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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-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, 2021
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/02c847de5b63b1538cac1a534a7e36d8-ual-20210630_g1.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.
001-06033United Airlines Holdings, Inc.Delaware36-2675207
233 South Wacker Drive,Chicago,Illinois60606
(872) 825-4000
001-10323United Airlines, Inc.Delaware74-2099724
233 South Wacker Drive, Chicago,Illinois60606
(872)825-4000
Securities registered pursuant to Section 12(b) of the Act
RegistrantTitle of Each ClassTrading SymbolName of Each Exchange on Which Registered
United Airlines Holdings, Inc.Common Stock, $0.01 par valueUALThe Nasdaq Stock Market LLC
United Airlines Holdings, Inc.Preferred Stock Purchase RightsNoneThe Nasdaq Stock Market LLC
United Airlines, Inc.NoneNoneNone
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.YesNoUnited Airlines, Inc.YesNo
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.YesNoUnited Airlines, Inc.YesNo
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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
United Airlines, Inc.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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.YesNo
United Airlines, Inc.YesNo
The number of shares outstanding of each of the issuer's classes of common stock as of July 14, 2021 is shown below:
United Airlines Holdings, Inc. 323,612,861 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, 2021

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,
 2021202020212020
Operating revenue: 
Passenger revenue$4,366 $681 $6,682 $7,746 
Cargo606 402 1,103 666 
Other operating revenue499 392 907 1,042 
Total operating revenue5,471 1,475 8,692 9,454 
Operating expense:
Salaries and related costs2,276 2,170 4,500 5,125 
Aircraft fuel1,232 240 2,083 1,966 
Depreciation and amortization620 618 1,243 1,233 
Landing fees and other rent564 429 1,083 1,052 
Regional capacity purchase547 388 1,026 1,125 
Aircraft maintenance materials and outside repairs302 110 571 544 
Distribution expenses139 31 224 326 
Aircraft rent52 47 107 97 
Special charges (credits)(948)(1,449)(2,325)(1,386)
Other operating expenses957 528 1,831 1,981 
Total operating expense5,741 3,112 10,343 12,063 
Operating loss(270)(1,637)(1,651)(2,609)
Nonoperating income (expense):
Interest expense(426)(196)(779)(367)
Interest capitalized22 17 39 38 
Interest income12 11 19 37 
Unrealized gains (losses) on investments, net147 9 125 (310)
Miscellaneous, net (49)(207)(68)(906)
Total nonoperating expense, net(294)(366)(664)(1,508)
Loss before income tax benefit(564)(2,003)(2,315)(4,117)
Income tax benefit(130)(376)(524)(786)
Net loss$(434)$(1,627)$(1,791)$(3,331)
Loss per share, basic and diluted$(1.34)$(5.79)$(5.60)$(12.59)


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,
 2021202020212020
Net loss$(434)$(1,627)$(1,791)$(3,331)
Other comprehensive income (loss), net of tax:
Employee benefit plans12 (501)26 (542)
Investments and other 13 (1)1 
Total other comprehensive income (loss), net of tax12 (488)25 (541)
Total comprehensive loss, net$(422)$(2,115)$(1,766)$(3,872)


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, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$20,838 $11,269 
Short-term investments230 414 
Restricted cash254 255 
Receivables, less allowance for credit losses (2021 — $71; 2020 — $78)
1,793 1,295 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2021 — $518; 2020 — $478)
912 932 
Prepaid expenses and other646 635 
Total current assets24,673 14,800 
Operating property and equipment:
Flight equipment39,109 38,218 
Other property and equipment8,683 8,511 
Purchase deposits for flight equipment1,980 1,166 
Total operating property and equipment49,772 47,895 
Less — Accumulated depreciation and amortization(17,441)(16,429)
Total operating property and equipment, net32,331 31,466 
Operating lease right-of-use assets4,421 4,537 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2021 — $1,519; 2020 — $1,495)
2,827 2,838 
Restricted cash216 218 
Deferred income taxes647 131 
Investments in affiliates and other, less allowance for credit losses (2021 — $606; 2020 — $522)
1,407 1,031 
Total other assets9,624 8,745 
Total assets$71,049 $59,548 
(continued on next page)















5



UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 June 30, 2021December 31, 2020
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$2,218 $1,595 
Accrued salaries and benefits2,228 1,960 
Advance ticket sales6,960 4,833 
Frequent flyer deferred revenue2,099 908 
Current maturities of long-term debt1,881 1,911 
Current maturities of operating leases583 612 
Current maturities of finance leases144 182 
Payroll Support Program deferred credit1,132  
Other819 724 
Total current liabilities18,064 12,725 
Long-term debt32,303 24,836 
Long-term obligations under operating leases4,920 4,986 
Long-term obligations under finance leases250 224 
Other liabilities and deferred credits:
Frequent flyer deferred revenue4,086 5,067 
Pension liability2,501 2,460 
Postretirement benefit liability988 994 
Other financial liabilities from sale-leasebacks1,683 1,140 
Other1,350 1,156 
Total other liabilities and deferred credits10,608 10,817 
Commitments and contingencies
Stockholders' equity:
Preferred stock  
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 323,610,765 and 311,845,232 shares at June 30, 2021 and December 31, 2020, respectively
4 4 
Additional capital invested9,042 8,366 
Stock held in treasury, at cost(3,832)(3,897)
Retained earnings804 2,626 
Accumulated other comprehensive loss(1,114)(1,139)
Total stockholders' equity4,904 5,960 
Total liabilities and stockholders' equity$71,049 $59,548 

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,
 20212020
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities$3,122 $(67)
Cash Flows from Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns(1,305)(1,998)
Purchases of short-term investments (550)
Proceeds from sale of short-term investments184 1,774 
Other, net11 14 
Net cash used in investing activities(1,110)(760)
Cash Flows from Financing Activities:
Proceeds from issuance of debt, net of discounts and fees11,116 4,371 
Proceeds from equity issuance532 1,135 
Payments of long-term debt, finance leases and other financing liabilities(4,072)(564)
Repurchases of common stock (353)
Other, net(22)(18)
Net cash provided by financing activities7,554 4,571 
Net increase in cash, cash equivalents and restricted cash9,566 3,744 
Cash, cash equivalents and restricted cash at beginning of the period11,742 2,868 
Cash, cash equivalents and restricted cash at end of the period (a)$21,308 $6,612 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$761 $626 
Lease modifications and lease conversions59 470 
Right-of-use assets acquired through operating leases214 48 
Notes receivable and warrants received for entering into agreements
139  

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
Current assets:
Cash and cash equivalents$20,838 $6,505 
Restricted cash — Current254 34 
Restricted cash — Non-Current216 73 
Total cash, cash equivalents and restricted cash $21,308 $6,612 

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 StockRetained EarningsAccumulated
Other Comprehensive Income (Loss)
Total
SharesAmount
Balance at March 31, 2021323.6 $4 $8,923 $(3,834)$1,239 $(1,126)$5,206 
Net loss— — — — (434)— (434)
Other comprehensive income— — — — — 12 12 
Stock settled share-based compensation— — 68 — — — 68 
Warrants issued— — 52 — — — 52 
Stock issued for share-based awards, net of shares withheld for tax— — (1)2 (1)—  
Balance at June 30, 2021323.6 $4 $9,042 $(3,832)$804 $(1,114)$4,904 
Balance at December 31, 2020311.8$4 $8,366 $(3,897)$2,626 $(1,139)$5,960 
Net loss— — — — (1,791)— (1,791)
Other comprehensive income— — — — — 25 25 
Stock settled share-based compensation— — 100 — — — 100 
Issuance of common stock11.0 — 532 — — — 532 
Warrants issued— — 99 — — — 99 
Stock issued for share-based awards, net of shares withheld for tax0.8 — (55)65 (31)— (21)
Balance at June 30, 2021323.6 $4 $9,042 $(3,832)$804 $(1,114)$4,904 
Balance at March 31, 2020247.3 $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 
Issuance of common stock43.7 — 1,135 — — — 1,135 
Warrants issued— — 57 — — — 57 
Stock issued for share-based awards, net of shares withheld for tax— — (1)2 1 — 2 
Balance at June 30, 2020291.0 $3 $7,307 $(3,899)$6,365 $(1,259)$8,517 
Balance at December 31, 2019251.2 $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 
Issuance of common stock43.7 — 1,135 — — — 1,135 
Repurchases of common stock(4.4)— — (342)— — (342)
Warrants issued— — 57 — — — 57 
Stock issued for share-based awards, net of shares withheld for tax0.5 — (56)42 (3)— (17)
Adoption of new accounting standard (a)— — — — (17)— (17)
Balance at June 30, 2020291.0 $3 $7,307 $(3,899)$6,365 $(1,259)$8,517 

(a) Transition adjustment due to the adoption of Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses.

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,
 2021202020212020
Operating revenue: 
Passenger revenue$4,366 $681 $6,682 $7,746 
Cargo606 402 1,103 666 
Other operating revenue499 392 907 1,042 
Total operating revenue5,471 1,475 8,692 9,454 
Operating expense:
Salaries and related costs2,276 2,170 4,500 5,125 
Aircraft fuel1,232 240 2,083 1,966 
Depreciation and amortization620 618 1,243 1,233 
Landing fees and other rent564 429 1,083 1,052 
Regional capacity purchase547 388 1,026 1,125 
Aircraft maintenance materials and outside repairs302 110 571 544 
Distribution expenses139 31 224 326 
Aircraft rent52 47 107 97 
Special charges (credits)(948)(1,449)(2,325)(1,386)
Other operating expenses956 527 1,830 1,980 
Total operating expense5,740 3,111 10,342 12,062 
Operating loss(269)(1,636)(1,650)(2,608)
Nonoperating income (expense): 
Interest expense(426)(196)(779)(367)
Interest capitalized22 17 39 38 
Interest income12 11 19 37 
Unrealized losses on investments, net147 9 125 (310)
Miscellaneous, net (50)(208)(69)(906)
Total nonoperating expense, net(295)(367)(665)(1,508)
Loss before income tax benefit(564)(2,003)(2,315)(4,116)
Income tax benefit(130)(377)(524)(786)
Net loss$(434)$(1,626)$(1,791)$(3,330)
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.



9

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

 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Net loss$(434)$(1,626)$(1,791)$(3,330)
Other comprehensive income (loss), net of tax:
Employee benefit plans12 (501)26 (542)
Investments and other 13 (1)1 
Total other comprehensive income (loss), net of tax12 (488)25 (541)
Total comprehensive loss, net$(422)$(2,114)$(1,766)$(3,871)
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

10

UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 June 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$20,838 $11,269 
Short-term investments230 414 
Restricted cash254 255 
Receivables, less allowance for credit losses (2021 — $71; 2020 — $78)
1,793 1,295 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2021 — $518; 2020 — $478)
912 932 
Prepaid expenses and other646 635 
Total current assets24,673 14,800 
Operating property and equipment:
Flight equipment39,109 38,218 
Other property and equipment8,683 8,511 
Purchase deposits for flight equipment1,980 1,166 
Total operating property and equipment49,772 47,895 
Less — Accumulated depreciation and amortization(17,441)(16,429)
Total operating property and equipment, net32,331 31,466 
Operating lease right-of-use assets4,421 4,537 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2021 — $1,519; 2020 — $1,495)
2,827 2,838 
Restricted cash216 218 
Deferred income taxes619 103 
Investments in affiliates and other, less allowance for credit losses (2021 — $606; 2020 — $522)
1,407