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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
 
 
 
 
 
https://cdn.kscope.io/301b9a2afc67c203ec04f6537da81f17-ualogoa01a21.jpg
 
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.
 
001-06033
 
United Airlines Holdings, Inc.
 
Delaware
 
36-2675207
 
 
 
233 South Wacker Drive,
Chicago,
Illinois
60606
 
 
 
 
 
 
 
(872)
825-4000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
001-10323
 
United Airlines, Inc.
 
Delaware
 
74-2099724
 
 
 
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 of 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 17, 2020 is shown below:
United Airlines Holdings, Inc.
 
290,983,657

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, 2020

Table of Contents
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions, except per share amounts)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Operating revenue:
 
 
 
 
 
 
 
Passenger revenue
$
681

 
$
10,486

 
$
7,746

 
$
19,211

Cargo
402

 
295

 
666

 
581

Other operating revenue
392

 
621

 
1,042

 
1,199

Total operating revenue
1,475

 
11,402

 
9,454

 
20,991

 
 
 
 
 
 
 
 
Operating expense:
 
 
 
 
 
 
 
Salaries and related costs
2,170

 
3,057

 
5,125

 
5,930

Aircraft fuel
240

 
2,385

 
1,966

 
4,408

Regional capacity purchase
388

 
715

 
1,125

 
1,403

Landing fees and other rent
429

 
660

 
1,052

 
1,248

Depreciation and amortization
618

 
560

 
1,233

 
1,107

Aircraft maintenance materials and outside repairs
110

 
421

 
544

 
829

Distribution expenses
31

 
442

 
326

 
802

Aircraft rent
47

 
73

 
97

 
154

Special charges (credit)
(1,449
)
 
71

 
(1,386
)
 
89

Other operating expenses
528

 
1,546

 
1,981

 
3,054

Total operating expenses
3,112

 
9,930

 
12,063

 
19,024

Operating income (loss)
(1,637
)
 
1,472

 
(2,609
)
 
1,967

 
 
 
 
 
 
 
 
Nonoperating income (expense):
 
 
 
 
 
 
 
Interest expense
(196
)
 
(191
)
 
(367
)
 
(379
)
Interest capitalized
17

 
21

 
38

 
43

Interest income
11

 
38

 
37

 
67

Unrealized gains (losses) on investments, net
9

 
34

 
(310
)
 
51

Miscellaneous, net
(207
)
 
(20
)
 
(906
)
 
(28
)
Total nonoperating expense, net
(366
)
 
(118
)
 
(1,508
)
 
(246
)
Income (loss) before income taxes
(2,003
)
 
1,354

 
(4,117
)
 
1,721

Income tax expense (benefit)
(376
)
 
302

 
(786
)
 
377

Net income (loss)
$
(1,627
)
 
$
1,052

 
$
(3,331
)
 
$
1,344

Earnings (loss) per share, basic
$
(5.79
)
 
$
4.03

 
$
(12.59
)
 
$
5.09

Earnings (loss) per share, diluted
$
(5.79
)
 
$
4.02

 
$
(12.59
)
 
$
5.07



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



3


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

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss)
$
(1,627
)
 
$
1,052

 
$
(3,331
)
 
$
1,344

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Employee benefit plans
(501
)
 
(17
)
 
(542
)
 
(10
)
Investments and other
13

 
3

 
1

 
6

Total other comprehensive income (loss), net of tax
(488
)
 
(14
)
 
(541
)
 
(4
)
 
 
 
 
 
 
 
 
Total comprehensive income (loss), net
$
(2,115
)
 
$
1,038

 
$
(3,872
)
 
$
1,340




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




4


UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 
June 30, 2020
 
December 31, 2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
6,505

 
$
2,762

Short-term investments
958

 
2,182

Receivables, less allowance for credit losses (2020 — $11; 2019 — $9)
857

 
1,364

Aircraft fuel, spare parts and supplies, less obsolescence allowance (2020 — $464; 2019 — $425)
955

 
1,072

Prepaid expenses and other
766

 
814

Total current assets
10,041

 
8,194

Operating property and equipment:
 
 
 
Flight equipment
37,339

 
35,421

Other property and equipment
8,350

 
7,926

Purchase deposits for flight equipment
1,624

 
1,360

Total operating property and equipment
47,313

 
44,707

Less — Accumulated depreciation and amortization
(15,578
)
 
(14,537
)
Total operating property and equipment, net
31,735

 
30,170

 
 
 
 
Operating lease right-of-use assets
4,738

 
4,758

 
 
 
 
Other assets:
 
 
 
Goodwill
4,523

 
4,523

Intangibles, less accumulated amortization (2020 — $1,467; 2019 — $1,440)
2,852

 
3,009

Restricted cash
73

 
106

Notes receivable, less allowance for credit losses (2020 — $553)
141

 
671

Investments in affiliates and other, net
798

 
1,180

Total other assets
8,387

 
9,489

Total assets
$
54,901

 
$
52,611

(continued on next page)


















5


UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
June 30, 2020
 
December 31, 2019
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Advance ticket sales
$
4,950

 
$
4,819

Accounts payable
1,725

 
2,703

Frequent flyer deferred revenue
840

 
2,440

Accrued salaries and benefits
1,669

 
2,271

Current maturities of long-term debt
4,454

 
1,407

Current maturities of finance leases
93

 
46

Current maturities of operating leases
598

 
686

Payroll Support Program deferred credit
1,508

 

Other
558

 
566

Total current liabilities
16,395

 
14,938

 
 
 
 
Long-term debt
14,318

 
13,145

Long-term obligations under finance leases
316

 
220

Long-term obligations under operating leases
5,113

 
4,946

 
 
 
 
Other liabilities and deferred credits:
 
 
 
Frequent flyer deferred revenue
4,830

 
2,836

Postretirement benefit liability
957

 
789

Pension liability
2,221

 
1,446

Deferred income taxes
804

 
1,736

Other
1,430

 
1,024

Total other liabilities and deferred credits
10,242

 
7,831

Commitments and contingencies

 

Stockholders' equity:
 
 
 
Preferred stock

 

Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 290,982,216 and 251,216,381 shares at June 30, 2020 and December 31, 2019, respectively
3

 
3

Additional capital invested
7,307

 
6,129

Retained earnings
6,365

 
9,716

Stock held in treasury, at cost
(3,899
)
 
(3,599
)
Accumulated other comprehensive loss
(1,259
)
 
(718
)
Total stockholders' equity
8,517

 
11,531

Total liabilities and stockholders' equity
$
54,901

 
$
52,611



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





6


UNITED AIRLINES HOLDINGS, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)
 
Six Months Ended June 30,
 
2020
 
2019
Cash Flows from Operating Activities:
 
 
 
Net cash provided (used) by operating activities
$
(67
)
 
$
4,625

 
 
 
 
Cash Flows from Investing Activities:
 
 
 
Capital expenditures, net of returns of purchase deposits on flight equipment
(1,998
)
 
(2,467
)
Purchases of short-term and other investments
(550
)
 
(1,443
)
Proceeds from sale of short-term and other investments
1,774

 
1,484

Other, net
14

 
(10
)
Net cash used in investing activities
(760
)
 
(2,436
)
 
 
 
 
Cash Flows from Financing Activities:
 
 
 
Proceeds from issuance of short-term debt
2,750

 

Proceeds from issuance of long-term debt
1,669

 
996

Proceeds from equity issuance
1,135

 

Payments of long-term debt
(523
)
 
(473
)
Repurchases of common stock
(353
)
 
(1,062
)
Principal payments under finance leases
(41
)
 
(63
)
Capitalized financing costs
(48
)
 
(30
)
Other, net
(18
)
 
(30
)
Net cash provided (used) in financing activities
4,571

 
(662
)
Net increase in cash, cash equivalents and restricted cash
3,744

 
1,527

Cash, cash equivalents and restricted cash at beginning of the period
2,868

 
1,799

Cash, cash equivalents and restricted cash at end of the period (a)
$
6,612

 
$
3,326

 
 
 
 
Investing and Financing Activities Not Affecting Cash:
 
 
 
Property and equipment acquired through the issuance of debt
$
327

 
$
220

Property and equipment acquired through other financial liabilities
280

 

Lease modifications and lease conversions
470

 
36

Right-of-use assets acquired through operating leases
48

 
99

Property and equipment acquired through finance leases
19

 
8



(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
Cash and cash equivalents
$
6,505

 
$
3,221

Restricted cash (included in Prepaid expenses and other)
34

 

Restricted cash
73

 
105

Total cash, cash equivalents and restricted cash
$
6,612

 
$
3,326



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

7


UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED)
(In millions)
 
Common
Stock
 
Additional
Capital Invested
 
Treasury Stock
 
Retained Earnings
 
Accumulated
Other Comprehensive Loss
 
Total
 
Shares
 
Amount
 
 
 
 
 
Balance at March 31, 2020
247.3

 
$
3

 
$
6,096

 
$
(3,901
)
 
$
7,991

 
$
(771
)
 
$
9,418

Net loss

 

 

 

 
(1,627
)
 

 
(1,627
)
Other comprehensive loss

 

 

 

 

 
(488
)
 
(488
)
Stock settled share-based compensation

 

 
20

 

 

 

 
20

Sale of common stock
43.7

 

 
1,135

 

 

 

 
1,135

Warrants issued

 

 
57

 

 

 

 
57

Net treasury stock issued for share-based awards

 

 
(1
)
 
2

 
1

 

 
2

Balance at June 30, 2020
291.0

 
$
3

 
$
7,307

 
$
(3,899
)
 
$
6,365

 
$
(1,259
)
 
$
8,517

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
251.2

 
$
3

 
$
6,129

 
$
(3,599
)
 
$
9,716

 
$
(718
)
 
$
11,531

Net loss

 

 

 

 
(3,331
)
 

 
(3,331
)
Other comprehensive loss

 

 

 

 

 
(541
)
 
(541
)
Stock settled share-based compensation

 

 
42

 

 

 

 
42

Sale of common stock
43.7

 

 
1,135

 

 

 

 
1,135

Repurchases of common stock
(4.4
)
 

 

 
(342
)
 

 

 
(342
)
Net treasury stock issued for share-based awards
0.5

 

 
(56
)
 
42

 
(3
)
 

 
(17
)
Warrants issued

 

 
57

 

 

 

 
57

Adoption of new accounting standard (a)

 

 

 

 
(17
)
 

 
(17
)
Balance at June 30, 2020
291.0

 
$
3

 
$
7,307

 
$
(3,899
)
 
$
6,365


$
(1,259
)
 
$
8,517

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 income

 

 

 

 

 
(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
269.9

 
$
3

 
$
6,120

 
$
(1,993
)
 
$
6,715

 
$
(803
)
 
$
10,042

Net income

 

 

 

 
1,344

 

 
1,344

Other comprehensive income

 

 

 

 

 
(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


(a) Transition adjustment due to the adoption of Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses. See Note 1 to the financial statements contained in Part I, Item 1 of this report for additional information.

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

8



UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Operating revenue:
 
 
 
 
 
 
 
Passenger revenue
$
681

 
$
10,486

 
$
7,746

 
$
19,211

Cargo
402

 
295

 
666

 
581

Other operating revenue
392

 
621

 
1,042

 
1,199

Total operating revenue
1,475

 
11,402

 
9,454

 
20,991

 
 
 
 
 
 
 
 
Operating expense:
 
 
 
 
 
 
 
Salaries and related costs
2,170

 
3,057

 
5,125

 
5,930

Aircraft fuel
240

 
2,385

 
1,966

 
4,408

Regional capacity purchase
388

 
715

 
1,125

 
1,403

Landing fees and other rent
429

 
660

 
1,052

 
1,248

Depreciation and amortization
618

 
560

 
1,233

 
1,107

Aircraft maintenance materials and outside repairs
110

 
421

 
544

 
829

Distribution expenses
31

 
442

 
326

 
802

Aircraft rent
47

 
73

 
97

 
154

Special charges (credit)
(1,449
)
 
71

 
(1,386
)
 
89

Other operating expenses
527

 
1,546

 
1,980

 
3,053

Total operating expense
3,111

 
9,930

 
12,062

 
19,023

Operating income (loss)
(1,636
)
 
1,472

 
(2,608
)
 
1,968

 
 
 
 
 
 
 
 
Nonoperating income (expense):
 
 
 
 
 
 
 
Interest expense
(196
)
 
(191
)
 
(367
)
 
(379
)
Interest capitalized
17

 
21

 
38

 
43

Interest income
11

 
38

 
37

 
67

Unrealized gains (losses) on investments, net
9

 
34

 
(310
)
 
51

Miscellaneous, net
(208
)
 
(20
)
 
(906
)
 
(28
)
Total nonoperating expense, net
(367
)
 
(118
)
 
(1,508
)
 
(246
)
Income (loss) before income taxes
(2,003
)
 
1,354

 
(4,116
)
 
1,722

Income tax expense (benefit)
(377
)
 
302

 
(786
)