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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One) |
| |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2019
OR |
| |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
|
| | | | | | | | | | | | | | |
| Commission File Number | | Exact Name of Registrant as Specified in its Charter, Principal Executive Office Address and Telephone Number | | State of Incorporation | | I.R.S. Employer Identification No. | | Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report |
| 001-06033 | | United Airlines Holdings, Inc. | | Delaware | | 36-2675207 | | United Continental Holdings, Inc. |
| | | 233 South Wacker Drive, | Chicago | Illinois | 60606 | | | | | | |
| | | (872) | 825-4000 | | | | | | | | | | |
| | | | | | | | | | | | | | |
| 001-10323 | | United Airlines, Inc. | | Delaware | | 74-2099724 | | N/A |
| | | 233 South Wacker Drive, | Chicago | Illinois | 60606 | | | | | | |
| | | (872) | 825-4000 | | | | | | | | | | |
|
| | | | | | | |
Securities registered pursuant to Section 12(b) of the Act |
Registrant | | Title of Each Class | | Trading Symbol | | Name on Each Exchange on Which Registered |
United Airlines Holdings, Inc. | | Common Stock, | $0.01 par value | | UAL | | The Nasdaq Stock Market LLC |
United Airlines, Inc. | | None | | | None | | None |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
| | | | | | | | | | | | |
United Airlines Holdings, Inc. | | Yes | ☒ | No | ☐ | | United Airlines, Inc. | | Yes | ☒ | No | ☐
|
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). |
| | | | | | | | | | | | |
United Airlines Holdings, Inc. | | Yes | ☒ | No | ☐ | | United Airlines, Inc. | | Yes | ☒ | No | ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. |
| | | | | | | | | | |
United Airlines Holdings, Inc. | Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
United Airlines, Inc. | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
| | |
United Airlines Holdings, Inc. | | ☐ |
United Airlines, Inc. | | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). |
| | | | | |
United Airlines Holdings, Inc. | | Yes | ☐ | No | ☒ |
United Airlines, Inc. | | Yes | ☐ | No | ☒ |
The number of shares outstanding of each of the issuer's classes of common stock as of July 12, 2019 is shown below: |
| | | | |
United Airlines Holdings, Inc. | | 256,921,469 |
| shares of common stock ($0.01 par value) |
United Airlines, Inc. | | 1,000 |
| shares of common stock ($0.01 par value) (100% owned by United Airlines Holdings, Inc.) |
OMISSION OF CERTAIN INFORMATION
This combined Quarterly Report on Form 10-Q is separately filed by United Airlines Holdings, Inc. and United Airlines, Inc. United Airlines, Inc. meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format allowed under that General Instruction.
United Airlines Holdings, Inc.
United Airlines, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended June 30, 2019
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions, except per share amounts)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 (a) | | 2019 | | 2018 (a) |
Operating revenue: | | | | | | | |
Passenger revenue | $ | 10,486 |
| | $ | 9,880 |
| | $ | 19,211 |
| | $ | 18,030 |
|
Cargo | 295 |
| | 314 |
| | 581 |
| | 607 |
|
Other operating revenue | 621 |
| | 583 |
| | 1,199 |
| | 1,172 |
|
Total operating revenue | 11,402 |
| | 10,777 |
| | 20,991 |
| | 19,809 |
|
| | | | | | | |
Operating expense: | | | | | | | |
Salaries and related costs | 3,057 |
| | 2,878 |
| | 5,930 |
| | 5,604 |
|
Aircraft fuel | 2,385 |
| | 2,390 |
| | 4,408 |
| | 4,355 |
|
Regional capacity purchase | 715 |
| | 693 |
| | 1,403 |
| | 1,323 |
|
Landing fees and other rent | 660 |
| | 625 |
| | 1,248 |
| | 1,204 |
|
Depreciation and amortization | 560 |
| | 538 |
| | 1,107 |
| | 1,062 |
|
Aircraft maintenance materials and outside repairs | 421 |
| | 438 |
| | 829 |
| | 878 |
|
Distribution expenses | 442 |
| | 393 |
| | 802 |
| | 735 |
|
Aircraft rent | 73 |
| | 119 |
| | 154 |
| | 246 |
|
Special charges | 71 |
| | 129 |
| | 89 |
| | 169 |
|
Other operating expenses | 1,546 |
| | 1,429 |
| | 3,054 |
| | 2,826 |
|
Total operating expenses | 9,930 |
| | 9,632 |
| | 19,024 |
| | 18,402 |
|
Operating income | 1,472 |
| | 1,145 |
| | 1,967 |
| | 1,407 |
|
| | | | | | | |
Nonoperating income (expense): | | | | | | | |
Interest expense | (191 | ) | | (163 | ) | | (379 | ) | | (325 | ) |
Interest capitalized | 21 |
| | 12 |
| | 43 |
| | 30 |
|
Interest income | 38 |
| | 25 |
| | 67 |
| | 42 |
|
Miscellaneous, net | 14 |
| | (164 | ) | | 23 |
| | (117 | ) |
Total nonoperating expense, net | (118 | ) | | (290 | ) | | (246 | ) | | (370 | ) |
Income before income taxes | 1,354 |
| | 855 |
| | 1,721 |
| | 1,037 |
|
Income tax expense | 302 |
| | 172 |
| | 377 |
| | 209 |
|
Net income | $ | 1,052 |
| | $ | 683 |
| | $ | 1,344 |
| | $ | 828 |
|
Earnings per share, basic | $ | 4.03 |
| | $ | 2.48 |
| | $ | 5.09 |
| | $ | 2.96 |
|
Earnings per share, diluted | $ | 4.02 |
| | $ | 2.48 |
| | $ | 5.07 |
| | $ | 2.95 |
|
(a) Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED)
(In millions)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 (a) | | 2019 | | 2018 (a) |
Net income | $ | 1,052 |
| | $ | 683 |
| | $ | 1,344 |
| | $ | 828 |
|
| | | | | | | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Employee benefit plans | (17 | ) | | 12 |
| | (10 | ) | | 42 |
|
Investments and other | 3 |
| | — |
| | 6 |
| | (4 | ) |
Total other comprehensive income (loss), net of tax | (14 | ) | | 12 |
| | (4 | ) | | 38 |
|
| | | | | | | |
Total comprehensive income, net | $ | 1,038 |
| | $ | 695 |
| | $ | 1,340 |
| | $ | 866 |
|
(a) Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
|
| | | | | | | |
| June 30, 2019 | | December 31, 2018 (a) |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 3,221 |
| | $ | 1,694 |
|
Short-term investments | 2,223 |
| | 2,256 |
|
Receivables, less allowance for doubtful accounts (2019 — $9; 2018 — $8) | 1,762 |
| | 1,426 |
|
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2019 — $387; 2018 — $412) | 996 |
| | 985 |
|
Prepaid expenses and other | 708 |
| | 733 |
|
Total current assets | 8,910 |
| | 7,094 |
|
Operating property and equipment: | | | |
Flight equipment | 33,890 |
| | 32,599 |
|
Other property and equipment | 7,371 |
| | 6,889 |
|
Purchase deposits for flight equipment | 1,351 |
| | 1,177 |
|
Total operating property and equipment, at cost | 42,612 |
| | 40,665 |
|
Less — Accumulated depreciation and amortization | (13,694 | ) | | (13,266 | ) |
Total operating property and equipment, net | 28,918 |
| | 27,399 |
|
| | | |
Operating lease right-of-use assets | 4,908 |
| | 5,262 |
|
| | | |
Other assets: | | | |
Goodwill | 4,523 |
| | 4,523 |
|
Intangibles, less accumulated amortization (2019 — $1,410; 2018 — $1,380) | 3,129 |
| | 3,159 |
|
Restricted cash | 105 |
| | 105 |
|
Notes receivable, net | 518 |
| | 516 |
|
Investments in affiliates and other, net | 1,139 |
| | 966 |
|
Total other assets | 9,414 |
| | 9,269 |
|
Total assets | $ | 52,150 |
| | $ | 49,024 |
|
(continued on next page)
UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
|
| | | | | | | |
| June 30, 2019 | | December 31, 2018 (a) |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
Current liabilities: | | | |
Advance ticket sales | $ | 6,126 |
| | $ | 4,381 |
|
Accounts payable | 3,033 |
| | 2,363 |
|
Frequent flyer deferred revenue | 2,435 |
| | 2,286 |
|
Accrued salaries and benefits | 1,871 |
| | 2,184 |
|
Current maturities of long-term debt | 1,255 |
| | 1,230 |
|
Current maturities of finance leases | 117 |
| | 123 |
|
Current maturities of operating leases | 637 |
| | 719 |
|
Other | 604 |
| | 553 |
|
Total current liabilities | 16,078 |
| | 13,839 |
|
| | | |
Long-term debt | 12,938 |
| | 12,215 |
|
Long-term obligations under finance leases | 202 |
| | 224 |
|
Long-term obligations under operating leases | 5,034 |
| | 5,276 |
|
| | | |
Other liabilities and deferred credits: | | | |
Frequent flyer deferred revenue | 2,763 |
| | 2,719 |
|
Postretirement benefit liability | 1,277 |
| | 1,295 |
|
Pension liability | 1,366 |
| | 1,576 |
|
Deferred income taxes | 1,192 |
| | 828 |
|
Other | 980 |
| | 1,010 |
|
Total other liabilities and deferred credits | 7,578 |
| | 7,428 |
|
Commitments and contingencies |
| |
|
Stockholders' equity: | | | |
Preferred stock | — |
| | — |
|
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 257,729,166 and 269,914,769 shares at June 30, 2019 and December 31, 2018, respectively | 3 |
| | 3 |
|
Additional capital invested | 6,096 |
| | 6,120 |
|
Retained earnings | 8,050 |
| | 6,715 |
|
Stock held in treasury, at cost | (3,022 | ) | | (1,993 | ) |
Accumulated other comprehensive loss | (807 | ) | | (803 | ) |
Total stockholders' equity | 10,320 |
| | 10,042 |
|
Total liabilities and stockholders' equity | $ | 52,150 |
| | $ | 49,024 |
|
(a) Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES HOLDINGS, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)
|
| | | | | | | |
| Six Months Ended June 30, |
| 2019 | | 2018 (a) |
Cash Flows from Operating Activities: | | | |
Net cash provided by operating activities | $ | 4,625 |
| | $ | 4,152 |
|
| | | |
Cash Flows from Investing Activities: | | | |
Capital expenditures | (2,467 | ) | | (1,671 | ) |
Purchases of short-term and other investments | (1,443 | ) | | (1,326 | ) |
Proceeds from sale of short-term and other investments | 1,484 |
| | 1,455 |
|
Investment in affiliates | (27 | ) | | (139 | ) |
Loans made to others | — |
| | (10 | ) |
Other, net | 17 |
| | 38 |
|
Net cash used in investing activities | (2,436 | ) | | (1,653 | ) |
| | | |
Cash Flows from Financing Activities: | | | |
Proceeds from issuance of long-term debt | 996 |
| | 1,241 |
|
Payments of long-term debt | (473 | ) | | (1,294 | ) |
Repurchases of common stock | (1,062 | ) | | (969 | ) |
Principal payments under finance leases | (63 | ) | | (35 | ) |
Capitalized financing costs | (30 | ) | | (25 | ) |
Other, net | (30 | ) | | (17 | ) |
Net cash used in financing activities | (662 | ) | | (1,099 | ) |
Net increase in cash, cash equivalents and restricted cash | 1,527 |
| | 1,400 |
|
Cash, cash equivalents and restricted cash at beginning of the period | 1,799 |
| | 1,591 |
|
Cash, cash equivalents and restricted cash at end of the period (b) | $ | 3,326 |
| | $ | 2,991 |
|
| | | |
Investing and Financing Activities Not Affecting Cash: | | | |
Property and equipment acquired through the issuance of debt | $ | 220 |
| | $ | 125 |
|
Operating lease conversions to finance lease | 36 |
| | — |
|
Right-of-use assets acquired through operating leases | 99 |
| | 103 |
|
Property and equipment acquired through finance leases | 8 |
| | — |
|
(a) Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.
(b)
|
| | | | | | | |
Cash and cash equivalents | $ | 3,221 |
| | $ | 2,884 |
|
Restricted cash (included in Prepaid expenses and other) | — |
| | 13 |
|
Restricted cash | 105 |
| | 94 |
|
Total cash, cash equivalents and restricted cash | $ | 3,326 |
| | $ | 2,991 |
|
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY
(In millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Capital Invested | | Treasury Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total |
| Shares | | Amount | | | | | |
Balance at March 31, 2019 | 264.3 |
| | $ | 3 |
| | $ | 6,080 |
| | $ | (2,487 | ) | | $ | 6,999 |
| | $ | (793 | ) | | $ | 9,802 |
|
Net income | — |
| | — |
| | — |
| | — |
| | 1,052 |
| | — |
| | 1,052 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | — |
| | (14 | ) | | (14 | ) |
Stock settled share-based compensation | — |
| | — |
| | 17 |
| | — |
| | — |
| | — |
| | 17 |
|
Repurchases of common stock | (6.6 | ) | | — |
| | — |
| | (536 | ) | | — |
| | — |
| | (536 | ) |
Net treasury stock issued for share-based awards | — |
| | — |
| | (1 | ) | | 1 |
| | (1 | ) | | — |
| | (1 | ) |
Balance at June 30, 2019 | 257.7 |
| | $ | 3 |
| | $ | 6,096 |
| | $ | (3,022 | ) | | $ | 8,050 |
| | $ | (807 | ) | | $ | 10,320 |
|
| | | | | | | | | | | | | |
Balance at December 31, 2018 (a) | 269.9 |
| | $ | 3 |
| | $ | 6,120 |
| | $ | (1,993 | ) | | $ | 6,715 |
| | $ | (803 | ) | | $ | 10,042 |
|
Net income | — |
| | — |
| | — |
| | — |
| | 1,344 |
| | — |
| | 1,344 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | — |
| | (4 | ) | | (4 | ) |
Stock settled share-based compensation | — |
| | — |
| | 31 |
| | — |
| | — |
| | — |
| | 31 |
|
Repurchases of common stock | (12.7 | ) | | — |
| | — |
| | (1,063 | ) | | — |
| | — |
| | (1,063 | ) |
Net treasury stock issued for share-based awards | 0.5 |
| | — |
| | (55 | ) | | 34 |
| | (9 | ) | | — |
| | (30 | ) |
Balance at June 30, 2019 | 257.7 |
| | $ | 3 |
| | $ | 6,096 |
| | $ | (3,022 | ) | | $ | 8,050 |
|
| $ | (807 | ) | | $ | 10,320 |
|
| | | | | | | | | | | | | |
Balance at March 31, 2018 (a) | 279.4 |
| | $ | 3 |
| | $ | 6,077 |
| | $ | (1,314 | ) | | $ | 4,736 |
| | $ | (1,114 | ) | | $ | 8,388 |
|
Net income (a) | — |
| | — |
| | — |
| | — |
| | 683 |
| | — |
| | 683 |
|
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | — |
| | 12 |
| | 12 |
|
Stock settled share-based compensation | — |
| | — |
| | 14 |
| | — |
| | — |
| | — |
| | 14 |
|
Repurchases of common stock | (6.4 | ) | | — |
| | — |
| | (407 | ) | | — |
| | — |
| | (407 | ) |
Net treasury stock issued for share-based awards | — |
| | — |
| | — |
| | 1 |
| | — |
| | — |
| | 1 |
|
Balance at June 30, 2018 (a) | 273.0 |
| | $ | 3 |
| | $ | 6,091 |
| | $ | (1,720 | ) | | $ | 5,419 |
| | $ | (1,102 | ) | | $ | 8,691 |
|
| | | | | | | | | | | | | |
Balance at December 31, 2017 (a) | 287.0 |
| | $ | 3 |
| | $ | 6,098 |
| | $ | (769 | ) | | $ | 4,603 |
| | $ | (1,147 | ) | | $ | 8,788 |
|
Net income (a) | — |
| | — |
| | — |
| | — |
| | 828 |
| | — |
| | 828 |
|
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | — |
| | 38 |
| | 38 |
|
Stock settled share-based compensation | — |
| | — |
| | 29 |
| | — |
| | — |
| | — |
| | 29 |
|
Repurchases of common stock | (14.2 | ) | | — |
| | — |
| | (976 | ) | | — |
| | — |
| | (976 | ) |
Net treasury stock issued for share-based awards | 0.2 |
| | — |
| | (36 | ) | | 25 |
| | (5 | ) | | — |
| | (16 | ) |
Adoption of accounting standard related to equity investments | — |
| | — |
| | — |
| | — |
| | (7 | ) | | 7 |
| | — |
|
Balance at June 30, 2018 (a) | 273.0 |
| | $ | 3 |
| | $ | 6,091 |
| | $ | (1,720 | ) | | $ | 5,419 |
| | $ | (1,102 | ) | | $ | 8,691 |
|
(a) Leases (Topic 842). See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 (a) | | 2019 | | 2018 (a) |
Operating revenue: | | | | | | | |
Passenger revenue | $ | 10,486 |
| | $ | 9,880 |
| | $ | 19,211 |
| | $ | 18,030 |
|
Cargo | 295 |
| | 314 |
| | 581 |
| | 607 |
|
Other operating revenue | 621 |
| | 583 |
| | 1,199 |
| | 1,172 |
|
Total operating revenue | 11,402 |
| | 10,777 |
| | 20,991 |
| | 19,809 |
|
| | | | | | | |
Operating expense: | | | | | | | |
Salaries and related costs | 3,057 |
| | 2,878 |
| | 5,930 |
| | 5,604 |
|
Aircraft fuel | 2,385 |
| | 2,390 |
| | 4,408 |
| | 4,355 |
|
Regional capacity purchase | 715 |
| | 693 |
| | 1,403 |
| | 1,323 |
|
Landing fees and other rent | 660 |
| | 625 |
| | 1,248 |
| | 1,204 |
|
Depreciation and amortization | 560 |
| | 538 |
| | 1,107 |
| | 1,062 |
|
Aircraft maintenance materials and outside repairs | 421 |
| | 438 |
| | 829 |
| | 878 |
|
Distribution expenses | 442 |
| | 393 |
| | 802 |
| | 735 |
|
Aircraft rent | 73 |
| | 119 |
| | 154 |
| | 246 |
|
Special charges | 71 |
| | 129 |
| | 89 |
| | 169 |
|
Other operating expenses | 1,546 |
| | 1,428 |
| | 3,053 |
|
|