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Cash and cash equivalents

$ 2,371

$ 2,179

$ 2,483

Other assets:

Restricted cash

115

124

Total cash, cash equivalents and restricted cash

2,501

^[1]

2,303

2,650

^[1]

United Airlines, Inc.

Cash and cash equivalents

2,365

2,173

2,477

Other assets:

Restricted cash

115

124

Total cash, cash equivalents and restricted cash

2,495

^[2]

$ 2,297

2,644

^[2]

Prepaid Expenses and Other

Restricted cash included in Prepaid expenses and other

Prepaid Expenses and Other | United Airlines, Inc.

Restricted cash included in Prepaid expenses and other

$ 15

$ 43

[1]

[2]

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet: Reconciliation of cash, cash equivalents and restricted cash: Current assets: Cash and cash equivalents $ 2,365 $ 2,477 Restricted cash included in Prepaid expenses and other 15 43 Other assets: Restricted cash 115 124 Total cash, cash equivalents and restricted cash $ 2,495 $ 2,644

Recently Issued Accounting Standards

6 Months Ended

Jun. 30, 2017

Recently Issued Accounting Standards

NOTE 1 - RECENTLY ISSUED ACCOUNTING STANDARDS

The Financial Accounting Standards Board (“FASB”) amended the FASB Accounting Standards Codification and created a new Topic 606, Revenue from Contracts with Customers. 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 Accounting Standards Codification. The Company will use the full-retrospective approach in adopting this standard on January 1, 2018. We have reached conclusions on the applicability of the standard on accounting for contracts with customers. The standard impacts the classification of certain revenue streams and affects the timing of revenue recognition for others. The most significant impact is the classification of certain passenger ancillary fees from other operating revenue into passenger revenue on the statement of consolidated operations. These ancillary fees are directly related to passenger travel, such as airline change fees and baggage fees, and will no longer be considered distinct performance obligations separate from the passenger travel component. In addition, the ticket change fees which were previously recognized when received will be recognized when transportation is provided. While the classification of certain transactions within revenues and between revenues and operating expenses will change, the Company believes that the adoption of the standard will not have a material impact on its earnings.

In February 2016, the FASB amended the FASB Accounting Standards Codification and created a new Topic 842, Leases (“Topic 842”). The guidance requires lessees to recognize a right-of-use asset and a lease liability for all leases (with the exception of short-term leases) at the commencement date and recognize expenses on their income statements similar to the current Topic 840, Leases. It is effective for fiscal years and interim periods beginning after December 15, 2018, and early adoption is permitted. Lessees and lessors are required to adopt Topic 842 using a modified retrospective approach for all leases existing at or commencing after the date of initial application with an option to use certain practical expedients. The Company is evaluating the impact the adoption of this standard will have on its consolidated financial statements and believes this standard will have a significant impact on its consolidated balance sheets but is not expected to have a material impact on the Company’s results of operations or cash flows. The primary effect of adopting the new standard will be to record assets and obligations for current operating leases on the Company’s balance sheets.

In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10) (“ASU 2016-01”). This standard makes several changes, including the elimination of the available-for-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income. It is effective for interim and annual periods beginning after December 15, 2017. Based on its portfolio of investments as of June 30, 2017, the Company does not expect the adoption of ASU 2016-01 to have a material impact on its consolidated financial statements.

In March 2017, the FASB issued Accounting Standards Update No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”). The update requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost, including interest cost, expected return on plan assets, amortization of prior service cost/credit and actuarial gain/loss, and settlement and curtailment effects, are to be presented outside of any subtotal of operating income. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. ASU 2017-07 is effective for fiscal years and interim periods beginning after December 15, 2017, and early adoption is permitted. The Company does not expect the adoption of ASU 2017-07 to have a material impact on its consolidated financial statements.

Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share

NOTE 2 - EARNINGS PER SHARE

The computations of UAL’s basic and diluted earnings per share are set forth below (in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Earnings available to common stockholders	$	818	$	588	$	914	$	901

Basic weighted-average shares outstanding		306.9		330.5		310.3		342.4
Effect of employee stock awards		0.8		0.3		0.8		0.3

Diluted weighted-average shares outstanding		307.7		330.8		311.1		342.7

Earnings per share, basic	$	2.67	$	1.78	$	2.95	$	2.63
Earnings per share, diluted	$	2.66	$	1.78	$	2.94	$	2.63

The number of antidilutive securities excluded from the computation of diluted earnings per share amounts was not material.

In the three and six months ended June 30, 2017, UAL repurchased approximately 6 million and 10 million shares of UAL common stock in open market transactions, respectively, for $0.4 billion and $0.7 billion, respectively. As of June 30, 2017, the Company had approximately $1.1 billion remaining to purchase shares under its existing share repurchase authority. UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws. UAL will repurchase shares of UAL common stock subject to prevailing market conditions, and may discontinue such repurchases at any time. See Part II, Item 2., “Unregistered Sales of Equity Securities and Use of Proceeds” of this report for additional information.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2017

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):



							Deferred Taxes
UAL	Pension and Other Postretirement Liabilities		Fuel Derivative Contracts		Investments and Other		Pension and Other Postretirement Liabilities		Fuel Derivative Contracts		Investments and Other		Total
Balance at March 31, 2017	$	(867)	$	—	$	1	$	29	$	—	$	1	$	(836)
Changes in value		(7)		—		(17)		2		—		6		(16)
Amounts reclassified to earnings		14		—		—		(5)		—		(1)		8

Net change		7		—		(17)		(3)		—		5		(8)

Balance at June 30, 2017	$	(860)	$	—	$	(16)	$	26	$	—	$	6	$	(844)

Balance at December 31, 2016	$	(854)	$	(2)	$	1	$	24	$	1	$	1	$	(829)
Changes in value		(33)		—		(17)		12		—		6		(32)
Amounts reclassified to earnings		27		2		—		(10)		(1)		(1)		17

Net change		(6)		2		(17)		2		(1)		5		(15)

Balance at June 30, 2017	$	(860)	$	—	$	(16)	$	26	$	—	$	6	$	(844)


							Deferred Taxes
UAL	Pension and Other Postretirement Liabilities		Fuel Derivative Contracts		Investments and Other		Pension and Other Postretirement Liabilities		Fuel Derivative Contracts		Investments and Other		Total
Balance at March 31, 2016	$	(401)	$	(93)	$	3	$	(140)	$	(146)	$	—	$	(777)
Changes in value		10		17		—		(4)		(6)		—		17
Amounts reclassified to earnings		6		35		—		(2)		(13)		—		26

Net change		16		52		—		(6)		(19)		—		43

Balance at June 30, 2016	$	(385)	$	(41)	$	3	$	(146)	$	(165)	$	—	$	(734)

Balance at December 31, 2015	$	(363)	$	(215)	$	3	$	(154)	$	(102)	$	—	$	(831)
Changes in value		(33)		1		—		12		—		—		(20)
Amounts reclassified to earnings		11		173		—		(4)		(63)		—		117

Net change		(22)		174		—		8		(63)		—		97

Balance at June 30, 2016	$	(385)	$	(41)	$	3	$	(146)	$	(165)	$	—	$	(734)

Details about AOCI Components

Amount Reclassified
from AOCI to Income

Affected Line Item
in the Statements of
Consolidated Operations

Three Months Ended
June 30,

Six Months Ended
June 30,

2017

2016

2017

2016

Pension and other postretirement liabilities

Amortization of unrecognized losses and prior service cost (a)

$ 14

$ 6

$ 27

$ 11

Salaries and related costs

Fuel derivative contracts

Reclassifications of losses into earnings

—

173

Aircraft fuel

(a) This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 5 of this report for additional information).

Income Taxes

6 Months Ended

Jun. 30, 2017

Income Taxes

NOTE 4 - INCOME TAXES

The Company’s effective tax rate for the three and six months ended June 30, 2017 was 35.8% and 35.6%, respectively, and the effective tax rate for the three and six months ended June 30, 2016 was 36.9% and 36.8%, respectively. The effective tax rates represented a blend of federal, state and foreign taxes and included the impact of certain nondeductible items. The effective tax rate for the three and six months ended June 30, 2017 reflects the impact of a change in the mix of domestic and foreign earnings and the impact of discrete events including the recognition of excess tax benefits related to employee stock compensation as a result of the adoption of Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 requires excess tax benefits and tax deficiencies, which arise due to differences between the measure of compensation expense and the amount deductible for tax purposes, to be recorded directly through earnings as a component of income tax expense.

Employee Benefit Plans

6 Months Ended

Jun. 30, 2017

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 June 30,				Three Months Ended June 30,
	2017		2016		2017		2016
Service cost	$	49	$	27	$	4	$	6
Interest cost		55		50		17		22
Expected return on plan assets		(61)		(54)		(1)		(1)
Amortization of unrecognized (gain) loss and prior service cost (credit)		32		20		(18)		(14)
Settlement loss		1		1		—		—

Total	$	76	$	44	$	2	$	13


	Pension Benefits				Other Postretirement Benefits
	Six Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Service cost	$	98	$	55	$	6	$	10
Interest cost		110		101		34		44
Expected return on plan assets		(121)		(108)		(1)		(1)
Amortization of unrecognized (gain) loss and prior service cost (credit)		63		38		(36)		(27)
Settlement loss		2		2		—		—

Total	$	152	$	88	$	3	$	26

During the three and six months ended June 30, 2017, the Company contributed $160 million and $240 million, respectively, to its U.S. domestic tax-qualified defined benefit pension plans.

Share-Based Compensation. During the first six months of 2017, UAL’s Board of Directors and stockholders approved the United Continental Holdings, Inc. 2017 Incentive Compensation Plan (the “2017 Plan”). The 2017 Plan is an incentive compensation plan that allows the Company to use different forms of long-term equity incentives to attract, retain, and reward officers and employees (including prospective officers and employees). The 2017 Plan replaced the United Continental Holdings, Inc. 2008 Incentive Compensation Plan (the “2008 Plan”). Any awards granted under the 2008 Plan prior to the approval of the 2017 Plan remain in effect pursuant to their terms. Awards may not be granted under the 2017 Plan after May 24, 2027. Under the 2017 Plan, the Company may grant: non-qualified stock options, incentive stock options (within the meaning of Section 422 of the Internal Revenue Code of 1986), stock appreciation rights, restricted shares, restricted share units (“RSUs”), performance compensation awards, performance units, cash incentive awards, other equity-based and equity-related awards, and dividends and dividend equivalents.

In the six months ended June 30, 2017, UAL granted share-based compensation awards pursuant to both the 2008 Plan and the 2017 Plan. These share-based compensation awards include 1.5 million RSUs, consisting of 0.9 million time-vested RSUs and 0.6 million performance-based RSUs, and approximately 36 thousand stock options. The time-vested RSUs vest pro-rata, on February 28th of each year, over a three year period from the date of grant. These RSUs are generally equity awards settled in stock for domestic employees and liability awards settled in cash for international employees. The cash payments are based on the 20-day average closing price of UAL common stock immediately prior to the vesting date. The performance-based RSUs vest based on the Company’s relative improvement in pre-tax margin for the three years ending December 31, 2019. If this performance condition is achieved, cash payments will be made after the end of the performance period based on the 20-day average closing price of UAL common stock immediately prior to the vesting date. The Company accounts for the performance-based RSUs as liability awards.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Share-based compensation expense	$	33	$	3	$	56	$	13

	June 30, 2017		December 31, 2016
Unrecognized share-based compensation	$	123	$	65

Profit Sharing Plans. Substantially all employees participate in profit sharing based on a percentage of pre-tax earnings, excluding special charges, profit sharing expense and share-based compensation. Profit sharing percentages range from 5% to 20% depending on the work group, and in some cases profit sharing percentages vary above and below certain pre-tax margin thresholds. Eligible U.S. co-workers in each participating work group receive 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

6 Months Ended

Jun. 30, 2017

Financial Instruments and Fair Value Measurements

NOTE 6 - FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The table below presents disclosures about the financial assets and liabilities measured at fair value on a recurring basis in UAL’s financial statements (in millions):


	June 30, 2017								December 31, 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2,371	$	2,371	$	—	$	—	$	2,179	$	2,179	$	—	$	—
Short-term investments:
Corporate debt		826		—		826		—		835		—		835		—
Asset-backed securities		898		—		898		—		792		—		792		—
Certificates of deposit placed through an account registry service (“CDARS”)		151		—		151		—		246		—		246		—
U.S. government and agency notes		101		—		101		—		140		—		140		—
Other fixed-income securities		119		—		119		—		54		—		54		—
Other investments measured at NAV		183		—		—		—		182		—		—		—
Restricted cash		130		130		—		—		124		124		—		—
Long-term investments:
Equity securities		88		88		—		—		—		—		—		—
Enhanced equipment trust certificates (“EETC”)		22		—		—		22		23		—		—		23

Available-for-sale investment maturities - The short-term investments shown in the table above are classified as available-for-sale. As of June 30, 2017, asset-backed securities have remaining maturities of less than one year to approximately 17 years, corporate debt securities have remaining maturities of less than one year to approximately three 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.

Restricted cash - Restricted cash primarily includes collateral for letters of credit and collateral associated with workers’ compensation obligations.

Equity securities - Equity securities represent United’s investment in Azul Linhas Aereas Brasileiras S.A. (“Azul”), which was previously accounted for as a cost-method investment and is now accounted for as an available-for-sale investment. The fair value of Azul’s shares became readily determinable in the second quarter of 2017 upon its initial public offering.

Investments presented in the table above have the same fair value as their carrying value. The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions):


	Fair Value of Debt by Fair Value Hierarchy Level
	June 30, 2017										December 31, 2016
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3				Total		Level 1		Level 2		Level 3
Long-term debt	$	12,104	$	12,606	$	—	$	9,178	$	3,428	$	10,767	$	11,055	$	—	$	8,184	$	2,871

Fair value of the financial instruments included in the tables above was determined as follows:


Description		Fair Value Methodology
Cash and cash equivalents		The carrying amounts approximate fair value because of the short-term maturity of these assets.

Short-term investments, Equity securities, EETC and Restricted cash		Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, or (c) broker quotes obtained by third-party valuation services.

Long-term debt		Fair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities.

Other investments measured at NAV		In accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The investments measured using NAV are shares of mutual funds that invest in fixed-income instruments including bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Company can redeem its shares at any time at NAV subject to a three-day settlement period.

- Definition

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

6 Months Ended

Jun. 30, 2017

Hedging Activities

NOTE 7 - HEDGING ACTIVITIES

Fuel Derivatives

As of June 30, 2017, the Company did not have any fuel hedging contracts outstanding to hedge its fuel consumption. The last of the Company’s fuel hedge derivatives designated for cash flow hedge accounting expired in December 2016. The Company’s current strategy is to not enter into transactions to hedge its fuel consumption, although the Company regularly reviews its strategy based on market conditions and other factors.

The following table presents the impact of derivative instruments and their location within the Company’s unaudited statements of consolidated operations (in millions):

Derivatives designated as cash flow hedges


	Amount of Gain Recognized in AOCI on Derivatives (Effective Portion)				Loss Reclassified from AOCI into Fuel Expense
	Three Months Ended June 30,				Three Months Ended June 30,
	2017		2016		2017		2016
Fuel contracts	$	—	$	17	$	—	$	(35)

	Amount of Gain Recognized in AOCI on Derivatives (Effective Portion)				Loss Reclassified from AOCI into Fuel Expense (a)
	Six Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Fuel contracts	$	—	$	1	$	(2)	$	(173)

(a) The 2017 loss reclassified from AOCI into fuel expense represents hedge losses on December 2016 settled trades, but for which the associated fuel purchased in December was not consumed until January 2017.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies

NOTE 8 - COMMITMENTS AND CONTINGENCIES

Commitments. As of June 30, 2017, United had firm commitments and options to purchase aircraft from The Boeing Company (“Boeing”), Airbus S.A.S. (“Airbus”), and Embraer S.A. (“Embraer”) presented in the table below:


Aircraft Type	Number of Firm Commitments (a)
Airbus A350		35
Boeing 737NG/737 MAX		165
Boeing 777-300ER		4
Boeing 787		19
Embraer E175		14
(a) United also has options and purchase rights for additional aircraft.

The aircraft listed in the table above are scheduled for delivery through 2027. To the extent the Company and the aircraft manufacturers with whom the Company has existing orders for new aircraft agree to modify the contracts governing those orders, the amount and timing of the Company’s future capital commitments could change. For the remainder of 2017, United expects to take delivery of four Boeing 737NG aircraft, one Boeing 787-9 aircraft, and 14 Embraer E175 aircraft. Additionally, the Company also currently expects to take delivery of four used Airbus A319s for the remainder of 2017.

In June 2017, the Company announced it will take delivery of four additional Boeing 777-300ER aircraft in 2018. The Company also converted 100 of its current Boeing 737 MAX orders into Boeing 737 MAX 10 aircraft and expects to take delivery of the aircraft starting in late 2020. All these aircraft are reflected in the table above.

The table below summarizes United’s commitments as of June 30, 2017, which primarily relate to the acquisition of aircraft and related spare engines, aircraft improvements and include other capital purchase commitments. Any new firm aircraft orders, including through the exercise of purchase options and purchase rights, will increase the total future capital commitments of the Company.


	(in billions)
Last six months of 2017	$	2.1
2018		2.9
2019		3.6
2020		2.9
2021		2.3
After 2021		8.2

	$	22.0

As of June 30, 2017, United had $278 million in financing available through a previously issued EETC transaction that it intends to use for the financing of certain aircraft delivered in the first half of 2017. Additionally United secured individual bank financing for eight Embraer E175 aircraft to be delivered in the second half of 2017. See Note 9 of this report for additional information on aircraft financing. The Company has also secured backstop financing commitments from certain of its aircraft manufacturers for a limited number of its future aircraft deliveries, subject to certain customary conditions. Financing may be necessary to satisfy the Company’s capital commitments for its firm order aircraft and other related capital expenditures.

Regional CPAs. In February 2017, United entered into a five-year capacity purchase agreement (“CPA”) with Air Wisconsin Airlines for regional service under the United Express brand commencing no later than February 2018. Air Wisconsin will operate no less than 50 and up to 65 CRJ 200s.

The table below summarizes the Company’s future payments through the end of the terms of our CPAs, excluding variable pass-through costs such as fuel and landing fees, among others.


	(in billions)
Last six months of 2017	$	0.9
2018		2.0
2019		1.5
2020		1.2
2021		1.1
After 2021		4.2

	$	10.9

Guarantees. As of June 30, 2017, United is the guarantor of approximately $1.9 billion in aggregate principal amount of tax-exempt special facilities revenue bonds and interest thereon. These bonds, issued by various airport municipalities, are payable solely from rentals paid under long-term agreements with the respective governing bodies. The leasing arrangements associated with $1.4 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 approximately $432 million of these obligations are accounted for as capital leases. All of these bonds are due between 2017 and 2038.

In the Company’s financing transactions that include loans, the Company typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans in which the interest rate is based on the London Interbank Offered Rate (“LIBOR”), for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs. At June 30, 2017, the Company had $3.1 billion of floating rate debt and $75 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 $3.1 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.

As of June 30, 2017, United is the guarantor of $163 million of aircraft mortgage debt issued by one of United’s regional carriers. The aircraft mortgage debt is subject to similar increased cost provisions as described above for the Company’s debt and the Company would potentially be responsible for those costs under the guarantees.

Labor Negotiations. As of June 30, 2017, United had approximately 90,600 active employees, of whom approximately 80% were represented by various U.S. labor organizations.

Debt

6 Months Ended

Jun. 30, 2017

Debt

NOTE 9 - DEBT

As of June 30, 2017, a substantial portion of the Company’s assets, principally aircraft, route authorities, airport slots and loyalty program intangible assets, was pledged under various loan and other agreements. As of June 30, 2017, UAL and United were in compliance with their debt covenants.

2017 Credit and Guaranty Agreement. On March 29, 2017, United and UAL, as borrower and guarantor, respectively, entered into an Amended and Restated Credit and Guaranty Agreement (the “2017 Credit Agreement”). The 2017 Credit Agreement consists of a $1.5 billion term loan due April 1, 2024, which (i) was used to retire the entire principal balance of the term loans under the credit and guaranty agreement, dated March 27, 2013 (as amended, the “2013 Credit Agreement”), and (ii) increased the term loan balance by approximately $440 million, and a $2.0 billion revolving credit facility available for drawing until April 1, 2022, which increased the available capacity under the revolving credit facility of the 2013 Credit Agreement. As of June 30, 2017, United had its entire capacity of $2.0 billion available under the revolving credit facility. The obligations of United under the 2017 Credit Agreement are secured by liens on certain international route authorities, certain take-off and landing rights and related assets of United.

Borrowings under the 2017 Credit Agreement bear interest at a variable rate equal to LIBOR, subject to a 0% floor, plus a margin of 2.25% per annum, or another rate based on certain market interest rates, plus a margin of 1.25% per annum. The principal amount of the term loan must be repaid in consecutive quarterly installments of 0.25% of the original principal amount thereof, commencing on June 30, 2017, with any unpaid balance due on April 1, 2024. United may prepay all or a portion of the loan from time to time, at par plus accrued and unpaid interest. United pays a commitment fee equal to 0.75% per annum on the undrawn amount available under the revolving credit facility.

The 2017 Credit Agreement includes covenants that, among other things, require the Company to maintain at least $2.0 billion of unrestricted liquidity and a minimum ratio of appraised value of collateral to the outstanding obligations under the Credit Agreement of 1.60 to 1.0. The 2017 Credit Agreement contains events of default customary for this type of financing, including a cross default and cross acceleration provision to certain other material indebtedness of the Company. Under the provisions of the 2017 Credit Agreement, UAL’s ability to make investments and to pay dividends on, or repurchase, UAL’s common stock is restricted.

EETCs. In September 2016 and June 2016, 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. Certain details of the pass-through trusts with proceeds received from issuance of debt in 2017 are as follows (in millions, except stated interest rate):


EETC Date	Class	Principal		Final expected distribution date	Stated interest rate		Total debt recorded as of June 30, 2017		Proceeds received from issuance of debt during 2017		Remaining proceeds from issuance of debt to be received in future periods
September 2016	AA	$	637	October 2028		2.875%	$	445	$	364	$	192
September 2016	A		283	October 2028		3.10%		197		162		86
June 2016	AA		729	July 2028		3.10%		729		319		—
June 2016	A		324	July 2028		3.45%		324		142		—

		$	1,973				$	1,695	$	987	$	278

Secured Notes Payable. In the first six months of 2017, United borrowed approximately $167 million aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in 2017. The notes evidencing these borrowings, which are secured by the related aircraft, mature in 2027 and each has an interest rate comprised of LIBOR plus a specified margin.

5% Senior Notes due 2024. In January 2017, United issued $300 million aggregate principal amount of 5% Senior Notes due February 1, 2024 (the “5% Senior Notes due 2024”). These notes are fully and unconditionally guaranteed and recorded by United on its balance sheet as debt. The indenture for the 5% Senior Notes due 2024 requires UAL to offer to repurchase the notes for cash at a purchase price equal to 101% of the principal amount of notes repurchased plus accrued and unpaid interest if certain changes of control of UAL occur.

The table below presents the Company’s contractual principal payments (not including debt discount or debt issuance costs) at June 30, 2017 under then-outstanding long-term debt agreements (in millions):


Last six months of 2017	$	333
2018		1,495
2019		1,082
2020		1,086
2021		1,071
After 2021		7,199

	$	12,266

Special Charges

6 Months Ended

Jun. 30, 2017

Special Charges

NOTE 10 - SPECIAL CHARGES

For the three and six months ended June 30, special charges consisted of the following (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
Operating:	2017		2016		2017		2016
Severance and benefit costs	$	41	$	6	$	78	$	14
Impairment of assets		—		412		—		412
Labor agreement costs		—		10		—		110
Cleveland airport lease restructuring		—		—		—		74
(Gains) losses on sale of assets and other special charges		3		6		17		14

Special charges		44		434		95		624
Nonoperating:
Other (gain) loss		—		(9)		—		(1)

Special charges before income taxes		44		425		95		623
Income tax benefit related to special charges		(16)		(153)		(34)		(225)

Total special charges, net of tax	$	28	$	272	$	61	$	398

During the three and six months ended June 30, 2017, the Company recorded $36 million ($23 million net of taxes) and $57 million ($37 million net of taxes), respectively, of severance and benefit costs related to a voluntary early-out program for its technicians and related employees represented by the International Brotherhood of Teamsters. In the first quarter of 2017, approximately 1,000 technicians and related employees 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 early 2019. Also, during the three and six months ended June 30, 2017, the Company recorded $5 million ($3 million net of taxes) and $21 million ($13 million net of taxes), respectively, of severance primarily related to its management reorganization initiative.

During the three and six months ended June 30, 2016, the Company recorded $6 million ($4 million net of taxes) and $14 million ($9 million net of taxes), respectively, of severance and benefit costs primarily related to a voluntary early-out program for its flight attendants.

In April 2016, the Federal Aviation Administration (“FAA”) announced that, effective October 30, 2016, it would designate Newark Liberty International Airport (“Newark”) as a Level 2 schedule-facilitated airport under the International Air Transport Association Worldwide Slot Guidelines. The designation was associated with an updated demand and capacity analysis of Newark by the FAA. In the second quarter of 2016, the Company determined that the FAA’s action impaired the entire value of its Newark slots because the slots are no longer the mechanism that governs take-off and landing rights. Accordingly, the Company recorded a $412 million special charge ($264 million net of taxes) to write off the intangible asset.

In April 2016, the fleet service, passenger service, storekeeper and other employees represented by the International Association of Machinists and Aerospace Workers (the “IAM”) ratified seven new contracts with the Company which extended the contracts through 2021. During three and six months ended June 30, 2016, the Company recorded $10 million ($6 million net of taxes) and $110 million ($70 million net of taxes), respectively, of special charges primarily for bonus payments in conjunction with the IAM agreements.

During the six months ended June 30, 2016, the City of Cleveland agreed to amend the Company’s lease, which runs through 2029, associated with certain excess airport terminal space (principally Terminal D) and related facilities at Hopkins International Airport. The Company recorded an accrual for remaining payments under the lease for facilities that the Company no longer uses and will continue to incur costs under the lease without economic benefit to the Company. This liability was measured and recorded at its fair value when the Company ceased its right to use such facilities leased to it pursuant to the lease. The Company recorded a special charge of $74 million ($47 million net of taxes) related to the amended lease.

During the three and six months ended June 30, 2017, the Company recorded gains and losses on sale of assets and other special charges of $3 million ($2 million net of taxes) and $17 million ($11 million net of taxes), respectively.

During the three and six months ended June 30, 2016, the Company recorded gains and losses on sale of assets and other special charges of $6 million ($4 million net of taxes) and $14 million ($9 million net of taxes), respectively.

During the three months ended June 30, 2016, the Company recorded a $9 million ($6 million net of taxes) gain on the sale of an affiliate. Also during the six months ended June 30, 2016, the Company recorded $8 million ($5 million net of taxes) of losses due to exchange rate changes in Venezuela applicable to funds held in local currency. Both of these charges were recorded as part of Nonoperating income (expense): Miscellaneous, net.

Accrual

The accrual balance for severance and benefits was $27 million as of June 30, 2017, compared to $30 million as of June 30, 2016. The severance-related accrual as of June 30, 2017 is expected to be mostly paid through early 2019. The accrual balance for future lease payments on permanently grounded aircraft was $29 million as of June 30, 2017, compared to $41 million as of June 30, 2016. The grounded aircraft related accrual as of June 30, 2017 is expected to be mostly paid through 2025. The following is a reconciliation of severance and permanently grounded aircraft accrual activity for the six months ended June 30:


	Severance and Benefits		Permanently Grounded Aircraft
Balance at December 31, 2016	$	14	$	41
Accrual		78		—
Payments		(65)		(12)

Balance at June 30, 2017	$	27	$	29


	Severance and Benefits		Permanently Grounded Aircraft
Balance at December 31, 2015	$	27	$	78
Accrual		14		(17)
Payments		(11)		(20)

Balance at June 30, 2016	$	30	$	41

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Computation of Earnings Per Share

The computations of UAL’s basic and diluted earnings per share are set forth below (in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Earnings available to common stockholders	$	818	$	588	$	914	$	901

Basic weighted-average shares outstanding		306.9		330.5		310.3		342.4
Effect of employee stock awards		0.8		0.3		0.8		0.3

Diluted weighted-average shares outstanding		307.7		330.8		311.1		342.7

Earnings per share, basic	$	2.67	$	1.78	$	2.95	$	2.63
Earnings per share, diluted	$	2.66	$	1.78	$	2.94	$	2.63

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2017

Components of Accumulated Other Comprehensive Income (Loss), Net of Tax

The tables below present the components of the Company’s accumulated other comprehensive income (loss), net of tax (“AOCI”) (in millions):



							Deferred Taxes
UAL	Pension and Other Postretirement Liabilities		Fuel Derivative Contracts		Investments and Other		Pension and Other Postretirement Liabilities		Fuel Derivative Contracts		Investments and Other		Total
Balance at March 31, 2017	$	(867)	$	—	$	1	$	29	$	—	$	1	$	(836)
Changes in value		(7)		—		(17)		2		—		6		(16)
Amounts reclassified to earnings		14		—		—		(5)		—		(1)		8

Net change		7		—		(17)		(3)		—		5		(8)

Balance at June 30, 2017	$	(860)	$	—	$	(16)	$	26	$	—	$	6	$	(844)

Balance at December 31, 2016	$	(854)	$	(2)	$	1	$	24	$	1	$	1	$	(829)
Changes in value		(33)		—		(17)		12		—		6		(32)
Amounts reclassified to earnings		27		2		—		(10)		(1)		(1)		17

Net change		(6)		2		(17)		2		(1)		5		(15)

Balance at June 30, 2017	$	(860)	$	—	$	(16)	$	26	$	—	$	6	$	(844)


							Deferred Taxes
UAL	Pension and Other Postretirement Liabilities		Fuel Derivative Contracts		Investments and Other		Pension and Other Postretirement Liabilities		Fuel Derivative Contracts		Investments and Other		Total
Balance at March 31, 2016	$	(401)	$	(93)	$	3	$	(140)	$	(146)	$	—	$	(777)
Changes in value		10		17		—		(4)		(6)		—		17
Amounts reclassified to earnings		6		35		—		(2)		(13)		—		26

Net change		16		52		—		(6)		(19)		—		43

Balance at June 30, 2016	$	(385)	$	(41)	$	3	$	(146)	$	(165)	$	—	$	(734)

Balance at December 31, 2015	$	(363)	$	(215)	$	3	$	(154)	$	(102)	$	—	$	(831)
Changes in value		(33)		1		—		12		—		—		(20)
Amounts reclassified to earnings		11		173		—		(4)		(63)		—		117

Net change		(22)		174		—		8		(63)		—		97

Balance at June 30, 2016	$	(385)	$	(41)	$	3	$	(146)	$	(165)	$	—	$	(734)

Details about AOCI Components

Amount Reclassified
from AOCI to Income

Affected Line Item
in the Statements of
Consolidated Operations

Three Months Ended
June 30,

Six Months Ended
June 30,

2017

2016

2017

2016

Pension and other postretirement liabilities

Amortization of unrecognized losses and prior service cost (a)

$ 14

$ 6

$ 27

$ 11

Salaries and related costs

Fuel derivative contracts

Reclassifications of losses into earnings

—

173

Aircraft fuel

(a) This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 5 of this report for additional information).

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2017

Components of Net Periodic Benefit Cost

The Company’s net periodic benefit cost includes the following components (in millions):



	Pension Benefits				Other Postretirement Benefits
	Three Months Ended June 30,				Three Months Ended June 30,
	2017		2016		2017		2016
Service cost	$	49	$	27	$	4	$	6
Interest cost		55		50		17		22
Expected return on plan assets		(61)		(54)		(1)		(1)
Amortization of unrecognized (gain) loss and prior service cost (credit)		32		20		(18)		(14)
Settlement loss		1		1		—		—

Total	$	76	$	44	$	2	$	13


	Pension Benefits				Other Postretirement Benefits
	Six Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Service cost	$	98	$	55	$	6	$	10
Interest cost		110		101		34		44
Expected return on plan assets		(121)		(108)		(1)		(1)
Amortization of unrecognized (gain) loss and prior service cost (credit)		63		38		(36)		(27)
Settlement loss		2		2		—		—

Total	$	152	$	88	$	3	$	26

Share-Based Compensation Expense

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Share-based compensation expense	$	33	$	3	$	56	$	13

	June 30, 2017		December 31, 2016
Unrecognized share-based compensation	$	123	$	65

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The table below presents disclosures about the financial assets and liabilities measured at fair value on a recurring basis in UAL’s financial statements (in millions):


	June 30, 2017								December 31, 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2,371	$	2,371	$	—	$	—	$	2,179	$	2,179	$	—	$	—
Short-term investments:
Corporate debt		826		—		826		—		835		—		835		—
Asset-backed securities		898		—		898		—		792		—		792		—
Certificates of deposit placed through an account registry service (“CDARS”)		151		—		151		—		246		—		246		—
U.S. government and agency notes		101		—		101		—		140		—		140		—
Other fixed-income securities		119		—		119		—		54		—		54		—
Other investments measured at NAV		183		—		—		—		182		—		—		—
Restricted cash		130		130		—		—		124		124		—		—
Long-term investments:
Equity securities		88		88		—		—		—		—		—		—
Enhanced equipment trust certificates (“EETC”)		22		—		—		22		23		—		—		23

Carrying Values and Estimated Fair Values of Financial Instruments

The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions):


	Fair Value of Debt by Fair Value Hierarchy Level
	June 30, 2017										December 31, 2016
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3				Total		Level 1		Level 2		Level 3
Long-term debt	$	12,104	$	12,606	$	—	$	9,178	$	3,428	$	10,767	$	11,055	$	—	$	8,184	$	2,871

Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Gain on Derivative Instruments

The following table presents the impact of derivative instruments and their location within the Company’s unaudited statements of consolidated operations (in millions):

Derivatives designated as cash flow hedges


	Amount of Gain Recognized in AOCI on Derivatives (Effective Portion)				Loss Reclassified from AOCI into Fuel Expense
	Three Months Ended June 30,				Three Months Ended June 30,
	2017		2016		2017		2016
Fuel contracts	$	—	$	17	$	—	$	(35)

	Amount of Gain Recognized in AOCI on Derivatives (Effective Portion)				Loss Reclassified from AOCI into Fuel Expense (a)
	Six Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Fuel contracts	$	—	$	1	$	(2)	$	(173)

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Commitments to Purchase Aircrafts


	(in billions)
Last six months of 2017	$	2.1
2018		2.9
2019		3.6
2020		2.9
2021		2.3
After 2021		8.2

	$	22.0

Future Lease Payment Under Terms of Capacity Purchase Agreement

The table below summarizes the Company’s future payments through the end of the terms of our CPAs, excluding variable pass-through costs such as fuel and landing fees, among others.


	(in billions)
Last six months of 2017	$	0.9
2018		2.0
2019		1.5
2020		1.2
2021		1.1
After 2021		4.2

	$	10.9

Aircraft Type

Schedule of Commitments to Purchase Aircrafts

As of June 30, 2017, United had firm commitments and options to purchase aircraft from The Boeing Company (“Boeing”), Airbus S.A.S. (“Airbus”), and Embraer S.A. (“Embraer”) presented in the table below:


Aircraft Type	Number of Firm Commitments (a)
Airbus A350		35
Boeing 737NG/737 MAX		165
Boeing 777-300ER		4
Boeing 787		19
Embraer E175		14
(a) United also has options and purchase rights for additional aircraft.

Debt (Tables)

6 Months Ended

Jun. 30, 2017

Details of Pass Through Trusts

Certain details of the pass-through trusts with proceeds received from issuance of debt in 2017 are as follows (in millions, except stated interest rate):


EETC Date	Class	Principal		Final expected distribution date	Stated interest rate		Total debt recorded as of June 30, 2017		Proceeds received from issuance of debt during 2017		Remaining proceeds from issuance of debt to be received in future periods
September 2016	AA	$	637	October 2028		2.875%	$	445	$	364	$	192
September 2016	A		283	October 2028		3.10%		197		162		86
June 2016	AA		729	July 2028		3.10%		729		319		—
June 2016	A		324	July 2028		3.45%		324		142		—

		$	1,973				$	1,695	$	987	$	278

Contractual Principal Payments


Last six months of 2017	$	333
2018		1,495
2019		1,082
2020		1,086
2021		1,071
After 2021		7,199

	$	12,266

Special Charges (Tables)

6 Months Ended

Jun. 30, 2017

Components of Special Charges

For the three and six months ended June 30, special charges consisted of the following (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
Operating:	2017		2016		2017		2016
Severance and benefit costs	$	41	$	6	$	78	$	14
Impairment of assets		—		412		—		412
Labor agreement costs		—		10		—		110
Cleveland airport lease restructuring		—		—		—		74
(Gains) losses on sale of assets and other special charges		3		6		17		14

Special charges		44		434		95		624
Nonoperating:
Other (gain) loss		—		(9)		—		(1)

Special charges before income taxes		44		425		95		623
Income tax benefit related to special charges		(16)		(153)		(34)		(225)

Total special charges, net of tax	$	28	$	272	$	61	$	398

Schedule of Severance Related Accrual

The following is a reconciliation of severance and permanently grounded aircraft accrual activity for the six months ended June 30:


	Severance and Benefits		Permanently Grounded Aircraft
Balance at December 31, 2016	$	14	$	41
Accrual		78		—
Payments		(65)		(12)

Balance at June 30, 2017	$	27	$	29


	Severance and Benefits		Permanently Grounded Aircraft
Balance at December 31, 2015	$	27	$	78
Accrual		14		(17)
Payments		(11)		(20)

Balance at June 30, 2016	$	30	$	41

Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Computation of Earnings Per Share [Line Items]
Earnings available to common stockholders	$ 818	$ 588	$ 914	$ 901
Basic weighted-average shares outstanding	306.9	330.5	310.3	342.4
Effect of employee stock awards	0.8	0.3	0.8	0.3
Diluted weighted-average shares outstanding	307.7	330.8	311.1	342.7
Earnings per share, basic	$ 2.67	$ 1.78	$ 2.95	$ 2.63
Earnings per share, diluted	$ 2.66	$ 1.78	$ 2.94	$ 2.63

Earnings Per Share - Additional Information (Detail) shares in Millions, $ in Billions	3 Months Ended	6 Months Ended
	Jun. 30, 2017 USD ($) shares	Jun. 30, 2017 USD ($) shares
Earnings Loss Per Share [Line Items]
Amount remaining under repurchase programs	$ 1.1	$ 1.1
Open Market Repurchase Program
Earnings Loss Per Share [Line Items]
Number of shares repurchased \| shares	6	10
Repurchases of common stock	$ 0.4	$ 0.7

Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, net of tax		$ (777)	$ 8,659	$ (831)
Changes in value, net of tax		17		(20)
Amounts reclassified to earnings, net of tax		26		117
Total other comprehensive income (loss), net	$ (8)	43	(15)	97
Ending Balance, net of tax	8,854	(734)	8,854	(734)
Pension and Other Postretirement Liabilities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, before tax	(867)	(401)	(854)	(363)
Changes in value, before tax	(7)	10	(33)	(33)
Amounts reclassified to earnings, before tax	14	6	27	11
Net change, before tax	7	16	(6)	(22)
Ending Balance, before tax	(860)	(385)	(860)	(385)
Beginning Balance, deferred taxes	29	(140)	24	(154)
Changes in value, deferred taxes	2	(4)	12	12
Amounts reclassified to earnings, deferred taxes	(5)	(2)	(10)	(4)
Net change, deferred taxes	(3)	(6)	2	8
Ending Balance, deferred taxes	26	(146)	26	(146)
Derivative Contracts \| Fuel
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, before tax		(93)	(2)	(215)
Changes in value, before tax		17		1
Amounts reclassified to earnings, before tax		35	2	173
Net change, before tax		52	2	174
Ending Balance, before tax		(41)		(41)
Beginning Balance, deferred taxes		(146)	1	(102)
Changes in value, deferred taxes		(6)
Amounts reclassified to earnings, deferred taxes		(13)	(1)	(63)
Net change, deferred taxes		(19)	(1)	(63)
Ending Balance, deferred taxes		(165)		(165)
Investments and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, before tax	1	3	1	3
Changes in value, before tax	(17)		(17)
Net change, before tax	(17)		(17)
Ending Balance, before tax	(16)	$ 3	(16)	$ 3
Beginning Balance, deferred taxes	1		1
Changes in value, deferred taxes	6		6
Amounts reclassified to earnings, deferred taxes	(1)		(1)
Net change, deferred taxes	5		5
Ending Balance, deferred taxes	6		6
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, net of tax	(836)		(829)
Changes in value, net of tax	(16)		(32)
Amounts reclassified to earnings, net of tax	8		17
Total other comprehensive income (loss), net	(8)		(15)
Ending Balance, net of tax	$ (844)		$ (844)

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

3 Months Ended

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Salaries And Related Costs

Accumulated Other Comprehensive Income (Loss) [Line Items]

Amortization of unrecognized losses and prior service cost

^[1]

$ 14

$ 6

$ 27

$ 11

Fuel Oil Contract | Aircraft Fuel

Accumulated Other Comprehensive Income (Loss) [Line Items]

Reclassifications of losses into earnings

$ 35

$ 2

$ 173

[1]	This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 5 of this report for additional information).

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Detail)	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Taxes [Line Items]
Effective income tax rate	35.80%	36.90%	35.60%	36.80%

Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 49	$ 27	$ 98	$ 55
Interest cost	55	50	110	101
Expected return on plan assets	(61)	(54)	(121)	(108)
Amortization of unrecognized (gain) loss and prior service cost (credit)	32	20	63	38
Settlement loss	1	1	2	2
Total	76	44	152	88
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	6	6	10
Interest cost	17	22	34	44
Expected return on plan assets	(1)	(1)	(1)	(1)
Amortization of unrecognized (gain) loss and prior service cost (credit)	(18)	(14)	(36)	(27)
Total	$ 2	$ 13	$ 3	$ 26

Employee Benefit Plans - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Minimum
Compensation and Retirement Disclosure [Abstract]
Percentage of pre-tax earnings paid for profit sharing plan		5.00%
Maximum
Compensation and Retirement Disclosure [Abstract]
Percentage of pre-tax earnings paid for profit sharing plan		20.00%
Pension Benefits
Compensation and Retirement Disclosure [Abstract]
Employer contribution to tax-qualified defined benefit pension plans	$ 160	$ 240
RSUs
Compensation and Retirement Disclosure [Abstract]
Share-based compensation, other than options, awards granted		1,500
Share-based compensation, vesting period		3 years
Performance Shares
Compensation and Retirement Disclosure [Abstract]
Share-based compensation, vesting period		3 years
Share-Based Compensation, vesting date		Dec. 31, 2019
Number of days used to compute performance period average closing price of restricted stock units		20 days
Stock Options
Compensation and Retirement Disclosure [Abstract]
Share-based compensation, option awards granted		36
Time Vested Restricted Stock Units RSU
Compensation and Retirement Disclosure [Abstract]
Share-based compensation, other than options, awards granted		900
Performance Based Restricted Stock Units RSU
Compensation and Retirement Disclosure [Abstract]
Share-based compensation, other than options, awards granted		600

Share-Based Compensation Expense (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Share-based compensation expense	$ 33	$ 3	$ 56	$ 13
Unrecognized share-based compensation	$ 123		$ 123		$ 65

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 2,371	$ 2,179
Restricted cash	130	124
Equity securities	88
Enhanced equipment trust certificates ("EETC")	22	23
Corporate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	826	835
Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	898	792
CDARS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	151	246
U.S. Government and Agency Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	101	140
Other Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	119	54
Other Investments Measured At NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	183	182
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,371	2,179
Restricted cash	130	124
Equity securities	88
Level 2 \| Corporate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	826	835
Level 2 \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	898	792
Level 2 \| CDARS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	151	246
Level 2 \| U.S. Government and Agency Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	101	140
Level 2 \| Other Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	119	54
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Enhanced equipment trust certificates ("EETC")	$ 22	$ 23

Financial Instruments and Fair Value Measurements - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017
EETC
Fair Value [Line Items]
Available-for-sale securities remaining maturities	2019
Asset-backed Securities \| Minimum
Fair Value [Line Items]
Available-for-sale securities remaining maturities	1 year
Asset-backed Securities \| Maximum
Fair Value [Line Items]
Available-for-sale securities remaining maturities	17 years
Corporate Debt \| Minimum
Fair Value [Line Items]
Available-for-sale securities remaining maturities	1 year
Corporate Debt \| Maximum
Fair Value [Line Items]
Available-for-sale securities remaining maturities	3 years
CDARS \| Maximum
Fair Value [Line Items]
Available-for-sale securities remaining maturities	1 year
U.S. Government and Other Securities \| Minimum
Fair Value [Line Items]
Available-for-sale securities remaining maturities	1 year
U.S. Government and Other Securities \| Maximum
Fair Value [Line Items]
Available-for-sale securities remaining maturities	3 years

Carrying Values and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 12,104	$ 10,767
Estimate of Fair Value, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value	12,606	11,055
Estimate of Fair Value, Fair Value Disclosure \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value	9,178	8,184
Estimate of Fair Value, Fair Value Disclosure \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value	$ 3,428	$ 2,871

Hedging Activities - Additional Information (Detail) - Fuel Contract	6 Months Ended
	Jun. 30, 2017 Contract
Derivatives And Hedging Activities [Line Items]
Fuel hedging contracts outstanding	0
Cash Flow Hedging \| Designated as Hedging Instrument
Derivatives And Hedging Activities [Line Items]
Fuel hedges expiration date	2016-12

Schedule of Gain on Derivative Instruments (Detail) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2016

Jun. 30, 2017

^[1]

Jun. 30, 2016

Derivative Instruments, Gain (Loss) [Line Items]

Amount of Gain Recognized in AOCI on Derivatives (Effective Portion)

$ 17

$ 1

Loss Reclassified from AOCI into Fuel Expense

$ (35)

$ (2)

$ (173)

[1]	The 2017 loss reclassified from AOCI into fuel expense represents hedge losses on December 2016 settled trades, but for which the associated fuel purchased in December was not consumed until January 2017.

Schedule of Commitments to Purchase Aircrafts (Detail) - United Airlines, Inc. - Capital Addition Purchase Commitments

Jun. 30, 2017

Aircraft

^[1]

Airbus A350 Aircraft

Boeing 737NG/737 MAX Aircraft

Boeing 777-300ER Aircraft

165

Boeing 787 Aircraft

Embraer E175 Aircraft