Document
false--12-31Q2201900001005170000319687P10Y41200000041200000038700000038700000080000008000000900000090000000.010.010.010.01100000000010001000000000100010001000269914769100025772916610001380000000138000000014100000001410000000612000000253000000865000000 0000100517 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember 2019-07-12 0000100517 2019-07-12 0000100517 2018-01-01 2018-06-30 0000100517 2018-04-01 2018-06-30 0000100517 2019-04-01 2019-06-30 0000100517 us-gaap:CargoAndFreightMember 2018-01-01 2018-06-30 0000100517 us-gaap:ProductAndServiceOtherMember 2019-04-01 2019-06-30 0000100517 us-gaap:CargoAndFreightMember 2019-01-01 2019-06-30 0000100517 us-gaap:PassengerMember 2019-01-01 2019-06-30 0000100517 us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-06-30 0000100517 us-gaap:PassengerMember 2018-01-01 2018-06-30 0000100517 us-gaap:PassengerMember 2018-04-01 2018-06-30 0000100517 us-gaap:CargoAndFreightMember 2018-04-01 2018-06-30 0000100517 us-gaap:PassengerMember 2019-04-01 2019-06-30 0000100517 us-gaap:CargoAndFreightMember 2019-04-01 2019-06-30 0000100517 us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-06-30 0000100517 us-gaap:ProductAndServiceOtherMember 2018-04-01 2018-06-30 0000100517 2019-06-30 0000100517 2018-12-31 0000100517 ual:FrequentFlyerProgramMember 2019-06-30 0000100517 ual:FrequentFlyerProgramMember 2018-12-31 0000100517 ual:AdvanceTicketSalesMember 2019-06-30 0000100517 ual:AdvanceTicketSalesMember 2018-12-31 0000100517 2018-06-30 0000100517 2017-12-31 0000100517 us-gaap:TreasuryStockMember 2018-01-01 2018-06-30 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000100517 us-gaap:CommonStockMember 2018-01-01 2018-06-30 0000100517 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000100517 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000100517 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000100517 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0000100517 2019-03-31 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 0000100517 us-gaap:CommonStockMember 2018-06-30 0000100517 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000100517 us-gaap:RetainedEarningsMember 2019-06-30 0000100517 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0000100517 us-gaap:TreasuryStockMember 2019-06-30 0000100517 us-gaap:CommonStockMember 2018-03-31 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000100517 us-gaap:TreasuryStockMember 2018-12-31 0000100517 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0000100517 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0000100517 us-gaap:CommonStockMember 2018-12-31 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000100517 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0000100517 us-gaap:RetainedEarningsMember 2018-01-01 0000100517 us-gaap:TreasuryStockMember 2018-03-31 0000100517 us-gaap:CommonStockMember 2019-03-31 0000100517 us-gaap:TreasuryStockMember 2018-06-30 0000100517 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0000100517 us-gaap:TreasuryStockMember 2017-12-31 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000100517 2018-03-31 0000100517 us-gaap:RetainedEarningsMember 2017-12-31 0000100517 us-gaap:RetainedEarningsMember 2018-06-30 0000100517 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000100517 us-gaap:RetainedEarningsMember 2019-03-31 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000100517 us-gaap:CommonStockMember 2019-06-30 0000100517 us-gaap:TreasuryStockMember 2018-04-01 2018-06-30 0000100517 us-gaap:RetainedEarningsMember 2018-03-31 0000100517 us-gaap:TreasuryStockMember 2019-03-31 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000100517 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0000100517 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000100517 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000100517 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000100517 us-gaap:CommonStockMember 2017-12-31 0000100517 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000100517 us-gaap:TreasuryStockMember 2019-01-01 2019-06-30 0000100517 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000100517 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0000100517 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000100517 us-gaap:RetainedEarningsMember 2018-12-31 0000100517 ual:UnitedAirLinesIncMember 2018-01-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember 2019-04-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:CargoAndFreightMember 2018-04-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:CargoAndFreightMember 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember 2018-04-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:ProductAndServiceOtherMember 2018-04-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:ProductAndServiceOtherMember 2019-04-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:CargoAndFreightMember 2018-01-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:CargoAndFreightMember 2019-04-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:PassengerMember 2019-04-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:PassengerMember 2018-01-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:PassengerMember 2018-04-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:PassengerMember 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember 2018-12-31 0000100517 ual:UnitedAirLinesIncMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember ual:AdvanceTicketSalesMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember ual:FrequentFlyerProgramMember 2018-12-31 0000100517 ual:UnitedAirLinesIncMember ual:FrequentFlyerProgramMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember ual:AdvanceTicketSalesMember 2018-12-31 0000100517 ual:UnitedAirLinesIncMember 2017-12-31 0000100517 ual:UnitedAirLinesIncMember 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:ReceivablesFromStockholderMember 2018-01-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:ReceivablesFromStockholderMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:ReceivablesFromStockholderMember 2018-03-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:ReceivablesFromStockholderMember 2019-04-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:RetainedEarningsMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:RetainedEarningsMember 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:ReceivablesFromStockholderMember 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:ReceivablesFromStockholderMember 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember 2018-03-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:RetainedEarningsMember 2018-12-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:RetainedEarningsMember 2019-03-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:RetainedEarningsMember 2018-03-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:RetainedEarningsMember 2017-12-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:ReceivablesFromStockholderMember 2018-12-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:ReceivablesFromStockholderMember 2019-03-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:ReceivablesFromStockholderMember 2017-12-31 0000100517 ual:UnitedAirLinesIncMember us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000100517 ual:UnitedAirLinesIncMember 2019-03-31 0000100517 srt:RestatementAdjustmentMember us-gaap:AccountingStandardsUpdate201602Member 2018-12-31 0000100517 srt:ScenarioPreviouslyReportedMember 2018-12-31 0000100517 srt:ScenarioPreviouslyReportedMember 2018-01-01 2018-06-30 0000100517 srt:RestatementAdjustmentMember us-gaap:AccountingStandardsUpdate201602Member 2018-01-01 2018-06-30 0000100517 srt:RestatementAdjustmentMember us-gaap:AccountingStandardsUpdate201602Member 2018-04-01 2018-06-30 0000100517 srt:ScenarioPreviouslyReportedMember 2018-04-01 2018-06-30 0000100517 us-gaap:DomesticDestinationMember 2019-01-01 2019-06-30 0000100517 us-gaap:PacificDestinationMember 2018-04-01 2018-06-30 0000100517 us-gaap:PacificDestinationMember 2018-01-01 2018-06-30 0000100517 us-gaap:DomesticDestinationMember 2018-01-01 2018-06-30 0000100517 us-gaap:PacificDestinationMember 2019-01-01 2019-06-30 0000100517 us-gaap:LatinAmericaDestinationMember 2019-01-01 2019-06-30 0000100517 us-gaap:AtlanticDestinationMember 2019-04-01 2019-06-30 0000100517 us-gaap:DomesticDestinationMember 2018-04-01 2018-06-30 0000100517 us-gaap:DomesticDestinationMember 2019-04-01 2019-06-30 0000100517 us-gaap:AtlanticDestinationMember 2018-01-01 2018-06-30 0000100517 us-gaap:AtlanticDestinationMember 2018-04-01 2018-06-30 0000100517 us-gaap:LatinAmericaDestinationMember 2018-04-01 2018-06-30 0000100517 us-gaap:PacificDestinationMember 2019-04-01 2019-06-30 0000100517 us-gaap:LatinAmericaDestinationMember 2019-04-01 2019-06-30 0000100517 us-gaap:AtlanticDestinationMember 2019-01-01 2019-06-30 0000100517 us-gaap:LatinAmericaDestinationMember 2018-01-01 2018-06-30 0000100517 ual:FrequentFlyerProgramMember 2019-04-01 2019-06-30 0000100517 ual:FrequentFlyerProgramMember 2018-06-30 0000100517 ual:FrequentFlyerProgramMember 2018-01-01 2018-06-30 0000100517 ual:FrequentFlyerProgramMember 2019-01-01 2019-06-30 0000100517 ual:FrequentFlyerProgramMember 2018-04-01 2018-06-30 0000100517 ual:FrequentFlyerProgramMember 2017-12-31 0000100517 ual:FrequentFlyerProgramMember 2019-03-31 0000100517 ual:FrequentFlyerProgramMember 2018-03-31 0000100517 ual:PassengerAncillaryFeesMember 2019-01-01 2019-06-30 0000100517 ual:PassengerAncillaryFeesMember 2019-04-01 2019-06-30 0000100517 ual:AdvanceTicketSalesMember 2018-01-01 2018-06-30 0000100517 ual:AdvanceTicketSalesMember 2018-04-01 2018-06-30 0000100517 ual:AdvanceTicketSalesMember 2019-04-01 2019-06-30 0000100517 ual:AdvanceTicketSalesMember 2019-01-01 2019-06-30 0000100517 ual:PassengerAncillaryFeesMember 2018-01-01 2018-06-30 0000100517 ual:PassengerAncillaryFeesMember 2018-04-01 2018-06-30 0000100517 ual:OpenMarketRepurchaseMember 2019-01-01 2019-06-30 0000100517 ual:OpenMarketRepurchaseMember 2019-04-01 2019-06-30 0000100517 ual:OpenMarketRepurchaseMember 2019-06-30 0000100517 ual:July2019ShareRepurchaseProgramMember us-gaap:SubsequentEventMember 2019-07-15 0000100517 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-06-30 0000100517 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-06-30 0000100517 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-06-30 0000100517 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-06-30 0000100517 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-03-31 0000100517 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-04-01 2019-06-30 0000100517 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0000100517 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-04-01 2018-06-30 0000100517 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-06-30 0000100517 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 2018-06-30 0000100517 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-03-31 0000100517 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-06-30 0000100517 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-06-30 0000100517 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-04-01 2019-06-30 0000100517 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-12-31 0000100517 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-03-31 0000100517 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-04-01 2018-06-30 0000100517 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-03-31 0000100517 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-12-31 0000100517 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0000100517 2018-01-01 2018-03-31 0000100517 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-06-30 0000100517 ual:PerformanceBasedRestrictedStockUnitsRSUsMember 2019-01-01 2019-06-30 0000100517 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-06-30 0000100517 us-gaap:PensionPlansDefinedBenefitMember 2019-04-01 2019-06-30 0000100517 ual:TimeVestedRestrictedStockUnitsRSUsMember 2019-01-01 2019-06-30 0000100517 us-gaap:PensionPlansDefinedBenefitMember 2018-04-01 2018-06-30 0000100517 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-04-01 2019-06-30 0000100517 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2018-04-01 2018-06-30 0000100517 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-01-01 2019-06-30 0000100517 us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-06-30 0000100517 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2018-01-01 2018-06-30 0000100517 ual:BRWAviationHoldingLLCAndBRWAviationLLCBRWMember 2018-11-30 0000100517 srt:MinimumMember us-gaap:AssetBackedSecuritiesMember 2019-01-01 2019-06-30 0000100517 srt:MaximumMember us-gaap:CertificatesOfDepositMember 2019-01-01 2019-06-30 0000100517 ual:AzulMember 2019-06-30 0000100517 srt:MaximumMember us-gaap:CorporateDebtSecuritiesMember 2019-01-01 2019-06-30 0000100517 ual:AzulMember us-gaap:PreferredStockMember 2019-06-30 0000100517 srt:MaximumMember us-gaap:FixedIncomeSecuritiesMember 2019-01-01 2019-06-30 0000100517 srt:MaximumMember us-gaap:AssetBackedSecuritiesMember 2019-01-01 2019-06-30 0000100517 srt:MinimumMember ual:UsGovernmentAgenciesDebtSecuritiesAndOtherFixedIncomeSecuritiesMember 2019-01-01 2019-06-30 0000100517 srt:MinimumMember us-gaap:CorporateDebtSecuritiesMember 2019-01-01 2019-06-30 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000100517 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000100517 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000100517 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000100517 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000100517 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CertificatesOfDepositMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember ual:OtherInvestmentsMeasuredAtNetAssetValueMember 2018-12-31 0000100517 us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember ual:OtherInvestmentsMeasuredAtNetAssetValueMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueMeasurementsRecurringMember ual:OtherInvestmentsMeasuredAtNetAssetValueMember 2019-06-30 0000100517 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember ual:OtherInvestmentsMeasuredAtNetAssetValueMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember ual:OtherInvestmentsMeasuredAtNetAssetValueMember 2019-06-30 0000100517 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CertificatesOfDepositMember 2019-06-30 0000100517 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CertificatesOfDepositMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CertificatesOfDepositMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CertificatesOfDepositMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember ual:OtherInvestmentsMeasuredAtNetAssetValueMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000100517 us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CertificatesOfDepositMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2018-12-31 0000100517 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CertificatesOfDepositMember 2019-06-30 0000100517 us-gaap:FairValueMeasurementsRecurringMember ual:OtherInvestmentsMeasuredAtNetAssetValueMember 2018-12-31 0000100517 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CertificatesOfDepositMember 2018-12-31 0000100517 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-06-30 0000100517 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember ual:OtherInvestmentsMeasuredAtNetAssetValueMember 2018-12-31 0000100517 us-gaap:MainlineMember srt:MaximumMember 2019-01-01 2019-06-30 0000100517 ual:NonAircraftMember srt:MinimumMember 2019-01-01 2019-06-30 0000100517 us-gaap:RegionalCarrierMember 2019-06-30 0000100517 us-gaap:MainlineMember srt:MinimumMember 2019-01-01 2019-06-30 0000100517 ual:EmbraerERJ145Member 2018-09-30 0000100517 srt:MaximumMember 2019-01-01 2019-06-30 0000100517 us-gaap:MainlineMember 2019-06-30 0000100517 ual:NonAircraftMember srt:MaximumMember 2019-01-01 2019-06-30 0000100517 ual:Boeing737MaxMember 2019-06-30 0000100517 ual:AirbusMember 2019-06-30 0000100517 ual:Boeing787Member 2019-06-30 0000100517 srt:B777300Member 2019-06-30 0000100517 ual:EmbraerE175Member 2019-06-30 0000100517 ual:KingslandHoldingsLimitedMember 2018-11-30 0000100517 ual:LoansAndLeasesFromNonUSEntitiesMember 2019-01-01 2019-06-30 0000100517 ual:LoansAndLeasesFromNonUSEntitiesMember 2019-06-30 0000100517 ual:Boeing737700Member 2019-06-30 0000100517 ual:EmbraerE175Member 2019-04-01 2019-06-30 0000100517 ual:AircraftMortgageDebtMember 2019-06-30 0000100517 ual:FixedRateDebtMember 2019-06-30 0000100517 ual:Boeing737MaxMember srt:ScenarioForecastMember 2019-12-31 0000100517 ual:EmbraerCRJ550Member 2019-06-01 2019-06-30 0000100517 ual:KingslandHoldingsLimitedMember 2018-12-31 0000100517 ual:Boeing737MaxMember 2019-03-13 0000100517 ual:AirbusA319sMember 2019-06-30 0000100517 ual:Boeing737MaxMember 2019-03-12 0000100517 ual:FloatingRateDebtMember 2019-06-30 0000100517 ual:TaxExemptBondsMember 2019-06-30 0000100517 2019-06-01 2019-06-30 0000100517 ual:A4.875SeniorNotesDue2025Member us-gaap:SeniorNotesMember 2019-05-31 0000100517 ual:A4.875SeniorNotesDue2025Member us-gaap:SeniorNotesMember 2019-05-01 2019-05-31 0000100517 2019-02-01 2019-02-28 0000100517 ual:UnitedAirLinesIncMember us-gaap:RevolvingCreditFacilityMember us-gaap:SecuredDebtMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:EnhancedEquipmentTrustCertificateMember 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember ual:February2019Member ual:ClassAAPassThroughCertificatesMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember ual:February2019Member ual:ClassAPassThroughCertificatesMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember ual:February2019Member ual:ClassAAPassThroughCertificatesMember 2019-01-01 2019-06-30 0000100517 ual:UnitedAirLinesIncMember us-gaap:EnhancedEquipmentTrustCertificateMember 2019-06-30 0000100517 ual:UnitedAirLinesIncMember ual:February2019Member ual:ClassAPassThroughCertificatesMember 2019-01-01 2019-06-30 0000100517 ual:UalAndUnitedMember 2019-06-30 0000100517 ual:AircraftEnginesMember 2019-04-01 2019-06-30 0000100517 ual:InternationalBrotherhoodOfTeamstersMember ual:VoluntaryEarlyOutProgramMember 2019-01-01 2019-06-30 0000100517 ual:InternationalBrotherhoodOfTeamstersMember ual:VoluntaryEarlyOutProgramMember 2018-04-01 2018-06-30 0000100517 ual:InternationalBrotherhoodOfTeamstersMember ual:VoluntaryEarlyOutProgramMember 2017-03-31 0000100517 srt:ManagementMember 2018-01-01 2018-06-30 0000100517 srt:ManagementMember 2018-04-01 2018-06-30 0000100517 ual:InternationalBrotherhoodOfTeamstersMember ual:VoluntaryEarlyOutProgramMember 2018-01-01 2018-06-30 0000100517 srt:ManagementMember 2019-01-01 2019-06-30 0000100517 ual:InternationalBrotherhoodOfTeamstersMember ual:VoluntaryEarlyOutProgramMember 2017-01-01 2017-03-31 0000100517 srt:ManagementMember 2019-04-01 2019-06-30 0000100517 ual:AzulMember 2018-01-01 2018-06-30 0000100517 ual:AzulMember 2019-04-01 2019-06-30 0000100517 ual:AzulMember 2018-04-01 2018-06-30 0000100517 ual:AzulMember 2019-01-01 2019-06-30 0000100517 us-gaap:UseRightsMember 2018-05-01 2018-05-31 iso4217:USD iso4217:USD xbrli:shares xbrli:shares ual:Aircraft xbrli:pure ual:Employee ual:flight ual:employee ual:commitment ual:aircraft ual:trust
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
 
 
 
 
 
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13012503&doc=13
 
Commission
File Number
 
Exact Name of Registrant as Specified in its Charter, 
Principal Executive Office Address and Telephone Number
 
State of
Incorporation
 
I.R.S. Employer
Identification No.
 
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report
 
001-06033
 
United Airlines Holdings, Inc.
 
Delaware
 
36-2675207
 
United Continental Holdings, Inc.
 
 
 
233 South Wacker Drive,
Chicago
Illinois
60606
 
 
 
 
 
 
 
 
 
(872)
825-4000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
001-10323
 
United Airlines, Inc.
 
Delaware
 
74-2099724
 
N/A
 
 
 
233 South Wacker Drive,
Chicago
Illinois
60606
 
 
 
 
 
 
 
 
 
(872)
825-4000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act
Registrant
 
Title of Each Class
 
Trading Symbol
 
Name on Each Exchange on Which Registered
United Airlines Holdings, Inc.
 
Common Stock,
$0.01 par value
 
UAL
 
The Nasdaq Stock Market LLC
United Airlines, Inc.
 
None
 
 
None
 
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
United Airlines Holdings, Inc.
 
Yes
No
 
United Airlines, Inc.
 
Yes
No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
United Airlines Holdings, Inc.
 
Yes
No
 
United Airlines, Inc.
 
Yes
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
United Airlines Holdings, Inc.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
United Airlines, Inc.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
United Airlines Holdings, Inc.
 
United Airlines, Inc.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
United Airlines Holdings, Inc.
  
Yes    
No
United Airlines, Inc.
  
Yes
No
The number of shares outstanding of each of the issuer's classes of common stock as of July 12, 2019 is shown below:
United Airlines Holdings, Inc.
  
256,921,469

shares of common stock ($0.01 par value)
United Airlines, Inc.
  
1,000

shares of common stock ($0.01 par value) (100% owned by United Airlines Holdings, Inc.)
OMISSION OF CERTAIN INFORMATION
This combined Quarterly Report on Form 10-Q is separately filed by United Airlines Holdings, Inc. and United Airlines, Inc. United Airlines, Inc. meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format allowed under that General Instruction.



United Airlines Holdings, Inc.
United Airlines, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended June 30, 2019
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions, except per share amounts)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018 (a)
 
2019
 
2018 (a)
Operating revenue:
 
 
 
 
 
 
 
Passenger revenue
$
10,486

 
$
9,880

 
$
19,211

 
$
18,030

Cargo
295

 
314

 
581

 
607

Other operating revenue
621

 
583

 
1,199

 
1,172

Total operating revenue
11,402

 
10,777

 
20,991

 
19,809

 
 
 
 
 
 
 
 
Operating expense:
 
 
 
 
 
 
 
Salaries and related costs
3,057

 
2,878

 
5,930

 
5,604

Aircraft fuel
2,385

 
2,390

 
4,408

 
4,355

Regional capacity purchase
715

 
693

 
1,403

 
1,323

Landing fees and other rent
660

 
625

 
1,248

 
1,204

Depreciation and amortization
560

 
538

 
1,107

 
1,062

Aircraft maintenance materials and outside repairs
421

 
438

 
829

 
878

Distribution expenses
442

 
393

 
802

 
735

Aircraft rent
73

 
119

 
154

 
246

Special charges
71

 
129

 
89

 
169

Other operating expenses
1,546

 
1,429

 
3,054

 
2,826

Total operating expenses
9,930

 
9,632

 
19,024

 
18,402

Operating income
1,472

 
1,145

 
1,967

 
1,407

 
 
 
 
 
 
 
 
Nonoperating income (expense):
 
 
 
 
 
 
 
Interest expense
(191
)
 
(163
)
 
(379
)
 
(325
)
Interest capitalized
21

 
12

 
43

 
30

Interest income
38

 
25

 
67

 
42

Miscellaneous, net
14

 
(164
)
 
23

 
(117
)
Total nonoperating expense, net
(118
)
 
(290
)
 
(246
)
 
(370
)
Income before income taxes
1,354

 
855

 
1,721

 
1,037

Income tax expense
302

 
172

 
377

 
209

Net income
$
1,052

 
$
683

 
$
1,344

 
$
828

Earnings per share, basic
$
4.03

 
$
2.48

 
$
5.09

 
$
2.96

Earnings per share, diluted
$
4.02

 
$
2.48

 
$
5.07

 
$
2.95


(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.



3


UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED)
(In millions)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018 (a)
 
2019
 
2018 (a)
Net income
$
1,052

 
$
683

 
$
1,344

 
$
828

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Employee benefit plans
(17
)
 
12

 
(10
)
 
42

Investments and other
3

 

 
6

 
(4
)
Total other comprehensive income (loss), net of tax
(14
)
 
12

 
(4
)
 
38

 
 
 
 
 
 
 
 
Total comprehensive income, net
$
1,038

 
$
695

 
$
1,340

 
$
866


(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.




4


UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 
June 30, 2019
 
December 31, 2018 (a)
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
3,221

 
$
1,694

Short-term investments
2,223

 
2,256

Receivables, less allowance for doubtful accounts (2019 — $9; 2018 — $8)
1,762

 
1,426

Aircraft fuel, spare parts and supplies, less obsolescence allowance (2019 — $387; 2018 — $412)
996

 
985

Prepaid expenses and other
708

 
733

Total current assets
8,910

 
7,094

Operating property and equipment:
 
 
 
Flight equipment
33,890

 
32,599

Other property and equipment
7,371

 
6,889

Purchase deposits for flight equipment
1,351

 
1,177

Total operating property and equipment, at cost
42,612

 
40,665

Less — Accumulated depreciation and amortization
(13,694
)
 
(13,266
)
Total operating property and equipment, net
28,918

 
27,399

 
 
 
 
Operating lease right-of-use assets
4,908

 
5,262

 
 
 
 
Other assets:
 
 
 
Goodwill
4,523

 
4,523

Intangibles, less accumulated amortization (2019 — $1,410; 2018 — $1,380)
3,129

 
3,159

Restricted cash
105

 
105

Notes receivable, net
518

 
516

Investments in affiliates and other, net
1,139

 
966

Total other assets
9,414

 
9,269

Total assets
$
52,150

 
$
49,024

(continued on next page)


















5





UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
June 30, 2019
 
December 31, 2018 (a)
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Advance ticket sales
$
6,126

 
$
4,381

Accounts payable
3,033

 
2,363

Frequent flyer deferred revenue
2,435

 
2,286

Accrued salaries and benefits
1,871

 
2,184

Current maturities of long-term debt
1,255

 
1,230

Current maturities of finance leases
117

 
123

Current maturities of operating leases
637

 
719

Other
604

 
553

Total current liabilities
16,078

 
13,839

 
 
 
 
Long-term debt
12,938

 
12,215

Long-term obligations under finance leases
202

 
224

Long-term obligations under operating leases
5,034

 
5,276

 
 
 
 
Other liabilities and deferred credits:
 
 
 
Frequent flyer deferred revenue
2,763

 
2,719

Postretirement benefit liability
1,277

 
1,295

Pension liability
1,366

 
1,576

Deferred income taxes
1,192

 
828

Other
980

 
1,010

Total other liabilities and deferred credits
7,578

 
7,428

Commitments and contingencies

 

Stockholders' equity:
 
 
 
Preferred stock

 

Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 257,729,166 and 269,914,769 shares at June 30, 2019 and December 31, 2018, respectively
3

 
3

Additional capital invested
6,096

 
6,120

Retained earnings
8,050

 
6,715

Stock held in treasury, at cost
(3,022
)
 
(1,993
)
Accumulated other comprehensive loss
(807
)
 
(803
)
Total stockholders' equity
10,320

 
10,042

Total liabilities and stockholders' equity
$
52,150

 
$
49,024


(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.





6


UNITED AIRLINES HOLDINGS, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)
 
Six Months Ended June 30,
 
2019
 
2018 (a)
Cash Flows from Operating Activities:
 
 
 
Net cash provided by operating activities
$
4,625

 
$
4,152

 
 
 
 
Cash Flows from Investing Activities:
 
 
 
Capital expenditures
(2,467
)
 
(1,671
)
Purchases of short-term and other investments
(1,443
)
 
(1,326
)
Proceeds from sale of short-term and other investments
1,484

 
1,455

Investment in affiliates
(27
)
 
(139
)
Loans made to others

 
(10
)
Other, net
17

 
38

Net cash used in investing activities
(2,436
)
 
(1,653
)
 
 
 
 
Cash Flows from Financing Activities:
 
 
 
Proceeds from issuance of long-term debt
996

 
1,241

Payments of long-term debt
(473
)
 
(1,294
)
Repurchases of common stock
(1,062
)
 
(969
)
Principal payments under finance leases
(63
)
 
(35
)
Capitalized financing costs
(30
)
 
(25
)
Other, net
(30
)
 
(17
)
Net cash used in financing activities
(662
)
 
(1,099
)
Net increase in cash, cash equivalents and restricted cash
1,527

 
1,400

Cash, cash equivalents and restricted cash at beginning of the period
1,799

 
1,591

Cash, cash equivalents and restricted cash at end of the period (b)
$
3,326

 
$
2,991

 
 
 
 
Investing and Financing Activities Not Affecting Cash:
 
 
 
Property and equipment acquired through the issuance of debt
$
220

 
$
125

Operating lease conversions to finance lease
36

 

Right-of-use assets acquired through operating leases
99

 
103

Property and equipment acquired through finance leases
8

 


(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.

(b) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
Cash and cash equivalents
$
3,221

 
$
2,884

Restricted cash (included in Prepaid expenses and other)

 
13

Restricted cash
105

 
94

Total cash, cash equivalents and restricted cash
$
3,326

 
$
2,991



The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

7


UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY
(In millions)
 
Common
Stock
 
Additional
Capital Invested
 
Treasury Stock
 
Retained Earnings
 
Accumulated
Other Comprehensive Income (Loss)
 
Total
 
Shares
 
Amount
 
 
 
 
 
Balance at March 31, 2019
264.3

 
$
3

 
$
6,080

 
$
(2,487
)
 
$
6,999

 
$
(793
)
 
$
9,802

Net income

 

 

 

 
1,052

 

 
1,052

Other comprehensive loss

 

 

 

 

 
(14
)
 
(14
)
Stock settled share-based compensation

 

 
17

 

 

 

 
17

Repurchases of common stock
(6.6
)
 

 

 
(536
)
 

 

 
(536
)
Net treasury stock issued for share-based awards

 

 
(1
)
 
1

 
(1
)
 

 
(1
)
Balance at June 30, 2019
257.7

 
$
3

 
$
6,096

 
$
(3,022
)
 
$
8,050

 
$
(807
)
 
$
10,320

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018 (a)
269.9

 
$
3

 
$
6,120

 
$
(1,993
)
 
$
6,715

 
$
(803
)
 
$
10,042

Net income

 

 

 

 
1,344

 

 
1,344

Other comprehensive loss

 

 

 

 

 
(4
)
 
(4
)
Stock settled share-based compensation

 

 
31

 

 

 

 
31

Repurchases of common stock
(12.7
)
 

 

 
(1,063
)
 

 

 
(1,063
)
Net treasury stock issued for share-based awards
0.5

 

 
(55
)
 
34

 
(9
)
 

 
(30
)
Balance at June 30, 2019
257.7

 
$
3

 
$
6,096

 
$
(3,022
)
 
$
8,050


$
(807
)
 
$
10,320

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018 (a)
279.4

 
$
3

 
$
6,077

 
$
(1,314
)
 
$
4,736

 
$
(1,114
)
 
$
8,388

Net income (a)

 

 

 

 
683

 

 
683

Other comprehensive income

 

 

 

 

 
12

 
12

Stock settled share-based compensation

 

 
14

 

 

 

 
14

Repurchases of common stock
(6.4
)
 

 

 
(407
)
 

 

 
(407
)
Net treasury stock issued for share-based awards

 

 

 
1

 

 

 
1

Balance at June 30, 2018 (a)
273.0

 
$
3

 
$
6,091

 
$
(1,720
)
 
$
5,419

 
$
(1,102
)
 
$
8,691

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017 (a)
287.0

 
$
3

 
$
6,098

 
$
(769
)
 
$
4,603

 
$
(1,147
)
 
$
8,788

Net income (a)

 

 

 

 
828

 

 
828

Other comprehensive income

 

 

 

 

 
38

 
38

Stock settled share-based compensation

 

 
29

 

 

 

 
29

Repurchases of common stock
(14.2
)
 

 

 
(976
)
 

 

 
(976
)
Net treasury stock issued for share-based awards
0.2

 

 
(36
)
 
25

 
(5
)
 

 
(16
)
Adoption of accounting standard related to equity investments

 

 

 

 
(7
)
 
7

 

Balance at June 30, 2018 (a)
273.0

 
$
3

 
$
6,091

 
$
(1,720
)
 
$
5,419

 
$
(1,102
)
 
$
8,691


(a) Amounts adjusted due to the adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.


The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

8



UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018 (a)
 
2019
 
2018 (a)
Operating revenue:
 
 
 
 
 
 
 
Passenger revenue
$
10,486

 
$
9,880

 
$
19,211

 
$
18,030

Cargo
295

 
314

 
581

 
607

Other operating revenue
621

 
583

 
1,199

 
1,172

Total operating revenue
11,402

 
10,777

 
20,991

 
19,809

 
 
 
 
 
 
 
 
Operating expense:
 
 
 
 
 
 
 
Salaries and related costs
3,057

 
2,878

 
5,930

 
5,604

Aircraft fuel
2,385

 
2,390

 
4,408

 
4,355

Regional capacity purchase
715

 
693

 
1,403

 
1,323

Landing fees and other rent
660

 
625

 
1,248

 
1,204

Depreciation and amortization
560

 
538

 
1,107

 
1,062

Aircraft maintenance materials and outside repairs
421

 
438

 
829

 
878

Distribution expenses
442

 
393

 
802

 
735

Aircraft rent
73

 
119

 
154

 
246

Special charges
71

 
129

 
89

 
169

Other operating expenses
1,546

 
1,428

 
3,053

 
2,825

Total operating expense
9,930

 
9,631

 
19,023