 | — | 78 | — | |||||||||||||||||||||||||||||||||
Enhanced equipment trust certificates (“EETC”) | 59 | — | — | 59 | 61 | — | — | 61 | |||||||||||||||||||||||||||||||||
Fuel derivatives, net | 48 | — | 48 | — | 104 | — | 104 | — | |||||||||||||||||||||||||||||||||
Foreign currency derivatives | 1 | — | 1 | — | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||
Restricted cash | 389 | 389 | — | — | 395 | 395 | — | — | |||||||||||||||||||||||||||||||||
United | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,003 | $ | 3,003 | $ | — | $ | — | $ | 3,214 | $ | 3,214 | $ | — | $ | — | |||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 796 | — | 796 | — | 694 | — | 694 | — | |||||||||||||||||||||||||||||||||
Corporate debt | 667 | — | 667 | — | 685 | — | 685 | — | |||||||||||||||||||||||||||||||||
CDARS | 315 | — | 315 | — | 301 | — | 301 | — | |||||||||||||||||||||||||||||||||
Auction rate securities | 96 | — | — | 96 | 105 | — | — | 105 | |||||||||||||||||||||||||||||||||
U.S. government and agency notes | 44 | — | 44 | — | 38 | — | 38 | — | |||||||||||||||||||||||||||||||||
Other fixed income securities | 97 | — | 97 | — | 78 | — | 78 | — | |||||||||||||||||||||||||||||||||
EETC | 59 | — | — | 59 | 61 | — | — | 61 | |||||||||||||||||||||||||||||||||
Fuel derivatives, net | 48 | — | 48 | — | 104 | — | 104 | — | |||||||||||||||||||||||||||||||||
Foreign currency derivatives | 1 | — | 1 | — | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||
Restricted cash | 389 | 389 | — | — | 395 | 395 | — | — | |||||||||||||||||||||||||||||||||
Convertible debt derivative asset | 584 | — | — | 584 | 480 | — | — | 480 | |||||||||||||||||||||||||||||||||
Convertible debt option liability | -352 | — | — | -352 | -270 | — | — | -270 | |||||||||||||||||||||||||||||||||
Available-for-sale investment maturities - The short-term investments and EETC securities shown in the table above are classified as available-for-sale. As of March 31, 2014, asset-backed securities have remaining maturities of less than one year to approximately 40 years, corporate debt securities have remaining maturities of less than one year to approximately 21 years, CDARS have maturities of less than one year, and auction rate securities have remaining maturities of approximately 18 to 32 years. U.S. government and other securities have maturities of approximately one year. The EETC securities have various maturities with the final maturity in 2019. | |||||||||||||||||||||||||||||||||||||||||
The table below presents disclosures about the activity for “Level 3” financial assets and financial liabilities (in millions): | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
UAL and United | United | UAL and United | United | ||||||||||||||||||||||||||||||||||||||
Student | EETC | Convertible | Convertible | Student | EETC | Convertible | Convertible | ||||||||||||||||||||||||||||||||||
Loan-Related | Debt | Debt | Loan-Related | Debt | Debt | ||||||||||||||||||||||||||||||||||||
Auction Rate | Supplemental | Conversion | Auction Rate | Supplemental | Conversion | ||||||||||||||||||||||||||||||||||||
Securities | Derivative | Option | Securities | Derivative | Option | ||||||||||||||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 105 | $ | 61 | $ | 480 | $ | -270 | $ | 116 | $ | 63 | $ | 268 | $ | -128 | |||||||||||||||||||||||||
Purchases, (sales), issuances and settlements (net) | -10 | -3 | — | — | -10 | -2 | — | — | |||||||||||||||||||||||||||||||||
Gains and (losses): | |||||||||||||||||||||||||||||||||||||||||
Reported in earnings: | |||||||||||||||||||||||||||||||||||||||||
Realized | 1 | — | — | — | 2 | — | — | — | |||||||||||||||||||||||||||||||||
Unrealized | — | — | 104 | -82 | 1 | — | 145 | -81 | |||||||||||||||||||||||||||||||||
Reported in other comprehensive income (loss) | — | 1 | — | — | -1 | — | — | — | |||||||||||||||||||||||||||||||||
Balance at March 31 | $ | 96 | $ | 59 | $ | 584 | $ | -352 | $ | 108 | $ | 61 | $ | 413 | $ | -209 | |||||||||||||||||||||||||
United’s debt-related derivatives presented in the tables above relate to (a) supplemental indenture agreements that provide that United’s convertible debt is convertible into shares of UAL common stock upon the terms and conditions specified in the indentures, and (b) the embedded conversion options in United’s convertible debt that are required to be separated and accounted for as though they are free-standing derivatives as a result of the United debt becoming convertible into the common stock of a different reporting entity. The derivatives described above relate to the 6% Convertible Junior Subordinated Debentures due 2030 and the 4.5% Convertible Notes due 2015. These derivatives are reported in United’s separate financial statements and eliminated in consolidation for UAL. | |||||||||||||||||||||||||||||||||||||||||
Derivative instruments and investments presented in the tables above have the same fair value as their carrying value. The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions): | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Debt by Fair Value Hierarchy Level | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
UAL debt | $ | 11,276 | $ | 12,536 | $ | — | $ | 8,684 | $ | 3,852 | $ | 11,539 | $ | 12,695 | $ | — | $ | 8,829 | $ | 3,866 | |||||||||||||||||||||
United debt | 11,174 | 12,234 | — | 8,382 | 3,852 | 11,388 | 12,249 | — | 8,383 | 3,866 | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements (in millions) | |||||||||||||||||||||||||||||||||||||||||
Item | Fair Value at | Valuation Technique | Unobservable Input | Range | |||||||||||||||||||||||||||||||||||||
March 31, 2014 | (Weighted Average) | ||||||||||||||||||||||||||||||||||||||||
Auction rate securities | $ | 96 | Valuation Service / Broker Quotes | Broker quotes (a) | NA | ||||||||||||||||||||||||||||||||||||
EETC | 59 | Discounted Cash Flows | Structure credit risk (b) | 4% | |||||||||||||||||||||||||||||||||||||
Convertible debt | 584 | Binomial Lattice Model | Expected volatility (c) | 40% - 60% (41%) | |||||||||||||||||||||||||||||||||||||
derivative asset | Own credit risk (d) | 5% | |||||||||||||||||||||||||||||||||||||||
Convertible debt | (352 | ) | Binomial Lattice Model | Expected volatility (c) | 40% - 60% (42%) | ||||||||||||||||||||||||||||||||||||
option liability | Own credit risk (d) | 5% | |||||||||||||||||||||||||||||||||||||||
(a) Broker quotes obtained by a third-party valuation service. | |||||||||||||||||||||||||||||||||||||||||
(b) Represents the credit risk premium of the EETC structure above the risk-free rate that the Company has determined market participants would use when pricing the instruments. | |||||||||||||||||||||||||||||||||||||||||
(c) Represents the range in volatility estimates that the Company has determined market participants would use when pricing the instruments. | |||||||||||||||||||||||||||||||||||||||||
(d) Represents the range of Company-specific risk adjustments that the Company has determined market participants would use as a model input. | |||||||||||||||||||||||||||||||||||||||||
Valuation Processes - Level 3 Measurements - Depending on the instrument, the Company utilizes broker quotes obtained from third-party valuation services, discounted cash flow methods, or option pricing methods, as indicated above. Valuations using discounted cash flow methods are generally conducted by the Company. Valuations using option pricing models are generally provided to the Company by third-party valuation experts. Each reporting period, the Company reviews the unobservable inputs used by third-party valuation experts for reasonableness utilizing relevant information available to the Company from other sources. | |||||||||||||||||||||||||||||||||||||||||
The Company uses broker quotes obtained from a valuation service (in replacement of a discounted cash flows method) for valuing auction rate securities. This approach provides the best available information. | |||||||||||||||||||||||||||||||||||||||||
Sensitivity Analysis - Level 3 Measurements - Changes in the structure credit risk would be unlikely to cause material changes in the fair value of the EETCs. | |||||||||||||||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the United convertible debt derivative assets and liabilities are the expected volatility in UAL common stock and the Company’s own credit risk. Significant increases (decreases) in expected stock volatility would result in a higher (lower) fair value measurement. Significant increases (decreases) in the Company’s own credit risk would result in a lower (higher) fair value measurement. A change in one of the inputs would not necessarily result in a directionally similar change in the other. | |||||||||||||||||||||||||||||||||||||||||
Fair value of the financial instruments included in the tables above was determined as follows: | |||||||||||||||||||||||||||||||||||||||||
Description | Fair Value Methodology | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | The carrying amounts approximate fair value because of the short-term maturity of these assets. | ||||||||||||||||||||||||||||||||||||||||
Short-term investments and Restricted cash | Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, (c) internally-developed models of the expected future cash flows related to the securities, or (d) broker quotes obtained by third-party valuation services. | ||||||||||||||||||||||||||||||||||||||||
Fuel derivatives | Derivative contracts are privately negotiated contracts and are not exchange traded. Fair value measurements are estimated with option pricing models that employ observable inputs. Inputs to the valuation models include contractual terms, market prices, yield curves, fuel price curves and measures of volatility, among others. | ||||||||||||||||||||||||||||||||||||||||
Foreign currency derivatives | Fair value is determined with a formula utilizing observable inputs. Significant inputs to the valuation models include contractual terms, risk-free interest rates and forward exchange rates. | ||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||
Convertible debt derivative asset and option liability | United used a binomial lattice model to value the conversion options and the supplemental derivative assets. Significant binomial model inputs that are not objectively determinable include volatility and the Company’s credit risk component of the discount rate. |
Hedging_Activities
Hedging Activities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Hedging Activities | ' | ||||||||||||||||||||||||
NOTE 7 - HEDGING ACTIVITIES | |||||||||||||||||||||||||
Fuel Derivatives | |||||||||||||||||||||||||
Aircraft fuel has been the Company’s single largest operating expense for the last several years. The availability and price of aircraft fuel significantly affects the Company’s operations, results of operations, financial position and liquidity. Aircraft fuel prices can fluctuate based on a multitude of factors including market expectations of supply and demand balance, inventory levels, geopolitical events, economic growth expectations, fiscal/monetary policies and financial investment flows. To protect against increases in the prices of aircraft fuel, the Company routinely hedges a portion of its future fuel requirements. As of March 31, 2014, the Company had hedged approximately 22%, 16% and less than 1% of its projected fuel requirements (668 million, 650 million and six million gallons, respectively) for the remainder of 2014, 2015 and 2016, respectively, with commonly used financial hedge instruments based on aircraft fuel or closely related commodities, such as diesel fuel and crude oil. As of March 31, 2014, the Company had fuel hedges expiring through March 2016. The Company does not enter into derivative instruments for non-risk management purposes. | |||||||||||||||||||||||||
Accounting pronouncements pertaining to derivative instruments and hedging are complex with stringent requirements, including documentation of hedging strategy, statistical analysis to qualify a commodity for hedge accounting both on a historical and a prospective basis, and strict contemporaneous documentation that is required at the time each hedge is designated as a cash flow hedge. As required, the Company assesses the effectiveness of each of its individual hedges on a quarterly basis. The Company also examines the effectiveness of its entire hedging program on a quarterly basis utilizing statistical analysis. This analysis involves utilizing regression and other statistical analyses that compare changes in the price of aircraft fuel to changes in the prices of the commodities used for hedging purposes. | |||||||||||||||||||||||||
Upon proper qualification, the Company accounts for certain fuel derivative instruments as cash flow hedges. All derivatives designated as hedges that meet certain requirements are granted hedge accounting treatment. The types of instruments the Company utilizes that qualify for special hedge accounting treatment typically include swaps, call options, collars (which consist of a purchased call option and a sold put option) and four-way collars (a collar with a higher strike sold call option and a lower strike purchased put option). Generally, utilizing hedge accounting, all periodic changes in fair value of the derivatives designated as hedges that are considered to be effective are recorded in AOCI until the underlying fuel is consumed and recorded in fuel expense. The Company is exposed to the risk that its hedges may not be effective in offsetting changes in the cost of fuel and that its hedges may not continue to qualify for hedge accounting. Hedge ineffectiveness results when the change in the fair value of the derivative instrument exceeds the change in the value of the Company’s expected future cash outlay to purchase and consume fuel. To the extent that the periodic changes in the fair value of the derivatives are not effective, that ineffectiveness is classified as Nonoperating income (expense): Miscellaneous, net in the statements of consolidated operations. | |||||||||||||||||||||||||
The Company also utilizes certain derivative instruments that are economic hedges but do not qualify for hedge accounting under U.S. GAAP. As with derivatives that qualify for hedge accounting, the purpose of these economic hedges is to mitigate the adverse financial impact of potential increases in the price of fuel. Currently, the only such economic hedges in the Company’s hedging portfolio are three-way collars (a collar with a higher strike sold call option). The Company records changes in the fair value of three-way collars to Nonoperating income (expense): Miscellaneous, net in the statements of consolidated operations. | |||||||||||||||||||||||||
If the Company terminates a derivative prior to its contractual settlement date, then the cumulative gain or loss recognized in AOCI at the termination date remains in AOCI until the forecasted transaction occurs. In a situation where it becomes probable that a hedged forecasted transaction will not occur, any gains and/or losses that have been recorded to AOCI would be required to be immediately reclassified into earnings. All cash flows associated with purchasing and settling derivatives are classified as operating cash flows in the condensed statements of consolidated cash flows. | |||||||||||||||||||||||||
The Company records each derivative instrument as a derivative asset or liability (on a gross basis) in its consolidated balance sheets, and, accordingly, records any related collateral on a gross basis. The table below presents the fair value amounts of fuel derivative assets and liabilities and the location of amounts recognized in the Company’s financial statements. | |||||||||||||||||||||||||
The Company’s derivatives were reported in its consolidated balance sheets as follows (in millions): | |||||||||||||||||||||||||
Classification | Balance Sheet Location | March 31, | December 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fuel contracts due within one year | Receivables | $ | 9 | $ | 19 | ||||||||||||||||||||
Fuel contracts with maturities greater than one year | Other assets: Other, net | 5 | 6 | ||||||||||||||||||||||
Total assets | $ | 14 | $ | 25 | |||||||||||||||||||||
Derivatives not designated for hedge accounting | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fuel contracts due within one year | Receivables | $ | 32 | $ | 70 | ||||||||||||||||||||
Fuel contracts with maturities greater than one year | Other assets: Other, net | 4 | 9 | ||||||||||||||||||||||
Total assets | $ | 36 | $ | 79 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Fuel contracts with maturities greater than one year | Other liabilities and deferred credits: Other | $ | -2 | $ | — | ||||||||||||||||||||
Total liabilities | $ | -2 | $ | — | |||||||||||||||||||||
Total derivatives | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fuel contracts due within one year | Receivables | $ | 41 | $ | 89 | ||||||||||||||||||||
Fuel contracts with maturities greater than one year | Other assets: Other, net | 9 | 15 | ||||||||||||||||||||||
Total assets | $ | 50 | $ | 104 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Fuel contracts with maturities greater than one year | Other liabilities and deferred credits: Other | $ | -2 | $ | — | ||||||||||||||||||||
The following tables present the impact of derivative instruments and their location within the Company’s unaudited statements of consolidated operations (in millions): | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Amount of Loss | Loss | Amount of Loss | |||||||||||||||||||||||
Recognized | Reclassified from | Recognized in | |||||||||||||||||||||||
in AOCI on Derivatives | AOCI into | Nonoperating income | |||||||||||||||||||||||
(Effective Portion) | Fuel Expense | (expense): Miscellaneous, net | |||||||||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||
March 31, | March 31, | March 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Fuel contracts | $ | -10 | $ | -9 | $ | -3 | $ | -9 | $ | -1 | $ | — | |||||||||||||
Derivatives not designated for hedge accounting | |||||||||||||||||||||||||
Fuel contracts | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amount of gain (loss) recognized in Nonoperating income (expense): Miscellaneous, net | $ | -40 | $ | 50 | |||||||||||||||||||||
Derivative Credit Risk and Fair Value | |||||||||||||||||||||||||
The Company is exposed to credit losses in the event of nonperformance by counterparties to its derivative instruments. While the Company records derivative instruments on a gross basis, the Company monitors its net derivative position with each counterparty to monitor credit risk. Based on the fair value of our fuel derivative instruments, our counterparties may require us to post collateral when the price of the underlying commodity decreases, and we may require our counterparties to provide us with collateral when the price of the underlying commodity increases. The Company did not post or hold collateral as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
We have master trading agreements with all of our fuel hedging counterparties that allow us to net our fuel hedge derivative positions. We have elected not to net the fair value positions recorded on our consolidated balance sheets. The following table shows the potential net fair value positions (including fuel derivatives and related collateral) had we elected to offset. The table reflects offset at the counterparty level (in millions): | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Receivables | $ | 41 | $ | 89 | |||||||||||||||||||||
Other assets: Other, net | 7 | 15 | |||||||||||||||||||||||
Hedge derivatives, net | $ | 48 | $ | 104 | |||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies | ' | ||||
NOTE 8 - COMMITMENTS AND CONTINGENCIES | |||||
Commitments. As of March 31, 2014, United had firm commitments to purchase aircraft from The Boeing Company (“Boeing”), Embraer S.A. (“Embraer”) and Airbus S.A.S. (“Airbus”) presented in the table below: | |||||
Aircraft Type | Number of Firm | ||||
Commitments (a) | |||||
Airbus A350-1000 | 35 | ||||
Boeing 737-900ER | 53 | ||||
Boeing 737 MAX 9 | 100 | ||||
Boeing 787-8/-9/-10 | 55 | ||||
Embraer EMB175 | 29 | ||||
(a) United also has options and purchase rights for additional aircraft. | |||||
The aircraft listed in the table above are scheduled for delivery for the remainder of 2014 through 2025. In the remainder of 2014, United expects to take delivery of 19 Boeing 737-900ER aircraft, two Boeing 787-8 aircraft, two Boeing 787-9 aircraft and 16 Embraer EMB175 aircraft. | |||||
The table below summarizes United’s commitments as of March 31, 2014, which primarily relate to the acquisition of aircraft and related spare engines, aircraft improvements and include other commitments primarily to acquire information technology services and assets (in billions): | |||||
Last nine months of 2014 | $ | 2.5 | |||
2015 | 2.8 | ||||
2016 | 2.0 | ||||
2017 | 1.5 | ||||
2018 | 2.1 | ||||
After 2018 | 12.5 | ||||
$ | 23.4 | ||||
Any incremental firm aircraft orders, including through the exercise of purchase options and purchase rights, will increase the total future capital commitments of the Company. | |||||
As of April, 2014, United has arranged for EETC and bank debt financing for all 2014 aircraft deliveries except for eight Embraer EMB175 aircraft. In addition, United has secured backstop financing commitments from certain of its aircraft manufacturers for a limited number of its future aircraft deliveries, subject to certain customary conditions. Financing will be necessary to satisfy the Company’s capital commitments for its firm order aircraft and other related capital expenditures. The Company can provide no assurance that any financing not already in place for aircraft and spare engine deliveries will be available to the Company on acceptable terms when necessary or at all. See Note 9 of this report for additional information on aircraft financing. | |||||
Guarantees and Off-Balance Sheet Financing | |||||
Guarantees. United is the guarantor of approximately $1.9 billion in aggregate principal amount of tax-exempt special facilities revenue bonds and interest thereon. These bonds, issued by various airport municipalities, are payable solely from rentals paid under long-term agreements with the respective governing bodies. The leasing arrangements associated with $1.6 billion of these obligations are accounted for as operating leases with the associated expense recorded on a straight-line basis resulting in ratable accrual of the lease obligation over the expected lease term. The leasing arrangements associated with $269 million of these obligations are accounted for as capital leases. All these bonds are due between 2015 and 2038. | |||||
In the Company’s financing transactions that include loans, the Company typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans in which the interest rate is based on the London Interbank Offered Rate (“LIBOR”), for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject in most cases to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs. At March 31, 2014, the Company had $2.0 billion of floating rate debt and $264 million of fixed rate debt, with remaining terms of up to twelve 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 twelve years and an aggregate balance of $2.2 billion, the Company bears the risk of any change in tax laws that would subject loan or lease payments thereunder to non-U.S. entities to withholding taxes, subject to customary exclusions. | |||||
Credit Facilities. On March 27, 2013, United and UAL entered into a Credit and Guaranty Agreement (the “Credit Agreement”) as the borrower and guarantor, respectively, that provides United with a $1.0 billion revolving credit facility. As of March 31, 2014, United had its entire capacity of $1.0 billion available under the revolving credit facility. See Note 9 of this report for more information. | |||||
Labor Negotiations. As of March 31, 2014, United had approximately 87,000 active employees, of whom approximately 80% were represented by various labor organizations. We are currently in the process of negotiating amended collective bargaining agreements with our remaining employee groups without joint collective bargaining agreements, including our technicians, flight attendants and dispatchers. |
Debt
Debt | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||||
NOTE 9 - DEBT | |||||||||||||||||||||||||
As of March 31, 2014, a substantial portion of our assets is pledged as collateral for our debt. These assets principally consist of aircraft, route authorities and loyalty program intangible assets. As of March 31, 2014, the Company was in compliance with its debt covenants. | |||||||||||||||||||||||||
6% Convertible Senior Notes. During the three months ended March 31, 2014, UAL issued approximately five million additional shares of UAL common stock in exchange for, or upon conversion of, $46 million in aggregate principal amount of UAL’s outstanding 6% convertible senior notes due 2029 held by such securityholders. As of March 31, 2014, the outstanding balance is $58 million. | |||||||||||||||||||||||||
8% Notes Due 2024. UAL redeemed in cash at par value all $400 million aggregate principal amount of its 8% Notes due 2024 on January 17, 2014. | |||||||||||||||||||||||||
4.5% Senior Limited-Subordination Convertible Notes. In June 2011, UAL repurchased at par value approximately $570 million of the $726 million outstanding principal amount of its 4.5% Notes with cash after notes were put to UAL by the noteholders. In the first quarter of 2014, holders of substantially all of the remaining $156 million outstanding principal amount of the 4.5% Notes exercised their right to convert such notes into approximately five million shares of UAL common stock at a conversion rate of 30.6419 shares of UAL common stock per $1,000 principal amount of 4.5% Notes. | |||||||||||||||||||||||||
2013 Credit and Guaranty Agreement. On March 27, 2013, United and UAL entered into the Credit Agreement as the borrower and guarantor, respectively. The Credit Agreement consists of a $900 million term loan due April 1, 2019 and a $1.0 billion revolving credit facility available for drawing until April 1, 2018. As of March 31, 2014, United had its entire capacity of $1.0 billion available under the revolving credit facility. The obligations of United under the Credit Agreement are secured by liens on certain international route authorities between certain specified cities, certain take-off and landing rights and related assets of United. In March 2014, United amended the Credit Agreement to reduce the interest rate payable on the existing $893 million term loan from LIBOR plus a margin of 3.0% per annum to LIBOR plus a margin of 2.75% per annum, subject to a 0.75% floor. Borrowings under the revolving credit portion of the Credit Agreement bear interest at a variable rate equal to LIBOR, plus a margin of 3.0% per annum, or another rate based on certain market interest rates, plus a margin of 2.0% per annum. The principal amount of the term loan must be repaid in consecutive quarterly installments of 0.25% of the original principal amount thereof, commencing on June 30, 2013, with any unpaid balance due on April 1, 2019. United may prepay all or a portion of the loan from time to time, at par plus accrued and unpaid interest. United pays a commitment fee equal to 0.75% per annum on the undrawn amount available under the revolving credit facility. | |||||||||||||||||||||||||
The Credit Agreement includes covenants that, among other things, require the Company to maintain at least $3.0 billion of unrestricted liquidity and a minimum ratio of appraised value of collateral to the outstanding obligations under the Credit Agreement of 1.67 to 1.0, and restrict the Company’s ability to incur additional indebtedness, issue preferred stock, make investments, pay dividends or repurchase UAL’s common stock. The Credit Agreement contains events of default customary for this type of financing, including a cross default and cross acceleration provision to certain other material indebtedness of the Company. | |||||||||||||||||||||||||
EETCs. In April 2014 and August 2013, United created separate EETC pass-through trusts, each of which issued pass-through certificates. The proceeds of the issuance of the pass-through certificates are used to purchase equipment notes issued by United and secured by its aircraft. The Company records the debt obligation upon issuance of the equipment notes rather than upon the initial issuance of the pass-through certificates. The pass-through certificates represent fractional undivided interests in the respective pass-through trusts and are not obligations of United. The payment obligations under the equipment notes are those of United. Proceeds received from the sale of pass-through certificates are initially held by a depositary in escrow for the benefit of the certificate holders until United issues equipment notes to the trust, which purchases such notes with a portion of the escrowed funds. These escrowed funds are not guaranteed by United and are not reported as debt on our consolidated balance sheet because the proceeds held by the depositary are not United’s assets. United expects to receive all proceeds from the 2013 EETC pass-through trusts by the end of 2014. Certain details of the pass-through trusts are as follows (in millions, except interest rate): | |||||||||||||||||||||||||
EETC Date | Class | Principal | Final | Stated | Total debt | Proceeds | Remaining | ||||||||||||||||||
expected | interest | recorded | received from | proceeds from | |||||||||||||||||||||
distribution | rate | as of March 31, | issuance of | issuance of debt | |||||||||||||||||||||
date | 2014 | debt in the | to be received | ||||||||||||||||||||||
three months | in future | ||||||||||||||||||||||||
ended | periods | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Apr-14 | A | $ | 736 | Apr-26 | 4.00% | $ | — | $ | — | $ | 736 | ||||||||||||||
Apr-14 | B | 213 | Apr-22 | 4.75% | — | — | 213 | ||||||||||||||||||
Aug-13 | A | 720 | August 2025 | 4.30% | 548 | 395 | 172 | ||||||||||||||||||
Aug-13 | B | 209 | Aug-21 | 5.38% | 159 | 115 | 50 | ||||||||||||||||||
$ | 1,878 | $ | 707 | $ | 510 | $ | 1,171 | ||||||||||||||||||
The table below presents contractual principal payments at March 31, 2014 under then-outstanding long-term debt agreements in each of the next five calendar years (in millions): | |||||||||||||||||||||||||
UAL | United | ||||||||||||||||||||||||
Last nine months of 2014 | $ | 756 | $ | 756 | |||||||||||||||||||||
2015 | 2,102 | 2,102 | |||||||||||||||||||||||
2016 | 1,083 | 1,083 | |||||||||||||||||||||||
2017 | 646 | 646 | |||||||||||||||||||||||
2018 | 1,168 | 1,168 | |||||||||||||||||||||||
After 2018 | 5,682 | 5,624 | |||||||||||||||||||||||
$ | 11,437 | $ | 11,379 | ||||||||||||||||||||||
Special_Charges
Special Charges | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Special Charges | ' | ||||||||
NOTE 10 - SPECIAL CHARGES | |||||||||
For the three months ended March 31, special charges consisted of the following (in millions): | |||||||||
2014 | 2013 | ||||||||
Integration-related costs | $ | 34 | $ | 70 | |||||
Severance and benefits | 14 | 14 | |||||||
(Gains) losses on sale of assets and other special (gains) losses, net | 4 | -3 | |||||||
Additional costs associated with the temporarily grounded Boeing 787 aircraft | — | 11 | |||||||
Special charges | 52 | 92 | |||||||
Venezuela foreign exchange loss | 21 | — | |||||||
Income tax benefit | -1 | — | |||||||
Total operating and nonoperating special charges, net of income taxes | $ | 72 | $ | 92 | |||||
Integration-related costs include compensation costs related to systems integration and training, new uniforms, relocation for employees and severance primarily associated with administrative headcount reductions. | |||||||||
During the three months ended March 31, 2014, the Company recorded $14 million of severance and benefits. We currently expect to reduce up to 470 airport operations and catering positions at Hopkins International Airport (“Cleveland”) as a result of the previously announced capacity reductions and an additional 238 airport positions in Canada. In addition, the Company recorded $4 million of other charges related to asset impairments on certain intangible assets, losses on the sale of assets and other items. | |||||||||
During the three months ended March 31, 2014, the Company recorded $21 million of losses due to exchange rate changes in Venezuela applicable to funds held in local currency. Approximately $100 million of the Company’s unrestricted cash balance was held as Venezuelan bolivars as of March 31, 2014. The Company is working with Venezuelan authorities regarding the timing of the repatriation of its funds held in local currency. | |||||||||
During the three months ended March 31, 2013, the Company recorded $14 million associated with a voluntary program offered by United in which flight attendants took an unpaid 13-month leave of absence. The flight attendants continue to receive medical benefits and other company benefits while on leave under this program. Approximately 1,300 flight attendants opted to participate in the program. In addition, the Company recorded $11 million associated with the temporary grounding of its Boeing 787 aircraft. The charges are comprised of aircraft depreciation expense and dedicated personnel costs that the Company continues to incur while the aircraft are grounded. Also, the Company recorded a $5 million gain related to a contract termination and $2 million in losses on the sale of assets. | |||||||||
Cleveland Capacity Reduction. In February 2014, the Company announced that it would be reducing its flying from Cleveland in stages beginning in April 2014. The Company will reduce its average daily departures from Cleveland by over 60 percent. The Company is currently evaluating its options regarding its long-term contractual commitments at Cleveland. The capacity reductions at Cleveland may result in special charges, which could be significant, related to our contractual commitments. | |||||||||
Accruals | |||||||||
The accrual for severance and medical costs was $69 million as of March 31, 2014, compared to $62 million as of March 31, 2013. The severance-related accrual as of March 31, 2014 is expected to be paid through 2015. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Frequent Flyer Accounting | ' |
Frequent Flyer Accounting. On March 30, 2014, US Airways exited Star Alliance. Effective with the exit date, the Company updated its estimated selling price for miles to a value based on the equivalent ticket value less fulfillment discount, which incorporates the expected redemption of miles. The equivalent ticket value used as the basis for the estimated selling price of miles is based on the prior 12 months’ weighted average equivalent ticket value of similar fares as those used to settle award redemptions while taking into consideration such factors as redemption pattern, cabin class, loyalty status and geographic region. This change in estimate will be applied on a prospective basis beginning April 1, 2014. The estimated impact of this change on consolidated revenue is expected to be an increase of approximately $75 million in 2014. | |
Related Party Receivables | ' |
Related Party Receivables. At December 31, 2013, United had receivables from two affiliates, which were wholly-owned subsidiaries of UAL, of $232 million that were classified against stockholder’s equity. UAL transferred all of its equity interest in each of the two subsidiaries to United in the first quarter of 2014, and the transfers have been reflected as reductions in paid in capital. |
Loss_Per_Share_Tables
Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Computation of Earnings Per Share | ' | ||||||||
The table below represents the computation of UAL’s basic and diluted loss per share amounts and the number of securities that have been excluded from the computation of diluted loss per share amounts because they were antidilutive (in millions, except per share amounts): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Basic and diluted loss per share: | |||||||||
Loss available to common stockholders | $ | -609 | $ | -417 | |||||
Weighted average shares outstanding, basic and diluted | 368 | 332 | |||||||
Loss per share, basic and diluted | $ | -1.66 | $ | -1.26 | |||||
Potentially dilutive shares excluded from diluted per share amounts: | |||||||||
Restricted stock and stock options | 2 | 4 | |||||||
Convertible notes | 28 | 61 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||
The tables below present the components of the Company’s accumulated other comprehensive income (loss), net of tax (“AOCI”) (in millions): | |||||||||||||||||
UAL (a) | Pension and | Derivative | Investments | Total | |||||||||||||
Other | Contracts | and Other | |||||||||||||||
Postretirement | |||||||||||||||||
Liabilities | |||||||||||||||||
Balance at December 31, 2013 | $ | 584 | $ | 11 | $ | 13 | $ | 608 | |||||||||
Changes in value | -5 | -10 | — | -15 | |||||||||||||
Amounts reclassified to earnings | -16 | 3 | — | -13 | |||||||||||||
Net current-period change | -21 | -7 | — | -28 | |||||||||||||
Balance at March 31, 2014 | $ | 563 | $ | 4 | $ | 13 | $ | 580 | |||||||||
Balance at December 31, 2012 | $ | -1,042 | $ | -10 | $ | 6 | $ | (1,046) | |||||||||
Changes in value | — | -9 | -2 | -11 | |||||||||||||
Amounts reclassified to earnings | 21 | 9 | — | 30 | |||||||||||||
Net current-period change | 21 | — | -2 | 19 | |||||||||||||
Balance at March 31, 2013 | $ | -1,021 | $ | -10 | $ | 4 | $ | -1,027 | |||||||||
Details about AOCI Components | Amount Reclassified from AOCI to | Affected Line Item in | |||||||||||||||
Income | the Statements of | ||||||||||||||||
Consolidated Operations | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||
Fuel contracts-reclassifications of (gains) losses into earnings (b) | $ | 3 | $ | 9 | Aircraft fuel | ||||||||||||
Amortization of pension and post-retirement items | |||||||||||||||||
Amortization of unrecognized (gains) losses and prior service cost (credit) (b) (c) | $ | -16 | $ | 21 | Salaries and related costs | ||||||||||||
(a) UAL and United amounts are substantially the same except for an additional $6 million of income tax benefit at United in 2013 and additional (losses) gains related to investments and other of $1 million and $1 million in 2014 and 2013, respectively. | |||||||||||||||||
(b) Income tax expense for these items was offset by the Company’s valuation allowance. | |||||||||||||||||
(c) This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 5 of this report for additional details). |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
The Company’s net periodic benefit cost includes the following components (in millions): | |||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||
Benefits | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 24 | $ | 33 | $ | 5 | $ | 14 | |||||||||
Interest cost | 51 | 47 | 22 | 28 | |||||||||||||
Expected return on plan assets | -45 | -40 | -1 | -1 | |||||||||||||
Amortization of unrecognized (gain) loss and prior service cost (credit) | 3 | 18 | -19 | 3 | |||||||||||||
Total | $ | 33 | $ | 58 | $ | 7 | $ | 44 | |||||||||
Share-Based Compensation Expense | ' | ||||||||||||||||
The table below presents information related to share-based compensation (in millions): | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Share-based compensation expense (a) | $ | 32 | $ | 27 | |||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Unrecognized share-based compensation | $ | 90 | $ | 44 | |||||||||||||
(a) Includes $3 million and $8 million of expense recognized in merger integration-related costs for the three months ended March 31, 2014 and 2013, respectively. |
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents disclosures about the financial assets and financial liabilities measured at fair value on a recurring basis in the Company’s financial statements (in millions): | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
UAL | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,009 | $ | 3,009 | $ | — | $ | — | $ | 3,220 | $ | 3,220 | $ | — | $ | — | |||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 796 | — | 796 | — | 694 | — | 694 | — | |||||||||||||||||||||||||||||||||
Corporate debt | 667 | — | 667 | — | 685 | — | 685 | — | |||||||||||||||||||||||||||||||||
Certificates of deposit placed through an account registry service (“CDARS”) | 315 | — | 315 | — | 301 | — | 301 | — | |||||||||||||||||||||||||||||||||
Auction rate securities | 96 | — | — | 96 | 105 | — | — | 105 | |||||||||||||||||||||||||||||||||
U.S. government and agency notes | 44 | — | 44 | — | 38 | — | 38 | — | |||||||||||||||||||||||||||||||||
Other fixed income securities | 97 | — | 97 | — | 78 | — | 78 | — | |||||||||||||||||||||||||||||||||
Enhanced equipment trust certificates (“EETC”) | 59 | — | — | 59 | 61 | — | — | 61 | |||||||||||||||||||||||||||||||||
Fuel derivatives, net | 48 | — | 48 | — | 104 | — | 104 | — | |||||||||||||||||||||||||||||||||
Foreign currency derivatives | 1 | — | 1 | — | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||
Restricted cash | 389 | 389 | — | — | 395 | 395 | — | — | |||||||||||||||||||||||||||||||||
United | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,003 | $ | 3,003 | $ | — | $ | — | $ | 3,214 | $ | 3,214 | $ | — | $ | — | |||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 796 | — | 796 | — | 694 | — | 694 | — | |||||||||||||||||||||||||||||||||
Corporate debt | 667 | — | 667 | — | 685 | — | 685 | — | |||||||||||||||||||||||||||||||||
CDARS | 315 | — | 315 | — | 301 | — | 301 | — | |||||||||||||||||||||||||||||||||
Auction rate securities | 96 | — | — | 96 | 105 | — | — | 105 | |||||||||||||||||||||||||||||||||
U.S. government and agency notes | 44 | — | 44 | — | 38 | — | 38 | — | |||||||||||||||||||||||||||||||||
Other fixed income securities | 97 | — | 97 | — | 78 | — | 78 | — | |||||||||||||||||||||||||||||||||
EETC | 59 | — | — | 59 | 61 | — | — | 61 | |||||||||||||||||||||||||||||||||
Fuel derivatives, net | 48 | — | 48 | — | 104 | — | 104 | — | |||||||||||||||||||||||||||||||||
Foreign currency derivatives | 1 | — | 1 | — | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||
Restricted cash | 389 | 389 | — | — | 395 | 395 | — | — | |||||||||||||||||||||||||||||||||
Convertible debt derivative asset | 584 | — | — | 584 | 480 | — | — | 480 | |||||||||||||||||||||||||||||||||
Convertible debt option liability | -352 | — | — | -352 | -270 | — | — | -270 | |||||||||||||||||||||||||||||||||
Activity for "Level Three" Financial Assets and Financial Liabilities | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents disclosures about the activity for “Level 3” financial assets and financial liabilities (in millions): | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
UAL and United | United | UAL and United | United | ||||||||||||||||||||||||||||||||||||||
Student | EETC | Convertible | Convertible | Student | EETC | Convertible | Convertible | ||||||||||||||||||||||||||||||||||
Loan-Related | Debt | Debt | Loan-Related | Debt | Debt | ||||||||||||||||||||||||||||||||||||
Auction Rate | Supplemental | Conversion | Auction Rate | Supplemental | Conversion | ||||||||||||||||||||||||||||||||||||
Securities | Derivative | Option | Securities | Derivative | Option | ||||||||||||||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 105 | $ | 61 | $ | 480 | $ | -270 | $ | 116 | $ | 63 | $ | 268 | $ | -128 | |||||||||||||||||||||||||
Purchases, (sales), issuances and settlements (net) | -10 | -3 | — | — | -10 | -2 | — | — | |||||||||||||||||||||||||||||||||
Gains and (losses): | |||||||||||||||||||||||||||||||||||||||||
Reported in earnings: | |||||||||||||||||||||||||||||||||||||||||
Realized | 1 | — | — | — | 2 | — | — | — | |||||||||||||||||||||||||||||||||
Unrealized | — | — | 104 | -82 | 1 | — | 145 | -81 | |||||||||||||||||||||||||||||||||
Reported in other comprehensive income (loss) | — | 1 | — | — | -1 | — | — | — | |||||||||||||||||||||||||||||||||
Balance at March 31 | $ | 96 | $ | 59 | $ | 584 | $ | -352 | $ | 108 | $ | 61 | $ | 413 | $ | -209 | |||||||||||||||||||||||||
Carrying Values and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||||||||||||||||||||||
The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions): | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Debt by Fair Value Hierarchy Level | |||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
UAL debt | $ | 11,276 | $ | 12,536 | $ | — | $ | 8,684 | $ | 3,852 | $ | 11,539 | $ | 12,695 | $ | — | $ | 8,829 | $ | 3,866 | |||||||||||||||||||||
United debt | 11,174 | 12,234 | — | 8,382 | 3,852 | 11,388 | 12,249 | — | 8,383 | 3,866 | |||||||||||||||||||||||||||||||
Fair Value Methodology for Financial Instruments | ' | ||||||||||||||||||||||||||||||||||||||||
Fair value of the financial instruments included in the tables above was determined as follows: | |||||||||||||||||||||||||||||||||||||||||
Description | Fair Value Methodology | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | The carrying amounts approximate fair value because of the short-term maturity of these assets. | ||||||||||||||||||||||||||||||||||||||||
Short-term investments and Restricted cash | Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, (c) internally-developed models of the expected future cash flows related to the securities, or (d) broker quotes obtained by third-party valuation services. | ||||||||||||||||||||||||||||||||||||||||
Fuel derivatives | Derivative contracts are privately negotiated contracts and are not exchange traded. Fair value measurements are estimated with option pricing models that employ observable inputs. Inputs to the valuation models include contractual terms, market prices, yield curves, fuel price curves and measures of volatility, among others. | ||||||||||||||||||||||||||||||||||||||||
Foreign currency derivatives | Fair value is determined with a formula utilizing observable inputs. Significant inputs to the valuation models include contractual terms, risk-free interest rates and forward exchange rates. | ||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||
Convertible debt derivative asset and option liability | United used a binomial lattice model to value the conversion options and the supplemental derivative assets. Significant binomial model inputs that are not objectively determinable include volatility and the Company’s credit risk component of the discount rate. | ||||||||||||||||||||||||||||||||||||||||
Level 3 | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value Methodology for Financial Instruments | ' | ||||||||||||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements (in millions) | |||||||||||||||||||||||||||||||||||||||||
Item | Fair Value at | Valuation Technique | Unobservable Input | Range | |||||||||||||||||||||||||||||||||||||
March 31, 2014 | (Weighted Average) | ||||||||||||||||||||||||||||||||||||||||
Auction rate securities | $ | 96 | Valuation Service / Broker Quotes | Broker quotes (a) | NA | ||||||||||||||||||||||||||||||||||||
EETC | 59 | Discounted Cash Flows | Structure credit risk (b) | 4% | |||||||||||||||||||||||||||||||||||||
Convertible debt | 584 | Binomial Lattice Model | Expected volatility (c) | 40% - 60% (41%) | |||||||||||||||||||||||||||||||||||||
derivative asset | Own credit risk (d) | 5% | |||||||||||||||||||||||||||||||||||||||
Convertible debt | (352 | ) | Binomial Lattice Model | Expected volatility (c) | 40% - 60% (42%) | ||||||||||||||||||||||||||||||||||||
option liability | Own credit risk (d) | 5% | |||||||||||||||||||||||||||||||||||||||
(a) Broker quotes obtained by a third-party valuation service. | |||||||||||||||||||||||||||||||||||||||||
(b) Represents the credit risk premium of the EETC structure above the risk-free rate that the Company has determined market participants would use when pricing the instruments. | |||||||||||||||||||||||||||||||||||||||||
(c) Represents the range in volatility estimates that the Company has determined market participants would use when pricing the instruments. | |||||||||||||||||||||||||||||||||||||||||
(d) Represents the range of Company-specific risk adjustments that the Company has determined market participants would use as a model input. |
Hedging_Activities_Tables
Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Description of Derivative Instruments | ' | ||||||||||||||||||||||||
The Company’s derivatives were reported in its consolidated balance sheets as follows (in millions): | |||||||||||||||||||||||||
Classification | Balance Sheet Location | March 31, | December 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fuel contracts due within one year | Receivables | $ | 9 | $ | 19 | ||||||||||||||||||||
Fuel contracts with maturities greater than one year | Other assets: Other, net | 5 | 6 | ||||||||||||||||||||||
Total assets | $ | 14 | $ | 25 | |||||||||||||||||||||
Derivatives not designated for hedge accounting | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fuel contracts due within one year | Receivables | $ | 32 | $ | 70 | ||||||||||||||||||||
Fuel contracts with maturities greater than one year | Other assets: Other, net | 4 | 9 | ||||||||||||||||||||||
Total assets | $ | 36 | $ | 79 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Fuel contracts with maturities greater than one year | Other liabilities and deferred credits: Other | $ | -2 | $ | — | ||||||||||||||||||||
Total liabilities | $ | -2 | $ | — | |||||||||||||||||||||
Total derivatives | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Fuel contracts due within one year | Receivables | $ | 41 | $ | 89 | ||||||||||||||||||||
Fuel contracts with maturities greater than one year | Other assets: Other, net | 9 | 15 | ||||||||||||||||||||||
Total assets | $ | 50 | $ | 104 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Fuel contracts with maturities greater than one year | Other liabilities and deferred credits: Other | $ | -2 | $ | — | ||||||||||||||||||||
Schedule of Gains (Losses) on Derivative Instruments | ' | ||||||||||||||||||||||||
The following tables present the impact of derivative instruments and their location within the Company’s unaudited statements of consolidated operations (in millions): | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Amount of Loss | Loss | Amount of Loss | |||||||||||||||||||||||
Recognized | Reclassified from | Recognized in | |||||||||||||||||||||||
in AOCI on Derivatives | AOCI into | Nonoperating income | |||||||||||||||||||||||
(Effective Portion) | Fuel Expense | (expense): Miscellaneous, net | |||||||||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||
March 31, | March 31, | March 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Fuel contracts | $ | -10 | $ | -9 | $ | -3 | $ | -9 | $ | -1 | $ | — | |||||||||||||
Schedule of Derivative Instruments not Designated as Hedges Gains (Losses) | ' | ||||||||||||||||||||||||
Derivatives not designated for hedge accounting | |||||||||||||||||||||||||
Fuel contracts | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amount of gain (loss) recognized in Nonoperating income (expense): Miscellaneous, net | $ | -40 | $ | 50 | |||||||||||||||||||||
Offsetting Assets and Liabilities | ' | ||||||||||||||||||||||||
The following table shows the potential net fair value positions (including fuel derivatives and related collateral) had we elected to offset. The table reflects offset at the counterparty level (in millions): | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Receivables | $ | 41 | $ | 89 | |||||||||||||||||||||
Other assets: Other, net | 7 | 15 | |||||||||||||||||||||||
Hedge derivatives, net | $ | 48 | $ | 104 | |||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Firm Commitments to Purchase Aircraft | ' | ||||
Commitments. As of March 31, 2014, United had firm commitments to purchase aircraft from The Boeing Company (“Boeing”), Embraer S.A. (“Embraer”) and Airbus S.A.S. (“Airbus”) presented in the table below: | |||||
Aircraft Type | Number of Firm | ||||
Commitments (a) | |||||
Airbus A350-1000 | 35 | ||||
Boeing 737-900ER | 53 | ||||
Boeing 737 MAX 9 | 100 | ||||
Boeing 787-8/-9/-10 | 55 | ||||
Embraer EMB175 | 29 | ||||
(a) United also has options and purchase rights for additional aircraft. | |||||
Schedule of Acquisition of Aircrafts and Related Spare Engines | ' | ||||
The table below summarizes United’s commitments as of March 31, 2014, which primarily relate to the acquisition of aircraft and related spare engines, aircraft improvements and include other commitments primarily to acquire information technology services and assets (in billions): | |||||
Last nine months of 2014 | $ | 2.5 | |||
2015 | 2.8 | ||||
2016 | 2.0 | ||||
2017 | 1.5 | ||||
2018 | 2.1 | ||||
After 2018 | 12.5 | ||||
$ | 23.4 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Details of Pass Through Trusts | ' | ||||||||||||||||||||||||
Certain details of the pass-through trusts are as follows (in millions, except interest rate): | |||||||||||||||||||||||||
EETC Date | Class | Principal | Final | Stated | Total debt | Proceeds | Remaining | ||||||||||||||||||
expected | interest | recorded | received from | proceeds from | |||||||||||||||||||||
distribution | rate | as of March 31, | issuance of | issuance of debt | |||||||||||||||||||||
date | 2014 | debt in the | to be received | ||||||||||||||||||||||
three months | in future | ||||||||||||||||||||||||
ended | periods | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Apr-14 | A | $ | 736 | Apr-26 | 4.00% | $ | — | $ | — | $ | 736 | ||||||||||||||
Apr-14 | B | 213 | Apr-22 | 4.75% | — | — | 213 | ||||||||||||||||||
Aug-13 | A | 720 | August 2025 | 4.30% | 548 | 395 | 172 | ||||||||||||||||||
Aug-13 | B | 209 | Aug-21 | 5.38% | 159 | 115 | 50 | ||||||||||||||||||
$ | 1,878 | $ | 707 | $ | 510 | $ | 1,171 | ||||||||||||||||||
Contractual Principal Payments | ' | ||||||||||||||||||||||||
The table below presents contractual principal payments at March 31, 2014 under then-outstanding long-term debt agreements in each of the next five calendar years (in millions): | |||||||||||||||||||||||||
UAL | United | ||||||||||||||||||||||||
Last nine months of 2014 | $ | 756 | $ | 756 | |||||||||||||||||||||
2015 | 2,102 | 2,102 | |||||||||||||||||||||||
2016 | 1,083 | 1,083 | |||||||||||||||||||||||
2017 | 646 | 646 | |||||||||||||||||||||||
2018 | 1,168 | 1,168 | |||||||||||||||||||||||
After 2018 | 5,682 | 5,624 | |||||||||||||||||||||||
$ | 11,437 | $ | 11,379 | ||||||||||||||||||||||
Special_Charges_Tables
Special Charges (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Components of Special Charges | ' | ||||||||
For the three months ended March 31, special charges consisted of the following (in millions): | |||||||||
2014 | 2013 | ||||||||
Integration-related costs | $ | 34 | $ | 70 | |||||
Severance and benefits | 14 | 14 | |||||||
(Gains) losses on sale of assets and other special (gains) losses, net | 4 | -3 | |||||||
Additional costs associated with the temporarily grounded Boeing 787 aircraft | — | 11 | |||||||
Special charges | 52 | 92 | |||||||
Venezuela foreign exchange loss | 21 | — | |||||||
Income tax benefit | -1 | — | |||||||
Total operating and nonoperating special charges, net of income taxes | $ | 72 | $ | 92 | |||||
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Frequent Flyer | United Airlines, Inc. | |
Significant Accounting Policies [Line Items] | ' | ' |
Estimated impact of change on consolidated revenue | $75 | ' |
Receivable from related parties | ' | $232 |
Computation_of_Earnings_Per_Sh
Computation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Basic and diluted loss per share: | ' | ' |
Loss available to common stockholders | ($609) | ($417) |
Weighted average shares outstanding, basic and diluted | 368 | 332 |
Loss per share, basic and diluted | ($1.66) | ($1.26) |
Potentially dilutive shares excluded from diluted per share amounts: | ' | ' |
Potentially dilutive shares excluded from diluted per share amounts | 28 | 61 |
Restricted Stock And Stock Options | ' | ' |
Potentially dilutive shares excluded from diluted per share amounts: | ' | ' |
Potentially dilutive shares excluded from diluted per share amounts | 2 | 4 |
Earnings_loss_Per_Share_Additi
Earnings (loss) Per Share - Additional Information (Detail) (USD $) | 2 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 20, 2014 | Mar. 31, 2014 | Jun. 30, 2011 |
Computation Of Earnings Per Share Line Items | ' | ' | ' |
Aggregate principal amount of convertible senior notes exchanged | ' | $202 | ' |
United Airlines, Inc. | ' | ' | ' |
Computation Of Earnings Per Share Line Items | ' | ' | ' |
Aggregate principal amount of convertible senior notes exchanged | ' | 156 | ' |
United Airlines, Inc. | Unsecured Debt | ' | ' | ' |
Computation Of Earnings Per Share Line Items | ' | ' | ' |
Common stock issued in exchange for convertible notes | 5 | 5 | ' |
Aggregate principal amount of convertible senior notes exchanged | 156 | 156 | ' |
Debt instrument, maturity date | ' | '2021 | ' |
Debt instrument stated interest rate | ' | 4.50% | 4.50% |
Debt instrument conversion rate | 30.6419 | 30.6419 | ' |
6% Convertible Senior Notes | ' | ' | ' |
Computation Of Earnings Per Share Line Items | ' | ' | ' |
Common stock issued in exchange for convertible notes | ' | 5 | ' |
Aggregate principal amount of convertible senior notes exchanged | ' | $46 | ' |
Debt instrument effective interest rate | ' | 6.00% | ' |
Debt instrument, maturity date | ' | '2029 | ' |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 3 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |||||||||
Pension and Other Postretirement Liabilities | Pension and Other Postretirement Liabilities | Derivative Contracts | Derivative Contracts | Other | Other | Other | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Beginning Balance | $608 | [1] | ($1,046) | [1] | $584 | [1] | ($1,042) | [1] | $11 | [1] | ($10) | [1] | $6 | [1] | $13 | [1] | $13 | [1] |
Changes in value | -15 | [1] | -11 | [1] | -5 | [1] | ' | -10 | [1] | -9 | [1] | -2 | [1] | ' | ' | |||
Amounts reclassified to earnings | -13 | [1] | 30 | [1] | -16 | [1] | 21 | [1] | 3 | [1] | 9 | [1] | ' | ' | ' | |||
Comprehensive income (loss) adjustments | -28 | [1] | 19 | [1] | -21 | [1] | 21 | [1] | -7 | [1] | ' | -2 | [1] | ' | ' | |||
Ending Balance | $580 | [1] | ($1,027) | [1] | $563 | [1] | ($1,021) | [1] | $4 | [1] | ($10) | [1] | $4 | [1] | $13 | [1] | $13 | [1] |
[1] | UAL and United amounts are substantially the same except for an additional $6 million of income tax benefit at United in 2013 and additional (losses) gains related to investments and other of $1 million and $1 million in 2014 and 2013, respectively. |
Details_about_Accumulated_Othe
Details about Accumulated Other Comprehensive Income Components (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Salaries And Related Costs | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Amortization of unrecognized (gains) losses and prior service cost (credit) | ($16) | [1],[2] | $21 | [1],[2] |
Fuel Oil Contract | Cash Flow Hedging | Aircraft Fuel | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Fuel contracts-reclassifications of (gains) losses into earnings | $3 | [1] | $9 | [1] |
[1] | Income tax expense for these items was offset by the Company's valuation allowance. | |||
[2] | This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 5 of this report for additional details). |
Components_of_Accumulated_Othe1
Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Parenthetical) (Detail) (United Airlines, Inc., USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
United Airlines, Inc. | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Income tax (expense) benefit | ' | $6 | $6 |
Additional (losses) gains related to investments and other | $1 | ' | $1 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Line Items] | ' |
Federal statutory income tax rate | 35.00% |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $24 | $33 |
Interest cost | 51 | 47 |
Expected return on plan assets | -45 | -40 |
Amortization of unrecognized (gain) loss and prior service cost (credit) | 3 | 18 |
Total | 33 | 58 |
Other Postretirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 5 | 14 |
Interest cost | 22 | 28 |
Expected return on plan assets | -1 | -1 |
Amortization of unrecognized (gain) loss and prior service cost (credit) | -19 | 3 |
Total | $7 | $44 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2014 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Employer contribution to tax-qualified defined benefit pension plans | ' | $57 |
Number of days used to compute performance period average closing price of restricted stock units | '20 days | ' |
Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Percentage of pre-tax earnings paid for profit sharing plan | ' | 5.00% |
Pre-tax profit excluding special items, profit sharing expense and share-based compensation program expense profit sharing threshold | ' | $10 |
Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Percentage of pre-tax earnings paid for profit sharing plan | ' | 20.00% |
Restricted Stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-Based Compensation, award granted | 0.3 | ' |
Share-Based Compensation, vesting period | '3 years | ' |
RSUs | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-Based Compensation, award granted | 0.5 | ' |
Share-Based Compensation, vesting period | '3 years | ' |
Performance Shares | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-Based Compensation, vesting period | '3 years | ' |
Share-Based Compensation, award granted | 0.6 | ' |
Share-Based Compensation, vesting date | 31-Dec-16 | ' |
ShareBased_Compensation_Expens
Share-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ||
Share-based compensation expense | $32 | [1] | $27 | [1] | ' |
Unrecognized share-based compensation | $90 | ' | $44 | ||
[1] | Includes $3 million and $8 million of expense recognized in merger integration-related costs for the three months ended March 31, 2014 and 2013, respectively. |
ShareBased_Compensation_Expens1
Share-Based Compensation Expense (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' |
Expense recognized in integration-related costs | $34 | $70 |
Special Charges | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' |
Expense recognized in integration-related costs | $3 | $8 |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | $3,009 | $3,220 |
Restricted cash | 389 | 395 |
United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 3,003 | 3,214 |
Restricted cash | 389 | 395 |
Asset-backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 796 | 694 |
Asset-backed Securities | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 796 | 694 |
Corporate Debt | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 667 | 685 |
Corporate Debt | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 667 | 685 |
CDARS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 315 | 301 |
CDARS | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 315 | 301 |
Auction Rate Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 96 | 105 |
Auction Rate Securities | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 96 | 105 |
U.S. Government And Agency Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 44 | 38 |
U.S. Government And Agency Notes | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 44 | 38 |
Other Fixed Income Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 97 | 78 |
Other Fixed Income Securities | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 97 | 78 |
EETC | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
EETC | 59 | 61 |
EETC | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
EETC | 59 | 61 |
Fuel Derivatives, Net | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives, net | 48 | 104 |
Fuel Derivatives, Net | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives, net | 48 | 104 |
Foreign Currency Derivatives, Net | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives, net | 1 | 1 |
Foreign Currency Derivatives, Net | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives, net | 1 | 1 |
Convertible Debt Derivative Asset | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible debt derivative asset | 584 | 480 |
Convertible Debt Option Liability | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible debt option liability | -352 | -270 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 3,009 | 3,220 |
Restricted cash | 389 | 395 |
Level 1 | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 3,003 | 3,214 |
Restricted cash | 389 | 395 |
Level 2 | Asset-backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 796 | 694 |
Level 2 | Asset-backed Securities | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 796 | 694 |
Level 2 | Corporate Debt | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 667 | 685 |
Level 2 | Corporate Debt | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 667 | 685 |
Level 2 | CDARS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 315 | 301 |
Level 2 | CDARS | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 315 | 301 |
Level 2 | U.S. Government And Agency Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 44 | 38 |
Level 2 | U.S. Government And Agency Notes | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 44 | 38 |
Level 2 | Other Fixed Income Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 97 | 78 |
Level 2 | Other Fixed Income Securities | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 97 | 78 |
Level 2 | Fuel Derivatives, Net | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives, net | 48 | 104 |
Level 2 | Fuel Derivatives, Net | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives, net | 48 | 104 |
Level 2 | Foreign Currency Derivatives, Net | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives, net | 1 | 1 |
Level 2 | Foreign Currency Derivatives, Net | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives, net | 1 | 1 |
Level 3 | Auction Rate Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 96 | 105 |
Level 3 | Auction Rate Securities | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 96 | 105 |
Level 3 | EETC | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
EETC | 59 | 61 |
Level 3 | EETC | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
EETC | 59 | 61 |
Level 3 | Convertible Debt Derivative Asset | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible debt derivative asset | 584 | 480 |
Level 3 | Convertible Debt Option Liability | United Airlines, Inc. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible debt option liability | ($352) | ($270) |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Asset-backed Securities | Minimum | ' |
Fair Value [Line Items] | ' |
Available-for-sale securities remaining maturities | '1 year |
Asset-backed Securities | Maximum | ' |
Fair Value [Line Items] | ' |
Available-for-sale securities remaining maturities | '40 years |
Corporate Debt | Minimum | ' |
Fair Value [Line Items] | ' |
Available-for-sale securities remaining maturities | '1 year |
Corporate Debt | Maximum | ' |
Fair Value [Line Items] | ' |
Available-for-sale securities remaining maturities | '21 years |
Auction Rate Securities | Minimum | ' |
Fair Value [Line Items] | ' |
Available-for-sale securities remaining maturities | '18 years |
Auction Rate Securities | Maximum | ' |
Fair Value [Line Items] | ' |
Available-for-sale securities remaining maturities | '32 years |
CDARS | Maximum | ' |
Fair Value [Line Items] | ' |
Available-for-sale securities remaining maturities | '1 year |
U.S. Government and Other Securities | Maximum | ' |
Fair Value [Line Items] | ' |
Available-for-sale securities remaining maturities | '1 year |
EETC | Maximum | ' |
Fair Value [Line Items] | ' |
Available-for-sale securities maturity, year | '2019 |
6% convertible junior subordinated debentures due 2030 | ' |
Fair Value [Line Items] | ' |
Debt instrument convertible stated interest rate | 6.00% |
Debt instrument maturity year | '2030 |
4.5% Convertible Notes Due 2015 | ' |
Fair Value [Line Items] | ' |
Debt instrument convertible stated interest rate | 4.50% |
Debt instrument maturity year | '2015 |
Activity_for_Level_Three_Finan
Activity for "Level Three" Financial Assets and Financial Liabilities (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Ual And United | Auction Rate Securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | $105 | $116 |
Purchases, (sales), issuances and settlements (net) | -10 | -10 |
Realized | 1 | 2 |
Unrealized | ' | 1 |
Reported in other comprehensive income (loss) | ' | -1 |
Ending Balance | 96 | 108 |
Ual And United | EETC | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | 61 | 63 |
Purchases, (sales), issuances and settlements (net) | -3 | -2 |
Reported in other comprehensive income (loss) | 1 | ' |
Ending Balance | 59 | 61 |
United Airlines, Inc. | Convertible Debt Derivative Asset | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | 480 | 268 |
Unrealized | 104 | 145 |
Ending Balance | 584 | 413 |
United Airlines, Inc. | Convertible Debt Option Liability | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | -270 | -128 |
Purchases, (sales), issuances and settlements (net) | ' | ' |
Realized | ' | ' |
Unrealized | -82 | -81 |
Reported in other comprehensive income (loss) | ' | ' |
Ending Balance | ($352) | ($209) |
Carrying_Values_and_Estimated_
Carrying Values and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | $11,437 | ' |
Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | 11,276 | 11,539 |
Estimate of Fair Value, Fair Value Disclosure | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | 12,536 | 12,695 |
Estimate of Fair Value, Fair Value Disclosure | Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | 8,684 | 8,829 |
Estimate of Fair Value, Fair Value Disclosure | Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | 3,852 | 3,866 |
United Airlines, Inc. | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | 11,379 | ' |
United Airlines, Inc. | Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | 11,174 | 11,388 |
United Airlines, Inc. | Estimate of Fair Value, Fair Value Disclosure | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | 12,234 | 12,249 |
United Airlines, Inc. | Estimate of Fair Value, Fair Value Disclosure | Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | 8,382 | 8,383 |
United Airlines, Inc. | Estimate of Fair Value, Fair Value Disclosure | Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | $3,852 | $3,866 |
Quantitative_Information_about
Quantitative Information about Level 3 Fair Value Measurements (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | |
Auction Rate Securities | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 Financial Instruments, asset | $96 | |
Valuation Technique | 'Valuation Service / Broker Quotes | |
Unobservable Input | 'Broker quotes | [1] |
EETC | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 Financial Instruments, asset | 59 | |
Valuation Technique | 'Discounted Cash Flows | |
Unobservable Input | 'Structure credit risk | [2] |
EETC | Structure Credit Risk | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 fair value measurements, weighted average percentage | 4.00% | |
Convertible Debt Derivative Asset | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 Financial Instruments, asset | 584 | |
Valuation Technique | 'Binomial Lattice Model | |
Unobservable Input | 'Expected volatility Own credit risk | [3],[4] |
Convertible Debt Derivative Asset | Expected Volatility | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 fair value measurements, weighted average percentage | 41.00% | |
Convertible Debt Derivative Asset | Own Credit Risk | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 fair value measurements, weighted average percentage | 5.00% | |
Convertible Debt Option Liability | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 Financial Instruments, liability | ($352) | |
Valuation Technique | 'Binomial Lattice Model | |
Unobservable Input | 'Expected volatility Own credit risk | [3],[4] |
Convertible Debt Option Liability | Expected Volatility | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 fair value measurements, weighted average percentage | 42.00% | |
Convertible Debt Option Liability | Own Credit Risk | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 fair value measurements, weighted average percentage | 5.00% | |
Minimum | Convertible Debt Derivative Asset | Expected Volatility | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 fair value measurements, percentage | 40.00% | |
Minimum | Convertible Debt Option Liability | Expected Volatility | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 fair value measurements, percentage | 40.00% | |
Maximum | Convertible Debt Derivative Asset | Expected Volatility | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 fair value measurements, percentage | 60.00% | |
Maximum | Convertible Debt Option Liability | Expected Volatility | ' | |
Fair Value Measurements [Line Items] | ' | |
Level 3 fair value measurements, percentage | 60.00% | |
[1] | Broker quotes obtained by a third-party valuation service. | |
[2] | Represents the credit risk premium of the EETC structure above the risk-free rate that the Company has determined market participants would use when pricing the instruments. | |
[3] | Represents the range in volatility estimates that the Company has determined market participants would use when pricing the instruments. | |
[4] | Represents the range of Company-specific risk adjustments that the Company has determined market participants would use as a model input. |
Hedging_Activities_Additional_
Hedging Activities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Derivatives And Hedging Activities [Line Items] | ' |
Fuel hedges expiration date | '2016-03 |
2014 Projected | ' |
Derivatives And Hedging Activities [Line Items] | ' |
Percentage of projected fuel requirements | 22.00% |
Volume of fuel hedging | 668,000,000 |
2015 Projected | ' |
Derivatives And Hedging Activities [Line Items] | ' |
Percentage of projected fuel requirements | 16.00% |
Volume of fuel hedging | 650,000,000 |
2016 Projected | ' |
Derivatives And Hedging Activities [Line Items] | ' |
Percentage of projected fuel requirements | 1.00% |
Volume of fuel hedging | 6,000,000 |
Description_of_Derivative_Inst
Description of Derivative Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, assets | $50 | $104 |
Receivables | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, assets | 41 | 89 |
Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, assets | 9 | 15 |
Other liabilities and deferred credits: Other | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, liabilities | -2 | ' |
Hedge Derivatives, Net | Cash Flow Hedging | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, assets | 14 | 25 |
Hedge Derivatives, Net | Cash Flow Hedging | Receivables | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, assets | 9 | 19 |
Hedge Derivatives, Net | Cash Flow Hedging | Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, assets | 5 | 6 |
Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, assets | 36 | 79 |
Fuel contracts, liabilities | -2 | ' |
Not Designated as Hedging Instrument | Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, assets | 4 | 9 |
Not Designated as Hedging Instrument | Other liabilities and deferred credits: Other | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, liabilities | -2 | ' |
Not Designated as Hedging Instrument | Cash Flow Hedging | Receivables | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fuel contracts, assets | $32 | $70 |
Schedule_of_Gains_Losses_on_De
Schedule of Gains (Losses) on Derivative Instruments (Detail) (Hedge Derivatives, Net, Cash Flow Hedging, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Hedge Derivatives, Net | Cash Flow Hedging | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | ($10) | ($9) |
Gain (Loss) Reclassified from AOCI into Fuel Expense | -3 | -9 |
Amount of Gain Recognized in Nonoperating income (expense) (Ineffective Portion) | ($1) | ' |
Schedule_of_Derivative_Instrum
Schedule of Derivative Instruments not Designated as Hedges Gains (Losses) (Detail) (Not Designated as Hedging Instrument, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Not Designated as Hedging Instrument | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of gain (loss) recognized in Nonoperating income (expense): Miscellaneous, net | ($40) | $50 |
Offsetting_Assets_and_Liabilit
Offsetting Assets and Liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Asset and Liabilities [Line Items] | ' | ' |
Potential net fair value positions elected to offset | $48 | $104 |
Receivables | ' | ' |
Offsetting Asset and Liabilities [Line Items] | ' | ' |
Potential net fair value positions elected to offset | 41 | 89 |
Other Assets | ' | ' |
Offsetting Asset and Liabilities [Line Items] | ' | ' |
Potential net fair value positions elected to offset | $7 | $15 |
Firm_Commitments_to_Purchase_A
Firm Commitments to Purchase Aircraft (Detail) (United Airlines, Inc., Capital Addition Purchase Commitments) | Mar. 31, 2014 | |
Aircraft | ||
Airbus A350-1000 aircraft | ' | |
Commitments [Line Items] | ' | |
Number of new aircraft committed to purchase | 35 | [1] |
Boeing 737-900ER aircraft | ' | |
Commitments [Line Items] | ' | |
Number of new aircraft committed to purchase | 53 | [1] |
Boeing 737 MAX 9 Aircraft | ' | |
Commitments [Line Items] | ' | |
Number of new aircraft committed to purchase | 100 | [1] |
Boeing 787-8/-9/-10 | ' | |
Commitments [Line Items] | ' | |
Number of new aircraft committed to purchase | 55 | [1] |
Embraer EMB175 aircraft | ' | |
Commitments [Line Items] | ' | |
Number of new aircraft committed to purchase | 29 | [1] |
[1] | United also has options and purchase rights for additional aircraft. |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 27, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 24, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Revolving Credit Facility | Revolving Credit Facility | Tax-exempt special facilities revenue bonds | Floating Rate Debt | Fixed Rate Debt | Loans And Leases From Non U S Entities | Minimum | Maximum | Maximum | Maximum | United Airlines, Inc. | Capital Addition Purchase Commitments | Capital Addition Purchase Commitments | Capital Addition Purchase Commitments | Capital Addition Purchase Commitments | Capital Addition Purchase Commitments | Capital Addition Purchase Commitments | Capital Addition Purchase Commitments | ||
Tax-exempt special facilities revenue bonds | Tax-exempt special facilities revenue bonds | Loans And Leases From Non U S Entities | Employee | Subsequent Event | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | |||||||||
Embraer EMB175 aircraft | Boeing 737-900ER aircraft | Boeing 787-8 | Boeing 787-9 | Embraer EMB175 aircraft | Minimum | Maximum | |||||||||||||
Aircraft | Aircraft | Aircraft | Aircraft | Aircraft | |||||||||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New aircraft, scheduled delivery date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014 | '2025 |
Number of aircraft expected to be delivered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 2 | 2 | 16 | ' | ' |
Number of aircraft without financing arrangement expected to be delivered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' |
Guarantor obligations, maximum exposure | ' | ' | ' | $1,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating leases obligations | ' | ' | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital leases obligations | ' | ' | ' | 269,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity year | ' | ' | ' | ' | ' | ' | ' | '2015 | ' | '2038 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount | ' | ' | ' | ' | 2,000,000,000 | 264,000,000 | 2,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, remaining terms (years) | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity under revolving credit facility | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capacity available under the revolving credit facility | ' | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of employees represented by various U.S. labor organizations | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Acquisition_of_Air
Schedule of Acquisition of Aircrafts and Related Spare Engines (Detail) (USD $) | Mar. 31, 2014 |
In Billions, unless otherwise specified | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Last nine months of 2014 | $2.50 |
2015 | 2.8 |
2016 | 2 |
2017 | 1.5 |
2018 | 2.1 |
After 2018 | 12.5 |
Total commitments | $23.40 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||||
Share data in Millions, unless otherwise specified | Mar. 27, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 27, 2013 | Mar. 31, 2014 | Mar. 27, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 27, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jan. 17, 2014 | Mar. 31, 2014 | Jun. 30, 2011 | Feb. 20, 2014 | Mar. 31, 2014 |
Term Loan Facility | Term Loan Facility | Revolving Credit Facility | Revolving Credit Facility | Interest Rate Floor | LIBOR | LIBOR | LIBOR | Certain Market Interest Rates | 6% Convertible Senior Notes | 8% notes due 2024 | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | ||||
Term Loan Facility | Term Loan Facility | Term Loan Facility | Unsecured Debt | Unsecured Debt | Unsecured Debt | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' |
Common stock issued in exchange for convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | 5 | 5 |
Aggregate principal amount of convertible senior notes exchanged | ' | $202,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $46,000,000 | ' | $156,000,000 | ' | $156,000,000 | $156,000,000 |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2029 | ' | ' | ' | ' | '2021 |
Outstanding balance of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,000,000 | ' | ' | ' | ' | ' |
Aggregate principal amount of debt redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' |
Repurchased debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 570,000,000 | ' | ' |
Debt instrument stated interest rate | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 4.50% |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 726,000,000 | ' | ' |
Debt instrument conversion rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.6419 | 30.6419 |
Credit Agreement | ' | ' | ' | 900,000,000 | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | 1-Apr-19 | 1-Apr-19 | ' | 1-Apr-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available under revolving credit facility | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement refinanced | ' | ' | ' | ' | 893,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 2.75% | 2.00% | ' | ' | ' | ' | ' | ' |
Quarterly principal repayment amount | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commencement date of installment payment | ' | ' | 30-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrestricted liquidity requirement | $3,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum ratio of appraised value of collateral to the outstanding obligations | 1.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Details_of_Pass_Through_Trusts
Details of Pass Through Trusts (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Proceeds received from issuance of debt | $147 | $109 |
United Airlines, Inc. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Proceeds received from issuance of debt | 147 | 109 |
United Airlines, Inc. | Class A Pass Through Certificates | April 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 736 | ' |
Final expected distribution date | '2026-04 | ' |
Stated interest rate | 4.00% | ' |
Remaining proceeds from issuance of debt to be received in future periods | 736 | ' |
United Airlines, Inc. | Class A Pass Through Certificates | August 2013 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 720 | ' |
Final expected distribution date | '2025-08 | ' |
Stated interest rate | 4.30% | ' |
Total debt recorded | 548 | ' |
Proceeds received from issuance of debt | 395 | ' |
Remaining proceeds from issuance of debt to be received in future periods | 172 | ' |
United Airlines, Inc. | Class B Pass Through Certificates | April 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 213 | ' |
Final expected distribution date | '2022-04 | ' |
Stated interest rate | 4.75% | ' |
Remaining proceeds from issuance of debt to be received in future periods | 213 | ' |
United Airlines, Inc. | Class B Pass Through Certificates | August 2013 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 209 | ' |
Final expected distribution date | '2021-08 | ' |
Stated interest rate | 5.38% | ' |
Total debt recorded | 159 | ' |
Proceeds received from issuance of debt | 115 | ' |
Remaining proceeds from issuance of debt to be received in future periods | 50 | ' |
United Airlines, Inc. | EETC | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 1,878 | ' |
Total debt recorded | 707 | ' |
Proceeds received from issuance of debt | 510 | ' |
Remaining proceeds from issuance of debt to be received in future periods | $1,171 | ' |
Contractual_Principal_Payments
Contractual Principal Payments (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Last nine months of 2014 | $756 |
2015 | 2,102 |
2016 | 1,083 |
2017 | 646 |
2018 | 1,168 |
After 2018 | 5,682 |
Long-term debt | 11,437 |
United Airlines, Inc. | ' |
Debt Instrument [Line Items] | ' |
Last nine months of 2014 | 756 |
2015 | 2,102 |
2016 | 1,083 |
2017 | 646 |
2018 | 1,168 |
After 2018 | 5,624 |
Long-term debt | $11,379 |
Components_of_Special_Charges_
Components of Special Charges (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Special Charges [Line Items] | ' | ' |
Integration-related costs | $34 | $70 |
Severance and benefits | 14 | 14 |
(Gains) losses on sale of assets and other special (gains) losses, net | 4 | -3 |
Additional costs associated with the temporarily grounded Boeing 787 aircraft | ' | 11 |
Special charges | 52 | 92 |
Venezuela foreign exchange loss | 21 | ' |
Income tax benefit | -1 | ' |
Total operating and nonoperating special charges, net of income taxes | $72 | $92 |
Special_Charges_Additional_Inf
Special Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 20, 2014 | Mar. 31, 2014 |
Attendant | Venezuelan bolívar fuerte | Cleveland | Cleveland | CANADA | ||
Maximum | Weighted Average | Maximum | ||||
Operation | Position | |||||
Special Charges [Line Items] | ' | ' | ' | ' | ' | ' |
Severance and benefits | $14 | $14 | ' | ' | ' | ' |
Reductions in number airport operations and catering positions in Cleveland | ' | ' | ' | 470 | ' | ' |
Number of Airport positions reduced | ' | ' | ' | ' | ' | 238 |
Asset impairments on certain intangible assets | 4 | ' | ' | ' | ' | ' |
Losses due to the recent exchange rate changes implemented in Venezuela | 21 | ' | ' | ' | ' | ' |
Unrestricted cash balance held as Venezuelan bolivars | ' | ' | 100 | ' | ' | ' |
Number of flight attendants voluntarily on leave | ' | 1,300 | ' | ' | ' | ' |
Temporary grounding of 787 aircraft charges | ' | 11 | ' | ' | ' | ' |
Gain related to contract termination | ' | 5 | ' | ' | ' | ' |
Loss on sale of asset | ' | -2 | ' | ' | ' | ' |
Percentage of flight reductions in average daily departures from Cleveland | ' | ' | ' | ' | 60.00% | ' |
Accrual severance and medical costs | $69 | $62 | ' | ' | ' | ' |
Severance-related accrual expected payment date | '2015 | ' | ' | ' | ' | ' |