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Total comprehensive income (loss), net

^[1]

102

(28)

610

(637)

United Airlines, Inc.

Net income (loss)

509

(580)

Other comprehensive income (loss), net change related to:

Fuel derivative financial instruments

(7)

Employee benefit plans

(21)

Investments and other

Total comprehensive income (loss), net

102

(27)

$ 611

$ (607)

[1]	UAL and United amounts are substantially the same except for additional gains related to investments and other of $1 million at United in the three months ended March 31, 2014.

Cash and cash equivalents

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Balance Sheets - USD ($)
$ in Millions

Mar. 31, 2015

Dec. 31, 2014

Current assets:

$ 3,352

$ 2,002

Short-term investments

2,256

2,382

Receivables, less allowance for doubtful accounts (2015-$23; 2014-$22)

1,471

1,146

Fuel hedge collateral deposits

398

577

Aircraft fuel, spare parts and supplies, less obsolescence allowance (2015-$178; 2014-$169)

631

666

Prepaid expenses and other

575

591

826

774

Total current assets

9,509

8,138

Operating property and equipment: Owned-

21,864

21,107

Operating property and equipment - owned, gross

4,092

4,016

25,956

25,123

Less-Accumulated depreciation and amortization

(7,399)

(7,079)

Operating property and equipment - owned, net

18,557

18,044

Purchase deposits for flight equipment

602

706

Capital leases-

1,301

1,272

Operating property and equipment - capital leases, gross

331

1,632

1,603

Less-Accumulated amortization

(929)

(886)

Operating property and equipment - capital leases, net

703

717

Total property, plant, and equipment, net

19,862

19,467

Other assets:

Goodwill

4,523

Intangibles, less accumulated amortization (2015-$1,076; 2014-$1,049)

4,257

4,284

Restricted cash

271

276

Other, net

669

665

Other assets total

9,720

9,748

Total assets

39,091

37,353

Current liabilities:

Advance ticket sales

4,932

3,701

Accrued salaries and benefits

2,059

2,058

Accounts payable

2,074

1,882

1,597

1,818

Current maturities of long-term debt

1,700

1,313

Current maturities of capital leases

112

110

Fuel derivative instruments

648

694

Total current liabilities

847

932

13,969

12,508

Long-term debt

9,914

10,121

Long-term obligations under capital leases

560

571

Other liabilities and deferred credits:

Postretirement benefit liability

2,966

2,879

1,933

Pension liability

2,082

2,226

Advanced purchase of miles

1,182

1,217

Lease fair value adjustment, net

1,577

1,591

438

466

Total Other liabilities and deferred credits

1,462

1,445

11,640

11,757

Commitments and contingencies

Stockholder's equity:

Preferred stock

Common stock

Additional capital invested

7,932

7,721

Accumulated deficit

(3,375)

(3,883)

Stock held in treasury, at cost

(576)

(367)

Accumulated other comprehensive income (loss)

^[1]

(977)

(1,079)

Total stockholders' equity

3,008

2,396

Total liabilities and stockholders' equity (deficit)

39,091

37,353

United Airlines, Inc.

Current assets:

Cash and cash equivalents

3,346

1,996

Short-term investments

2,256

2,382

Receivables, less allowance for doubtful accounts (2015-$23; 2014-$22)

1,471

1,146

Fuel hedge collateral deposits

398

577

Aircraft fuel, spare parts and supplies, less obsolescence allowance (2015-$178; 2014-$169)

631

666

Prepaid expenses and other

575

591

874

823

Total current assets

9,551

8,181

Operating property and equipment: Owned-

21,864

21,107

Operating property and equipment - owned, gross

4,092

4,016

25,956

25,123

Less-Accumulated depreciation and amortization

(7,399)

(7,079)

Operating property and equipment - owned, net

18,557

18,044

Purchase deposits for flight equipment

602

706

Capital leases-

1,301

1,272

Operating property and equipment - capital leases, gross

332

331

1,633

1,603

Less-Accumulated amortization

(929)

(886)

Operating property and equipment - capital leases, net

704

717

Total property, plant, and equipment, net

19,863

19,467

Other assets:

Goodwill

4,523

Intangibles, less accumulated amortization (2015-$1,076; 2014-$1,049)

4,257

4,284

Restricted cash

271

276

Other, net

669

1,377

Other assets total

9,720

10,460

Total assets

39,134

38,108

Current liabilities:

Advance ticket sales

4,932

3,701

Accrued salaries and benefits

2,059

2,058

Accounts payable

2,079

1,886

1,597

1,818

Current maturities of long-term debt

1,700

1,313

Current maturities of capital leases

112

110

Fuel derivative instruments

648

694

Total current liabilities

847

933

13,974

12,513

Long-term debt

9,914

10,120

Long-term obligations under capital leases

560

571

Other liabilities and deferred credits:

Postretirement benefit liability

2,966

2,879

1,933

Pension liability

2,082

2,226

Advanced purchase of miles

1,182

1,217

Lease fair value adjustment, net

1,577

1,591

438

466

Total Other liabilities and deferred credits

1,462

1,957

11,640

12,269

Commitments and contingencies

Stockholder's equity:

Common stock

Additional capital invested

7,156

7,347

Accumulated deficit

(3,119)

(3,628)

Accumulated other comprehensive income (loss)

(977)

(1,079)

Receivable from related parties

(14)

(5)

Total stockholders' equity

3,046

2,635

Total liabilities and stockholders' equity (deficit)

$ 39,134

$ 38,108

[1]	UAL and United amounts are substantially the same except for additional gains related to investments and other of $1 million at United in the three months ended March 31, 2014.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Receivables, allowance for doubtful accounts	$ 23	$ 22
Aircraft fuel, spare parts and supplies, obsolescence allowance	178	169
Intangibles, accumulated amortization	$ 1,076	$ 1,049
Common stock, par value	$ 0.01	$ 0.01
Common shares, authorized	1,000,000,000	1,000,000,000
Common shares, outstanding	382,490,693	374,525,916
United Airlines, Inc.
Receivables, allowance for doubtful accounts	$ 23	$ 22
Aircraft fuel, spare parts and supplies, obsolescence allowance	178	169
Intangibles, accumulated amortization	$ 1,076	$ 1,049
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 Consolidated Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities:
Net cash provided by operating activities	$ 1,825	$ 694
Cash Flows from Investing Activities:
Capital expenditures	(210)	(364)
Purchases of short-term and other investments	(197)	(235)
Proceeds from sale of short-term and other investments	326	124
Proceeds from sale of property and equipment	17	35
Other, net	19	13
Net cash used in investing activities	(45)	(427)
Cash Flows from Financing Activities:
Payments of long-term debt	(296)	(613)
Repurchases of common stock	(195)
Proceeds from issuance of long-term debt	100	147
Principal payments under capital leases	(24)	(24)
Other, net	(15)	12
Net cash used in financing activities	(430)	(478)
Net increase (decrease) in cash and cash equivalents	1,350	(211)
Cash and cash equivalents at beginning of the period	2,002	3,220
Cash and cash equivalents at end of the period	3,352	3,009
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt and capital leases	599	375
Conversion of convertible notes to UAL common stock	201	202
United Airlines, Inc.
Cash Flows from Operating Activities:
Net cash provided by operating activities	1,816	686
Cash Flows from Investing Activities:
Capital expenditures	(210)	(364)
Purchases of short-term and other investments	(197)	(235)
Proceeds from sale of short-term and other investments	326	124
Proceeds from sale of property and equipment	17	35
Other, net	19	13
Net cash used in investing activities	(45)	(427)
Cash Flows from Financing Activities:
Payments of long-term debt	(296)	(613)
Dividend to UAL	(195)
Proceeds from issuance of long-term debt	100	147
Principal payments under capital leases	(24)	(24)
Other, net	(6)	20
Net cash used in financing activities	(421)	(470)
Net increase (decrease) in cash and cash equivalents	1,350	(211)
Cash and cash equivalents at beginning of the period	1,996	3,214
Cash and cash equivalents at end of the period	3,346	3,003
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt and capital leases	$ 599	375
Transfer of UAL subsidiaries to United		186
Conversion of convertible notes to UAL common stock		$ 156

Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Significant Accounting Policies

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

Recently Issued Accounting Standards. In May 2014, the Financial Accounting Standards Board (“FASB”) amended the FASB Accounting Standards Codification and created a new Topic 606, Revenue from Contracts with Customers. This amendment prescribes that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendment supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. On April 1, 2015, the FASB proposed deferring the effective date of the amendment by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is evaluating the impact on its financial statements.

In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is evaluating the impact the adoption of this standard will have on its financial statements.

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2015

Earnings (Loss) Per Share

NOTE 2 - EARNINGS (LOSS) PER SHARE

The table below represents the computation of UAL’s basic and diluted earnings (loss) per share amounts and the number of securities that have been excluded from the computation of diluted earnings (loss) per share amounts because they were antidilutive (in millions, except per share amounts):


	Three Months Ended March 31,
	2015		2014
Basic earnings (loss) per share:
Earnings (loss) available to common stockholders	$	508	$	(609)

Basic weighted-average shares outstanding		382		368

Earnings (loss) per share, basic	$	1.33	$	(1.66)

Diluted earnings (loss) per share:
Earnings (loss) available to common stockholders including the effect of dilutive securities	$	508	$	(609)

Diluted shares outstanding:
Basic weighted-average shares outstanding		382		368
Effect of convertible notes		1		—
Effect of restricted stock and employee stock options		1		—

Diluted weighted-average shares outstanding		384		368

Earnings (loss) per share, diluted	$	1.32	$	(1.66)

Potentially dilutive shares excluded from diluted per share amounts:
Restricted stock and stock options		—		2
Convertible notes		—		28

In January 2015, the holders of substantially all of the remaining $202 million principal amount of United’s 4.5% Convertible Notes due 2015 (the “4.5% Convertible Notes”) exercised their conversion option resulting in the issuance of 11 million shares of UAL common stock. There is no convertible debt outstanding as of March 31, 2015.

On July 24, 2014, UAL’s Board of Directors authorized a share repurchase program to acquire up to $1 billion of UAL’s common stock. UAL may repurchase shares through the open market, privately negotiated transactions, block trades, or accelerated share repurchase transactions from time to time in accordance with applicable securities laws. UAL will repurchase shares of common stock subject to prevailing market conditions, and may discontinue such repurchases at any time. UAL spent $200 million to repurchase approximately 2.9 million shares of UAL common stock in open market transactions in the first quarter of 2015. As of March 31, 2015, the Company has $480 million remaining to spend under the share repurchase program. See Part II, Item 2., “Unregistered Sales of Equity Securities and Use of Proceeds” of this report for additional information.

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2015

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 Other Postretirement Liabilities		Derivative Contracts		Investments and Other		Total
Balance at December 31, 2014	$	(587)	$	(499)	$	7	$	(1,079)
Changes in value		(8)		(75)		15		(68)
Amounts reclassified to earnings		10		161		(1)		170

Net change		2		86		14		102

Balance at March 31, 2015	$	(585)	$	(413)	$	21	$	(977)

Balance at December 31, 2013	$	584	$	11	$	13	$	608
Changes in value		(5)		(10)		—		(15)
Amounts reclassified to earnings		(16)		3		—		(13)

Net change		(21)		(7)		—		(28)

Balance at March 31, 2014	$	563	$	4	$	13	$	580


Details about AOCI Components	Amount Reclassified from AOCI to Income				Affected Line Item in the Statements of Consolidated Operations
	Three Months Ended March 31,
	2015		2014
Derivatives designated as cash flow hedges
Fuel contracts-reclassifications of (gains) losses into earnings (b)	$	161	$	3	Aircraft fuel
Amortization of pension and post-retirement items
Amortization of unrecognized (gains) losses and prior service cost (credit) (b) (c)	$	10	$	(16)	Salaries and related costs
Investments and other
Available for sale securities-reclassifications of gains into earnings (b)	$	(1)	$	—	Miscellaneous, net

(a) UAL and United amounts are substantially the same except for additional gains related to investments and other of $1 million at United in the three months ended March 31, 2014.

(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 information).

Financial Instruments and Fair Value Measurements

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Income Taxes

3 Months Ended

Mar. 31, 2015

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. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income (including the reversals of deferred tax liabilities) during the periods in which those deferred tax assets will become deductible. The Company’s management assesses available positive and negative evidence regarding the Company’s ability to realize its deferred tax assets and records a valuation allowance when it is more likely than not that deferred tax assets will not be realized. To form a conclusion, management considers positive evidence in the form of reversing temporary differences, projections of future taxable income and tax planning strategies and negative evidence such as historical losses. Although the Company was not in a three-year cumulative loss position at the end of 2014, management determined that the low level of cumulative pretax income, combined with uncertainty about forecasted results, supports the conclusion that the valuation allowance is still necessary. Management will continue to evaluate future financial performance to determine whether such performance is both sustained and significant enough to provide sufficient evidence to support reversal of the valuation allowance. The valuation allowance balance at March 31, 2015 was $4.6 billion.

Employee Benefit Plans

3 Months Ended

Mar. 31, 2015

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 March 31,				Three Months Ended March 31,
	2015		2014		2015		2014
Service cost	$	31	$	24	$	5	$	5
Interest cost		50		51		20		22
Expected return on plan assets		(49)		(45)		—		(1)
Amortization of unrecognized (gain) loss and prior service cost (credit)		22		3		(13)		(19)
Settlement loss		1		—		—		—

Total	$	55	$	33	$	12	$	7

During the three months ended March 31, 2015, the Company contributed $180 million to its tax-qualified defined benefit pension plans.

Settlement and Plan Remeasurement. During March 2015, the Company recognized a settlement loss of $1 million in earnings resulting from certain lump-sum payments under a separate pension plan related to the Company’s pilot workgroup. Application of settlement accounting required the Company to remeasure the assets and liabilities of this plan in the first quarter of 2015. The Company remeasured the pension plan’s liabilities using an average weighted discount rate of 4.05% compared to the year-end 2014 discount rate of 4.19%. As a result of the settlement, the projected benefit obligation of the plan increased by $6 million and Other comprehensive loss increased by an actuarial loss of $8 million. These items are not anticipated to materially impact expected net periodic benefit cost for the remainder of 2015. The Company recognizes the earnings impacts of its pension plans in Salaries and related costs in the Company’s Statements of Consolidated Operations.

Share-Based Compensation. During the first quarter of 2015, UAL granted share-based compensation awards pursuant to the United Continental Holdings, Inc. 2008 Incentive Compensation Plan. These share-based compensation awards include approximately 0.2 million shares of restricted stock and 0.3 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. The Company also granted 0.6 million performance-based RSUs that will vest based on the Company’s return on invested capital and the Company’s relative improvement in pre-tax margin for the three years ending December 31, 2017. If these performance conditions are 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,
	2015		2014
Share-based compensation expense (a)	$	17	$	32

	March 31, 2015		December 31, 2014
Unrecognized share-based compensation	$	90	$	62

(a) Includes $3 million of expense recognized in merger integration-related costs for the three months ended March 31, 2014. See Note 10 of this report for additional information.

Profit Sharing Plans. Substantially all employees participate in profit sharing, which varies from 5% to 20% of pre-tax earnings, excluding special items, profit sharing expense and share-based compensation, depending on the work group and the Company’s earnings. 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. Eligible non-U.S. co-workers receive profit sharing based on the calculation 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 Company’s Statements of Consolidated Operations.

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2015

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, 2015								December 31, 2014
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	UAL
Cash and cash equivalents	$	3,352	$	3,352	$	—	$	—	$	2,002	$	2,002	$	—	$	—
Short-term investments:
Asset-backed securities		795		—		795		—		901		—		901		—
Corporate debt		883		—		883		—		876		—		876		—
Certificates of deposit placed through an account registry service (“CDARS”)		252		—		252		—		256		—		256		—
Auction rate securities		17		—		—		17		26		—		—		26
U.S. government and agency notes		53		—		53		—		68		—		68		—
Other fixed income securities		256		—		256		—		255		—		255		—
Enhanced equipment trust certificates (“EETC”)		27		—		—		27		28		—		—		28
Fuel derivatives liability, net		(641)		—		(641)		—		(717)		—		(717)		—
Foreign currency derivatives asset, net		16		—		16		—		2		—		2		—
Restricted cash		301		301		—		—		320		320		—		—

	United
Cash and cash equivalents	$	3,346	$	3,346	$	—	$	—	$	1,996	$	1,996	$	—	$	—
Short-term investments:
Asset-backed securities		795		—		795		—		901		—		901		—
Corporate debt		883		—		883		—		876		—		876		—
CDARS		252		—		252		—		256		—		256		—
Auction rate securities		17		—		—		17		26		—		—		26
U.S. government and agency notes		53		—		53		—		68		—		68		—
Other fixed income securities		256		—		256		—		255		—		255		—
EETC		27		—		—		27		28		—		—		28
Fuel derivatives liability, net		(641)		—		(641)		—		(717)		—		(717)		—
Foreign currency derivatives asset, net		16		—		16		—		2		—		2		—
Restricted cash		301		301		—		—		320		320		—		—
Convertible debt derivative asset		—		—		—		—		712		—		—		712
Convertible debt derivative option liability		—		—		—		—		(511)		—		—		(511)

United’s debt-related derivatives presented in the tables above related to (a) supplemental indentures that provided that United’s convertible debt was 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 were required to be separated and accounted for as though they were 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 related to the 4.5% Convertible Notes. Gains (losses) on these derivatives were recorded in Nonoperating income (expense): Miscellaneous, net in United’s Statements of Consolidated Operations. These derivatives along with their gains (losses) were reported in United’s separate financial statements and were eliminated in consolidation for UAL. In January 2015, the holders of substantially all of the remaining $202 million principal amount of the 4.5% Convertible Notes exercised their conversion option resulting in the issuance of 11 million shares of UAL common stock. The derivative assets and liabilities associated with the 4.5% Convertible Notes were settled in connection with the retirement of the related convertible debt, and the final accounting did not materially impact UAL’s or United’s Statements of Consolidated Operations.

Available-for-sale investment maturities - The short-term investments shown in the table above are classified as available-for-sale. As of March 31, 2015, 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 five years and CDARS have maturities of less than one year. U.S. government and other securities have maturities of less than one year to approximately three years. The EETC securities mature in 2019.

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, 2015										December 31, 2014
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3				Total		Level 1		Level 2		Level 3
UAL debt	$	11,614	$	12,232	$	—	$	9,282	$	2,950	$	11,434	$	12,386	$	—	$	8,568	$	3,818
United debt		11,614		12,232		—		9,282		2,950		11,433		12,386		—		8,568		3,818

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.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Hedging Activities

3 Months Ended

Mar. 31, 2015

Hedging Activities

NOTE 7 - HEDGING ACTIVITIES

Fuel Derivatives

The Company routinely hedges a portion of its expected aircraft fuel requirements to protect against increases in the price of fuel. The Company may restructure hedges in response to market conditions prior to their original settlement dates which may result in changes in hedge coverage levels and the potential recognition of gains or losses on such hedge contracts. As of March 31, 2015, the Company had hedged approximately 15% and 1% of its projected fuel requirements (575 million gallons and 35 million gallons, respectively) for the remainder of 2015 and 2016, respectively, with commonly used financial hedge instruments based on aircraft fuel or crude oil. As of March 31, 2015, the Company had fuel hedges expiring through March 2016.

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. Instruments that qualify for 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 cash flow hedge exceeds the change in the value of the Company’s expected future cash outlay to purchase 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 settles 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, 2015		December 31, 2014
Derivatives designated as cash flow hedges
Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	306	$	450
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		—		27

Total liabilities		$	306	$	477

Derivatives not designated for hedge accounting
Assets:
Fuel contracts due within one year	Receivables	$	7	$	6

Total assets		$	7	$	6

Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	342	$	244
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		—		2

Total liabilities		$	342	$	246

Total derivatives
Assets:
Fuel contracts due within one year	Receivables	$	7	$	6

Total assets		$	7	$	6

Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	648	$	694
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		—		29

Total liabilities		$	648	$	723

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 posted $398 million and $577 million of collateral with fuel derivative counterparties as of March 31, 2015 and December 31, 2014, respectively. The collateral is recorded as Fuel hedge collateral deposits on the Company’s balance sheet.

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, 2015			December 31, 2014
Current liabilities: Other	$	(246	)	$	(209	)
Other liabilities and deferred credits: Other		—			(30	)

Hedge derivatives liabilities, net	$	(246	)	$	(239	)

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 Recognized in AOCI on Derivatives (Effective Portion)						Loss Reclassified from AOCI into Fuel Expense						Amount of Loss Recognized in Nonoperating income (expense): Miscellaneous, net (Ineffective Portion)
	Three Months Ended March 31,						Three Months Ended March 31,						Three Months Ended March 31,
	2015			2014			2015			2014			2015		2014
Fuel contracts	$	(75	)	$	(10	)	$	(161	)	$	(3	)	$	—	$	(1	)

Derivatives not designated for hedge accounting


Fuel contracts
	Three Months Ended March 31,
	2015			2014
Amount of loss recognized in Nonoperating income (expense): Miscellaneous, net	$	(43	)	$	(40	)

Foreign Currency Derivatives

The Company generates revenues and incurs expenses in numerous foreign currencies. Changes in foreign currency exchange rates impact the Company’s results of operations through changes in the dollar value of foreign currency-denominated operating revenues and expenses. Some of the Company’s more significant foreign currency exposures include the Canadian dollar, Chinese renminbi, European euro, British pound and Japanese yen. At times, the Company uses derivative financial instruments to hedge its exposure to foreign currency. The Company does not enter into derivative instruments for non-risk management purposes. At March 31, 2015, the Company had forward contracts and collars in place to hedge 47% of its projected European euro denominated net cash inflows, primarily from passenger ticket sales, through the end of 2015.

Commitments and Contingencies

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

NOTE 8 - COMMITMENTS AND CONTINGENCIES

Commitments. As of March 31, 2015, 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) (b)
Airbus A350-1000		35
Boeing 737NG/737 MAX 9		125
Boeing 777-300ER		10
Boeing 787-8/-9/-10		38
Embraer E175		9
(a) United also has options and purchase rights for additional aircraft. (b) United also has committed to purchase two used Boeing 737-700 aircraft in 2015.

During the first quarter of 2015, the Company modified its existing order of wide body aircraft by reducing its firm commitments for 10 Boeing 787 aircraft and replacing those aircraft with orders for 10 Boeing 777-300ER aircraft. The aircraft listed in the table above are scheduled for delivery for the remainder of 2015 through 2025. For the remainder of 2015, United expects to take delivery of 14 Boeing 737-900ER aircraft, eight Boeing 787-9 aircraft and nine Embraer E175 aircraft.

As of March 31, 2015, United has EETC financing commitments for six aircraft deliveries in 2015, including two Boeing 737-900ER aircraft, one Boeing 787-9 aircraft and three Embraer E175 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. See Note 9 of this report for additional information on aircraft financing.

The table below summarizes United’s commitments as of March 31, 2015 (including those assigned from UAL), 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 2015	$	2.4
2016		1.8
2017		1.8
2018		2.2
2019		3.3
After 2019		10.8

	$	22.3

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. In April 2015, the Company exercised its options for five additional Embraer E175 aircraft. The Company is currently negotiating with certain regional carriers to own and/or sublease and operate those five aircraft, which will be delivered in 2016.

Guarantees and Off-Balance Sheet Financing

Guarantees. United is the guarantor of approximately $2.0 billion in aggregate principal amount of tax-exempt special facilities revenue bonds and interest thereon. These bonds, issued by various airport municipalities, are payable solely from rentals paid under long-term agreements with the respective governing bodies. The leasing arrangements associated with $1.5 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 $290 million of these obligations are accounted for as capital leases. All of 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, 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, 2015, the Company had $2.4 billion of floating rate debt and $136 million of fixed rate debt, with remaining terms of up to 11 years, that are subject to these increased cost provisions. In several financing transactions involving loans or leases from non-U.S. entities, with remaining terms of up to 11 years and an aggregate balance of $2.5 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.

Labor Negotiations. As of March 31, 2015, United had approximately 84,000 active employees, of whom approximately 80% were represented by various labor organizations. We are in the process of negotiating joint collective bargaining agreements with our technicians and flight attendants.

Debt

3 Months Ended

Mar. 31, 2015

Debt

NOTE 9 - DEBT

As of March 31, 2015, 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, 2015, the Company was in compliance with its debt covenants.

4.5% Convertible Notes due 2015. At December 31, 2014, the remaining balance of these notes was $202 million. In January 2015, the holders of substantially all of the remaining $202 million principal amount of the 4.5% Convertible Notes exercised their conversion option resulting in the issuance of 11 million shares of UAL common stock.

6% Notes due 2026. In the first quarter of 2015, UAL used cash to repurchase $18 million par value 6% Notes due 2026 (the “2026 Notes”) in market transactions. On April 1, 2015, UAL used cash to redeem, at par, the remaining $303 million balance of the 2026 Notes. The 2026 Notes are recorded within Current maturities of long-term debt as of March 31, 2015.

6% Notes due 2028. In the first quarter of 2015, UAL used cash to repurchase $13 million par value 6% Notes due 2028 (the “2028 Notes”) in market transactions. On March 30, 2015, UAL notified holders of the 2028 Notes of its intention to redeem, at par, the remaining $298 million balance. In accordance with the call notice, UAL will use cash to redeem the 2028 Notes on May 1, 2015. The 2028 Notes are recorded within Current maturities of long-term debt as of March 31, 2015.

In the second quarter of 2015, the Company expects to record a nonoperating special charge of $129 million for the extinguishment of the 2026 Notes and the 2028 Notes. The nonoperating special charge is related to the write off of unamortized non-cash debt discounts.

2013 Credit and Guaranty Agreement. As of March 31, 2015, United had its entire capacity of $1.35 billion available under the revolving credit facility of the Company’s Credit and Guaranty Agreement (the “Credit Agreement”). See Note 11 in the Company’s 2014 Annual Report for additional information on the terms of the Credit Agreement.

EETCs. In August 2014, United created 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 these pass-through trusts by the end of 2015. Certain details of the pass-through trusts with proceeds received from issuance of debt in 2015 are as follows (in millions, except stated interest rate):


EETC Date	Class	Principal		Final expected distribution date	Stated interest rate		Total debt recorded as of March 31, 2015		Proceeds received from issuance of debt in the three months ended March 31, 2015		Remaining proceeds from issuance of debt to be received in future periods
August 2014	A	$	823	September 2026		3.75%	$	638	$	526	$	185
August 2014	B		238	September 2022		4.625%		185		153		53

		$	1,061				$	823	$	679	$	238

Special Charges

3 Months Ended

Mar. 31, 2015

Special Charges

NOTE 10 - SPECIAL CHARGES

For the three months ended March 31, special charges consisted of the following (in millions):


Operating:	2015		2014
Severance and benefits	$	50	$	14
Integration-related costs		18		34
(Gains) losses on sale of assets and other special charges		(4)		4

Special charges		64		52
Nonoperating:
Loss on extinguishment of debt and other, net		6		21
Income tax benefit		—		(1)

Total operating and nonoperating special charges, net of income taxes	$	70	$	72

During the three months ended March 31, 2015, the Company recorded $50 million of severance and benefits related to a voluntary early-out program for its flight attendants. In 2014, more than 2,500 flight attendants elected to voluntarily separate from the Company and will receive a severance payment, with a maximum value of $100,000 per participant, based on years of service, with retirement dates through the end of 2015. The Company will record approximately $50 million of additional expense through the remainder of 2015 associated with this program over the remaining required service periods.

Integration-related costs include compensation costs related primarily to systems integration and training for employees.

During the three months ended March 31, 2015, the Company recorded $6 million of losses as part of Nonoperating income (expense): Miscellaneous, net due to the write-off of the debt discount related to the redemption of the 2026 Notes and 2028 Notes.

During the three months ended March 31, 2014, the Company recorded $14 million of severance and benefits and $34 million in integration-related costs. The severance and benefits primarily related to reductions of management and front-line employees, including from Hopkins International Airport (“Cleveland”), as part of its cost savings initiatives. The Company reduced its average daily departures from Cleveland by over 60 percent during the second quarter of 2014. The Company is currently evaluating its options regarding its long-term contractual commitments at Cleveland. The capacity reductions at Cleveland may result in further special charges, which could be significant, related to our contractual commitments. In addition, the Company recorded $21 million of losses due to exchange rate changes in Venezuela applicable to funds held in local currency.

Accruals

The accrual balance for severance and benefits was $96 million as of March 31, 2015, compared to $69 million as of March 31, 2014. The severance-related accrual as of March 31, 2015 is expected to be mostly paid through 2015. The following is a reconciliation of severance accrual activity for the period:


	Severance and Benefits
Balance at December 31, 2014	$	109
Accrual		50
Payments		(63)

Balance at March 31, 2015	$	96

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

Recently Issued Accounting Standards

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Computation of Earnings Per Share (Loss)


	Three Months Ended March 31,
	2015		2014
Basic earnings (loss) per share:
Earnings (loss) available to common stockholders	$	508	$	(609)

Basic weighted-average shares outstanding		382		368

Earnings (loss) per share, basic	$	1.33	$	(1.66)

Diluted earnings (loss) per share:
Earnings (loss) available to common stockholders including the effect of dilutive securities	$	508	$	(609)

Diluted shares outstanding:
Basic weighted-average shares outstanding		382		368
Effect of convertible notes		1		—
Effect of restricted stock and employee stock options		1		—

Diluted weighted-average shares outstanding		384		368

Earnings (loss) per share, diluted	$	1.32	$	(1.66)

Potentially dilutive shares excluded from diluted per share amounts:
Restricted stock and stock options		—		2
Convertible notes		—		28

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2015

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 Other Postretirement Liabilities		Derivative Contracts		Investments and Other		Total
Balance at December 31, 2014	$	(587)	$	(499)	$	7	$	(1,079)
Changes in value		(8)		(75)		15		(68)
Amounts reclassified to earnings		10		161		(1)		170

Net change		2		86		14		102

Balance at March 31, 2015	$	(585)	$	(413)	$	21	$	(977)

Balance at December 31, 2013	$	584	$	11	$	13	$	608
Changes in value		(5)		(10)		—		(15)
Amounts reclassified to earnings		(16)		3		—		(13)

Net change		(21)		(7)		—		(28)

Balance at March 31, 2014	$	563	$	4	$	13	$	580


Details about AOCI Components	Amount Reclassified from AOCI to Income				Affected Line Item in the Statements of Consolidated Operations
	Three Months Ended March 31,
	2015		2014
Derivatives designated as cash flow hedges
Fuel contracts-reclassifications of (gains) losses into earnings (b)	$	161	$	3	Aircraft fuel
Amortization of pension and post-retirement items
Amortization of unrecognized (gains) losses and prior service cost (credit) (b) (c)	$	10	$	(16)	Salaries and related costs
Investments and other
Available for sale securities-reclassifications of gains into earnings (b)	$	(1)	$	—	Miscellaneous, net

(a) UAL and United amounts are substantially the same except for additional gains related to investments and other of $1 million at United in the three months ended March 31, 2014.

(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 information).

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31,				Three Months Ended March 31,
	2015		2014		2015		2014
Service cost	$	31	$	24	$	5	$	5
Interest cost		50		51		20		22
Expected return on plan assets		(49)		(45)		—		(1)
Amortization of unrecognized (gain) loss and prior service cost (credit)		22		3		(13)		(19)
Settlement loss		1		—		—		—

Total	$	55	$	33	$	12	$	7

Share-Based Compensation Expense

The table below presents information related to share-based compensation (in millions):


	Three Months Ended March 31,
	2015		2014
Share-based compensation expense (a)	$	17	$	32

	March 31, 2015		December 31, 2014
Unrecognized share-based compensation	$	90	$	62

(a) Includes $3 million of expense recognized in merger integration-related costs for the three months ended March 31, 2014. See Note 10 of this report for additional information.

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015								December 31, 2014
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	UAL
Cash and cash equivalents	$	3,352	$	3,352	$	—	$	—	$	2,002	$	2,002	$	—	$	—
Short-term investments:
Asset-backed securities		795		—		795		—		901		—		901		—
Corporate debt		883		—		883		—		876		—		876		—
Certificates of deposit placed through an account registry service (“CDARS”)		252		—		252		—		256		—		256		—
Auction rate securities		17		—		—		17		26		—		—		26
U.S. government and agency notes		53		—		53		—		68		—		68		—
Other fixed income securities		256		—		256		—		255		—		255		—
Enhanced equipment trust certificates (“EETC”)		27		—		—		27		28		—		—		28
Fuel derivatives liability, net		(641)		—		(641)		—		(717)		—		(717)		—
Foreign currency derivatives asset, net		16		—		16		—		2		—		2		—
Restricted cash		301		301		—		—		320		320		—		—

	United
Cash and cash equivalents	$	3,346	$	3,346	$	—	$	—	$	1,996	$	1,996	$	—	$	—
Short-term investments:
Asset-backed securities		795		—		795		—		901		—		901		—
Corporate debt		883		—		883		—		876		—		876		—
CDARS		252		—		252		—		256		—		256		—
Auction rate securities		17		—		—		17		26		—		—		26
U.S. government and agency notes		53		—		53		—		68		—		68		—
Other fixed income securities		256		—		256		—		255		—		255		—
EETC		27		—		—		27		28		—		—		28
Fuel derivatives liability, net		(641)		—		(641)		—		(717)		—		(717)		—
Foreign currency derivatives asset, net		16		—		16		—		2		—		2		—
Restricted cash		301		301		—		—		320		320		—		—
Convertible debt derivative asset		—		—		—		—		712		—		—		712
Convertible debt derivative option liability		—		—		—		—		(511)		—		—		(511)

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, 2015										December 31, 2014
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3				Total		Level 1		Level 2		Level 3
UAL debt	$	11,614	$	12,232	$	—	$	9,282	$	2,950	$	11,434	$	12,386	$	—	$	8,568	$	3,818
United debt		11,614		12,232		—		9,282		2,950		11,433		12,386		—		8,568		3,818

Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015		December 31, 2014
Derivatives designated as cash flow hedges
Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	306	$	450
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		—		27

Total liabilities		$	306	$	477

Derivatives not designated for hedge accounting
Assets:
Fuel contracts due within one year	Receivables	$	7	$	6

Total assets		$	7	$	6

Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	342	$	244
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		—		2

Total liabilities		$	342	$	246

Total derivatives
Assets:
Fuel contracts due within one year	Receivables	$	7	$	6

Total assets		$	7	$	6

Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	648	$	694
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		—		29

Total liabilities		$	648	$	723

Offsetting 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, 2015			December 31, 2014
Current liabilities: Other	$	(246	)	$	(209	)
Other liabilities and deferred credits: Other		—			(30	)

Hedge derivatives liabilities, net	$	(246	)	$	(239	)

Schedule of 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 Recognized in AOCI on Derivatives (Effective Portion)						Loss Reclassified from AOCI into Fuel Expense						Amount of Loss Recognized in Nonoperating income (expense): Miscellaneous, net (Ineffective Portion)
	Three Months Ended March 31,						Three Months Ended March 31,						Three Months Ended March 31,
	2015			2014			2015			2014			2015		2014
Fuel contracts	$	(75	)	$	(10	)	$	(161	)	$	(3	)	$	—	$	(1	)

Schedule of Derivative Instruments not Designated as Hedges Losses

Derivatives not designated for hedge accounting


Fuel contracts
	Three Months Ended March 31,
	2015			2014
Amount of loss recognized in Nonoperating income (expense): Miscellaneous, net	$	(43	)	$	(40	)

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Commitments to Purchase Aircrafts


	(in billions)
Last nine months of 2015	$	2.4
2016		1.8
2017		1.8
2018		2.2
2019		3.3
After 2019		10.8

	$	22.3

Aircraft Type

Schedule of Commitments to Purchase Aircrafts

As of March 31, 2015, 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) (b)
Airbus A350-1000		35
Boeing 737NG/737 MAX 9		125
Boeing 777-300ER		10
Boeing 787-8/-9/-10		38
Embraer E175		9
(a) United also has options and purchase rights for additional aircraft. (b) United also has committed to purchase two used Boeing 737-700 aircraft in 2015.

Debt (Tables)

3 Months Ended

Mar. 31, 2015

Details of Pass Through Trusts

Certain details of the pass-through trusts with proceeds received from issuance of debt in 2015 are as follows (in millions, except stated interest rate):


EETC Date	Class	Principal		Final expected distribution date	Stated interest rate		Total debt recorded as of March 31, 2015		Proceeds received from issuance of debt in the three months ended March 31, 2015		Remaining proceeds from issuance of debt to be received in future periods
August 2014	A	$	823	September 2026		3.75%	$	638	$	526	$	185
August 2014	B		238	September 2022		4.625%		185		153		53

		$	1,061				$	823	$	679	$	238

Components of Special Charges

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Special Charges (Tables)

3 Months Ended

Mar. 31, 2015

For the three months ended March 31, special charges consisted of the following (in millions):


Operating:	2015		2014
Severance and benefits	$	50	$	14
Integration-related costs		18		34
(Gains) losses on sale of assets and other special charges		(4)		4

Special charges		64		52
Nonoperating:
Loss on extinguishment of debt and other, net		6		21
Income tax benefit		—		(1)

Total operating and nonoperating special charges, net of income taxes	$	70	$	72

Schedule of Severance Related Accruals

The following is a reconciliation of severance accrual activity for the period:


	Severance and Benefits
Balance at December 31, 2014	$	109
Accrual		50
Payments		(63)

Balance at March 31, 2015	$	96

Computation of Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Basic earnings (loss) per share:
Earnings (loss) available to common stockholders	$ 508	$ (609)
Basic weighted-average shares outstanding	382	368
Earnings (loss) per share, basic	$ 1.33	$ (1.66)
Diluted earnings (loss) per share:
Earnings (loss) available to common stockholders including the effect of dilutive securities	$ 508	$ (609)
Diluted shares outstanding:
Basic weighted-average shares outstanding	382	368
Effect of convertible notes	1
Effect of restricted stock and employee stock options	1
Diluted weighted-average shares outstanding	384	368
Earnings (loss) per share, diluted	$ 1.32	$ (1.66)
Restricted Stock And Stock Options
Potentially dilutive shares excluded from diluted per share amounts:
Potentially dilutive shares excluded from diluted per share amounts		2
Convertible Notes
Potentially dilutive shares excluded from diluted per share amounts:
Potentially dilutive shares excluded from diluted per share amounts		28

Earning (Loss) Per Share - Additional Information (Detail) - USD ($) shares in Millions		1 Months Ended	3 Months Ended
	Jul. 24, 2014	Jan. 31, 2015	Mar. 31, 2015
Earnings Loss Per Share [Line Items]
Share repurchase program authorized amount	$ 1,000,000,000
Payments for repurchases of common stock			$ 195,000,000
Share repurchase program remaining authorized amount			$ 480,000,000
Open Market Repurchases
Earnings Loss Per Share [Line Items]
Payments for repurchases of common stock	$ 200,000,000
Number of shares repurchased	2.9
Unsecured Debt \| 4.5% Convertible Notes Due 2015
Earnings Loss Per Share [Line Items]
Long-term Debt, Gross		$ 202,000,000
Debt instrument stated interest rate			4.50%
Common stock issued in exchange for convertible notes		11.0
Debt instrument maturity year			2015
Convertible debt outstanding			$ 0

Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Accumulated Other Comprehensive Income (Loss) [Line Items]

^[1]

$ (1,079)

$ 608

^[1]

(68)

(15)

^[1]

170

(13)

^[1]

102

(28)

Pension and Other Postretirement Liabilities

^[1]

(977)

580

Accumulated Other Comprehensive Income (Loss) [Line Items]

^[1]

(587)

584

^[1]

(8)

(5)

^[1]

(16)

^[1]

(21)

Accumulated Other Comprehensive Income (Loss) [Line Items]

^[1]

(585)

563

Derivative Contracts

^[1]

(499)

^[1]

(75)

(10)

^[1]

161

^[1]

(7)

^[1]

(413)

Accumulated Other Comprehensive Income (Loss) [Line Items]

^[1]

^[1]

^[1]

(1)

^[1]

^[1]

$ 21

$ 13

[1]	UAL and United amounts are substantially the same except for additional gains related to investments and other of $1 million at United in the three months ended March 31, 2014.

Salaries And Related Costs

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Details about Accumulated Other Comprehensive Income Components (Detail) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Accumulated Other Comprehensive Income (Loss) [Line Items]

Amortization of unrecognized (gains) losses and prior service cost (credit)

^[1],[2]

$ 10

$ (16)

Miscellaneous, Net

Accumulated Other Comprehensive Income (Loss) [Line Items]

Available for sale securities-reclassifications of gains into earnings

^[1]

(1)

Fuel Oil Contract | Cash Flow Hedging | Aircraft Fuel

Accumulated Other Comprehensive Income (Loss) [Line Items]

Fuel contracts-reclassifications of (gains) losses into earnings

^[1]

$ 161

$ 3

[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 information).

Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($)
United Airlines, Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Additional gains related to investments and other	$ 1

Income Taxes - Additional Information (Detail) - USD ($) $ in Billions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Federal statutory income tax rate	35.00%
Cumulative loss position at the end of 2014		3 years
Deferred tax assets valuation allowance	$ 4.6

Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 31	$ 24
Interest cost	50	51
Expected return on plan assets	(49)	(45)
Amortization of unrecognized (gain) loss and prior service cost (credit)	22	3
Settlement loss	1
Total	55	33
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	5
Interest cost	20	22
Expected return on plan assets		(1)
Amortization of unrecognized (gain) loss and prior service cost (credit)	(13)	(19)
Total	$ 12	$ 7

Employee Benefit Plans - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of pre-tax earnings paid for profit sharing plan	5.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of pre-tax earnings paid for profit sharing plan	20.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of days used to compute performance period average closing price of restricted stock units	20 days
Share-Based Compensation, award granted	0.3
Share-Based Compensation, vesting period	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation, award granted	0.2
Share-Based Compensation, vesting period	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of days used to compute performance period average closing price of restricted stock units	20 days
Share-Based Compensation, vesting period	3 years
Share-Based Compensation, vesting date	Dec. 31, 2017
Vesting Based On ROIC and Pre-Tax Margin [Member] \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation, award granted	0.6
Pension Benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer contribution to tax-qualified defined benefit pension plans	$ 180
Defined benefit plan, settlement gain (loss)	$ (1)
Defined benefit plan, discount rate	4.05%	4.19%
Increase in projected benefit obligation of the plans	$ 6
Increase in other comprehensive loss due to actuarial loss	$ (8)

Share-Based Compensation Expense (Detail) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Share-based compensation expense

^[1]

$ 17

$ 32

Unrecognized share-based compensation

$ 90

$ 62

[1]	Includes $3 million of expense recognized in merger integration-related costs for the three months ended March 31, 2014.

Share-Based Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Expense (benefit) recognized in integration-related costs	$ 18	$ 34
Special Charges
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Expense (benefit) recognized in integration-related costs		$ 3

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 3,352	$ 2,002
Restricted cash	301	320
United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	301	320
Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	795	901
Asset-backed Securities \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	795	901
Corporate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	883	876
Corporate Debt \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	883	876
CDARS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	252	256
CDARS \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	252	256
Auction Rate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	17	26
Auction Rate Securities \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	17	26
U.S. Government and Agency Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	53	68
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	53	68
Other Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	256	255
Other Fixed Income Securities \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	256	255
EETC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
EETC	27	28
EETC \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
EETC	27	28
Fuel Derivatives Liability, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	(641)	(717)
Fuel Derivatives Liability, Net \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	(641)	(717)
Foreign Currency Derivatives Asset, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	16	2
Foreign Currency Derivatives Asset, Net \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	16	2
Convertible Debt Derivative Asset \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt derivative asset		712
Convertible Debt Derivative Option Liability \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt derivative option liability		(511)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	3,352	2,002
Restricted cash	301	320
Level 1 \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	301	320
Level 2 \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	795	901
Level 2 \| Asset-backed Securities \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	795	901
Level 2 \| Corporate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	883	876
Level 2 \| Corporate Debt \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	883	876
Level 2 \| CDARS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	252	256
Level 2 \| CDARS \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	252	256
Level 2 \| U.S. Government and Agency Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	53	68
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	53	68
Level 2 \| Other Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	256	255
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	256	255
Level 2 \| Fuel Derivatives Liability, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	(641)	(717)
Level 2 \| Fuel Derivatives Liability, Net \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	(641)	(717)
Level 2 \| Foreign Currency Derivatives Asset, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	16	2
Level 2 \| Foreign Currency Derivatives Asset, Net \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	16	2
Level 3 \| Auction Rate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	17	26
Level 3 \| Auction Rate Securities \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	17	26
Level 3 \| EETC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
EETC	27	28
Level 3 \| EETC \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
EETC	$ 27	28
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		712
Level 3 \| Convertible Debt Derivative Option Liability \| United Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt derivative option liability		$ (511)

Financial Instruments and Fair Value Measurements - Additional Information (Detail) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($) shares
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	5 years
CDARS \| Maximum
Fair Value [Line Items]
Available-for-sale securities remaining maturities	1 year
U.S. Government and Other Securities \| Minimum
Fair Value [Line Items]
Available-for-sale securities remaining maturities	1 year
U.S. Government and Other Securities \| Maximum
Fair Value [Line Items]
Available-for-sale securities remaining maturities	3 years
EETC \| Maximum
Fair Value [Line Items]
Available-for-sale securities maturity, year	2019
Unsecured Debt \| 4.5% Convertible Notes Due 2015
Fair Value [Line Items]
Debt instrument convertible stated interest rate	4.50%
Debt instrument principal amount \| $	$ 202
Issuance of common stock conversion price \| shares	11

Carrying Values and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 11,614	$ 11,434
Carrying (Reported) Amount, Fair Value Disclosure \| United Airlines, Inc.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	11,614	11,433
Estimate of Fair Value, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	12,232	12,386
Estimate of Fair Value, Fair Value Disclosure \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	9,282	8,568
Estimate of Fair Value, Fair Value Disclosure \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	2,950	3,818
Estimate of Fair Value, Fair Value Disclosure \| United Airlines, Inc.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	12,232	12,386
Estimate of Fair Value, Fair Value Disclosure \| United Airlines, Inc. \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	9,282	8,568
Estimate of Fair Value, Fair Value Disclosure \| United Airlines, Inc. \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,950	$ 3,818

Hedging Activities - Additional Information (Detail) gal in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($) gal	Dec. 31, 2014 USD ($)
Derivatives And Hedging Activities [Line Items]
Fuel hedges expiration date	2016-03
Cash Flow Hedging
Derivatives And Hedging Activities [Line Items]
Percentage of projection for hedging financial instruments	47.00%
2015 Projected
Derivatives And Hedging Activities [Line Items]
Percentage of projection for hedging financial instruments	15.00%
Volume of fuel hedging	575
2016 Projected
Derivatives And Hedging Activities [Line Items]
Percentage of projection for hedging financial instruments	1.00%
Volume of fuel hedging	35
Fuel Derivatives Liability, Net
Derivatives And Hedging Activities [Line Items]
Collateral posted with fuel derivative counterparties \| $	$ 398	$ 577

Description of Derivative Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Fuel contracts, liabilities	$ 648	$ 723
Fuel contracts, assets	7	6
Fuel Derivatives Liability, Net
Derivatives, Fair Value [Line Items]
Fuel contracts, liabilities	648	694
Other liabilities and deferred credits: Other
Derivatives, Fair Value [Line Items]
Fuel contracts, liabilities		29
Receivables
Derivatives, Fair Value [Line Items]
Fuel contracts, assets	7	6
Designated as Hedging Instrument \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Fuel contracts, liabilities	306	477
Designated as Hedging Instrument \| Cash Flow Hedging \| Fuel Derivatives Liability, Net
Derivatives, Fair Value [Line Items]
Fuel contracts, liabilities	306	450
Designated as Hedging Instrument \| Cash Flow Hedging \| Other liabilities and deferred credits: Other
Derivatives, Fair Value [Line Items]
Fuel contracts, liabilities		27
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fuel contracts, liabilities	342	246
Fuel contracts, assets	7	6
Not Designated as Hedging Instrument \| Fuel Derivatives Liability, Net
Derivatives, Fair Value [Line Items]
Fuel contracts, liabilities	342	244
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 \| Receivables
Derivatives, Fair Value [Line Items]
Fuel contracts, assets	$ 7	$ 6

Offsetting Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Offsetting Asset and Liabilities [Line Items]
Potential net fair value positions elected to offset	$ (246)	$ (239)
Current liabilities: Other
Offsetting Asset and Liabilities [Line Items]
Potential net fair value positions elected to offset	$ (246)	(209)
Other liabilities and deferred credits: Other
Offsetting Asset and Liabilities [Line Items]
Potential net fair value positions elected to offset		$ (30)

Schedule of Losses on Derivative Instruments (Detail) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion)	$ (75)	$ (10)
Loss Reclassified from AOCI into Income (Fuel Expense) (Effective Portion)	$ (161)	(3)
Amount of Loss Recognized in Nonoperating income (expense): Miscellaneous, net (Ineffective Portion)		$ (1)

Schedule of Derivative Instruments not Designated as Hedges Losses (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss recognized in Nonoperating income (expense): Miscellaneous, net	$ (43)	$ (40)

Firm Commitments to Purchase Aircraft (Detail) - United Airlines, Inc. - Capital Addition Purchase Commitments

Mar. 31, 2015

Aircraft

^[1],[2]

Airbus A350-1000 Aircraft

Boeing 737NG/737 MAX 9 aircraft

125

B-777-300ER [Member]

Boeing 787-8/-9/-10 Aircraft

Embraer E175 aircraft

Tax-exempt special facilities revenue bonds

[1]	United also has committed to purchase two used Boeing 737-700 aircraft in 2015.
[2]	United also has options and purchase rights for additional aircraft.

Firm Commitments to Purchase Aircraft (Parenthetical) (Detail)	Mar. 31, 2015 Aircraft
737-700 aircraft
Commitments [Line Items]
Number of aircrafts committed to purchase in 2015	2

Commitments and Contingencies - Additional Information (Detail)
$ in Millions

3 Months Ended

Mar. 31, 2015

USD ($)

Aircraft

Employee

Apr. 30, 2015

Aircraft

Guarantor obligations, maximum exposure | $

$ 2,000

Operating leases obligations | $

1,500

Capital leases obligations | $

290

Floating Rate Debt

Debt instrument principal amount | $

2,400

Fixed Rate Debt

Debt instrument principal amount | $

136

Loans And Leases From Non U S Entities

Debt instrument principal amount | $

$ 2,500

Minimum | Tax-exempt special facilities revenue bonds

Debt instrument maturity year

2015

Maximum

Debt instrument, remaining terms (years)

11 years

Maximum | Tax-exempt special facilities revenue bonds

Debt instrument maturity year

2038

Maximum | Loans And Leases From Non U S Entities

Debt instrument, remaining terms (years)

11 years

Subsequent Event | Embraer E175 aircraft

Number of aircrafts committed to purchase in 2015

United Airlines, Inc.

Number of employees | Employee

84,000

Percentage of employees represented by various U.S. labor organizations

80.00%

Capital Addition Purchase Commitments | United Airlines, Inc.

Number of aircraft under financing arrangement expected to be delivered

Capital Addition Purchase Commitments | United Airlines, Inc. | Boeing 787-9

Number of aircraft expected to be delivered

Number of aircraft under financing arrangement expected to be delivered

Capital Addition Purchase Commitments | United Airlines, Inc. | Embraer E175 aircraft

Number of aircraft expected to be delivered

Number of aircraft under financing arrangement expected to be delivered

Number of aircrafts committed to purchase in 2015

^[1],[2]

Capital Addition Purchase Commitments | United Airlines, Inc. | Boeing 737-900ER aircraft

Number of aircraft expected to be delivered

Number of aircraft under financing arrangement expected to be delivered

Capital Addition Purchase Commitments | United Airlines, Inc. | Minimum

New aircraft, scheduled delivery date

2015

Capital Addition Purchase Commitments | United Airlines, Inc. | Maximum