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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 September 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/78e4f065e5b2dbd8372f98a7a7254332-ual-20210930_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 October 14, 2021 is shown below:
United Airlines Holdings, Inc. 323,806,517 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 September 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 September 30,Nine Months Ended
 September 30,
 2021202020212020
Operating revenue: 
Passenger revenue$6,637 $1,649 $13,319 $9,395 
Cargo519 422 1,622 1,088 
Other operating revenue594 418 1,501 1,460 
Total operating revenue7,750 2,489 16,442 11,943 
Operating expense:
Salaries and related costs2,487 2,229 6,987 7,354 
Aircraft fuel1,710 508 3,793 2,474 
Depreciation and amortization623 626 1,866 1,859 
Landing fees and other rent652 500 1,735 1,552 
Regional capacity purchase520 425 1,546 1,550 
Aircraft maintenance materials and outside repairs346 115 917 659 
Distribution expenses218 53 442 379 
Aircraft rent58 50 165 147 
Special charges (credits)(1,098)(1,081)(3,423)(2,467)
Other operating expenses1,197 679 3,028 2,660 
Total operating expense6,713 4,104 17,056 16,167 
Operating income (loss)1,037 (1,615)(614)(4,224)
Nonoperating income (expense):
Interest expense(449)(345)(1,228)(712)
Interest capitalized18 16 57 54 
Interest income11 8 30 45 
Unrealized gains (losses) on investments, net(34)15 91 (295)
Miscellaneous, net 20 (411)(48)(1,317)
Total nonoperating expense, net(434)(717)(1,098)(2,225)
Income (loss) before income taxes603 (2,332)(1,712)(6,449)
Income tax expense (benefit)130 (491)(394)(1,277)
Net income (loss)$473 $(1,841)$(1,318)$(5,172)
Earnings (loss) per share, basic$1.46 $(6.33)$(4.10)$(18.91)
Earnings (loss) per share, diluted$1.44 $(6.33)$(4.10)$(18.91)

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 September 30,Nine Months Ended
 September 30,
 2021202020212020
Net income (loss)$473 $(1,841)$(1,318)$(5,172)
Other comprehensive income (loss), net of tax:
Employee benefit plans(9)250 17 (292)
Investments and other(1) (2)1 
Total other comprehensive income (loss), net of tax(10)250 15 (291)
Total comprehensive income (loss), net$463 $(1,591)$(1,303)$(5,463)


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)
 
 September 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$19,256 $11,269 
Short-term investments166 414 
Restricted cash254 255 
Receivables, less allowance for credit losses (2021 — $70; 2020 — $78)
1,709 1,295 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2021 — $532; 2020 — $478)
955 932 
Prepaid expenses and other717 635 
Total current assets23,057 14,800 
Operating property and equipment:
Flight equipment39,312 38,218 
Other property and equipment8,633 8,511 
Purchase deposits for flight equipment2,179 1,166 
Total operating property and equipment50,124 47,895 
Less — Accumulated depreciation and amortization(17,996)(16,429)
Total operating property and equipment, net32,128 31,466 
Operating lease right-of-use assets4,697 4,537 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2021 — $1,532; 2020 — $1,495)
2,815 2,838 
Restricted cash215 218 
Deferred income taxes519 131 
Investments in affiliates and other, less allowance for credit losses (2021 — $611; 2020 — $522)
1,336 1,031 
Total other assets9,412 8,745 
Total assets$69,294 $59,548 
(continued on next page)















5



UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 September 30, 2021December 31, 2020
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$2,199 $1,595 
Accrued salaries and benefits2,207 1,960 
Advance ticket sales6,363 4,833 
Frequent flyer deferred revenue2,129 908 
Current maturities of long-term debt2,269 1,911 
Current maturities of operating leases569 612 
Current maturities of finance leases116 182 
Other1,083 724 
Total current liabilities16,935 12,725 
Long-term debt31,520 24,836 
Long-term obligations under operating leases5,163 4,986 
Long-term obligations under finance leases250 224 
Other liabilities and deferred credits:
Frequent flyer deferred revenue4,088 5,067 
Pension liability2,180 2,460 
Postretirement benefit liability961 994 
Other financial liabilities from sale-leasebacks1,406 1,140 
Other1,360 1,156 
Total other liabilities and deferred credits9,995 10,817 
Commitments and contingencies
Stockholders' equity:
Preferred stock  
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 323,806,610 and 311,845,232 shares at September 30, 2021 and December 31, 2020, respectively
4 4 
Additional capital invested9,094 8,366 
Stock held in treasury, at cost(3,814)(3,897)
Retained earnings1,271 2,626 
Accumulated other comprehensive loss(1,124)(1,139)
Total stockholders' equity5,431 5,960 
Total liabilities and stockholders' equity$69,294 $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)
 Nine Months Ended
 September 30,
 20212020
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities$2,336 $(1,956)
Cash Flows from Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns(1,571)(1,630)
Purchases of short-term and other investments(47)(552)
Proceeds from sale of short-term and other investments271 2,182 
Other, net23 10 
Net cash provided by (used in) investing activities(1,324)10 
Cash Flows from Financing Activities:
Proceeds from issuance of debt, net of discounts and fees11,098 12,730 
Proceeds from equity issuance532 1,135 
Payments of long-term debt, finance leases and other financing liabilities(4,632)(1,017)
Repurchases of common stock (353)
Other, net(27)(19)
Net cash provided by financing activities6,971 12,476 
Net increase in cash, cash equivalents and restricted cash7,983 10,530 
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)$19,725 $13,398 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$801 $1,513 
Lease modifications and lease conversions111 503 
Right-of-use assets acquired through operating leases627 64 
Notes receivable and warrants received for entering into aircraft and other ancillary business agreements
129  

(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$19,256 $13,150 
Restricted cash — Current254 76 
Restricted cash — Non-Current215 172 
Total cash, cash equivalents and restricted cash $19,725 $13,398 

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 June 30, 2021323.6 $4 $9,042 $(3,832)$804 $(1,114)$4,904 
Net income— — — — 473 — 473 
Other comprehensive loss— — — — — (10)(10)
Stock-settled share-based compensation— — 69 — — — 69 
Stock issued for share-based awards, net of shares withheld for tax0.2 — (17)18 (6)— (5)
Balance at September 30, 2021323.8 $4 $9,094 $(3,814)$1,271 $(1,124)$5,431 
Balance at December 31, 2020311.8$4 $8,366 $(3,897)$2,626 $(1,139)$5,960 
Net loss— — — — (1,318)— (1,318)
Other comprehensive income— — — — — 15 15 
Stock-settled share-based compensation— — 169 — — — 169 
Issuance of common stock11.0 — 532 — — — 532 
Warrants issued— — 99 — — — 99 
Stock issued for share-based awards, net of shares withheld for tax1.0 — (72)83 (37)— (26)
Balance at September 30, 2021323.8 $4 $9,094 $(3,814)$1,271 $(1,124)$5,431 
Balance at June 30, 2020291.0 $3 $7,307 $(3,899)$6,365 $(1,259)$8,517 
Net loss— — — — (1,841)— (1,841)
Other comprehensive income— — — — — 250 250 
Stock-settled share-based compensation— — 38 — — — 38 
Warrants issued— — 40 — — — 40 
Stock issued for share-based awards, net of shares withheld for tax— — (2)1  — (1)
Balance at September 30, 2020291.0 $3 $7,383 $(3,898)$4,524 $(1,009)$7,003 
Balance at December 31, 2019251.2 $3 $6,129 $(3,599)$9,716 $(718)$11,531 
Net loss— — — — (5,172)— (5,172)
Other comprehensive loss— — — — — (291)(291)
Stock-settled share-based compensation— — 80 — — — 80 
Issuance of common stock43.7 — 1,135 — — — 1,135 
Repurchases of common stock(4.4)— — (342)— — (342)
Stock issued for share-based awards, net of shares withheld for tax0.5 — (58)43 (3)— (18)
Warrants issued— — 97 — — — 97 
Adoption of new accounting standard (a)— — — — (17)— (17)
Balance at September 30, 2020291.0 $3 $7,383 $(3,898)$4,524 $(1,009)$7,003 

(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 September 30,Nine Months Ended
 September 30,
 2021202020212020
Operating revenue: 
Passenger revenue$6,637 $1,649 $13,319 $9,395 
Cargo519 422 1,622 1,088 
Other operating revenue594 418 1,501 1,460 
Total operating revenue7,750 2,489 16,442 11,943 
Operating expense:
Salaries and related costs2,487 2,229 6,987 7,354 
Aircraft fuel1,710 508 3,793 2,474 
Depreciation and amortization623 626 1,866 1,859 
Landing fees and other rent652 500 1,735 1,552 
Regional capacity purchase520 425 1,546 1,550 
Aircraft maintenance materials and outside repairs346 115 917 659 
Distribution expenses218 53 442 379 
Aircraft rent58 50 165 147 
Special charges (credits)(1,098)(1,081)(3,423)(2,467)
Other operating expenses1,197 679 3,027 2,659 
Total operating expense6,713 4,104 17,055 16,166 
Operating income (loss)1,037 (1,615)(613)(4,223)
Nonoperating income (expense): 
Interest expense(449)(345)(1,228)(712)
Interest capitalized18 16 57 54 
Interest income11 8 30 45 
Unrealized gains (losses) on investments, net(34)15 91 (295)
Miscellaneous, net 21 (411)(48)(1,317)
Total nonoperating expense, net(433)(717)(1,098)(2,225)
Income (loss) before income taxes604 (2,332)(1,711)(6,448)
Income tax expense (benefit)130 (491)(394)(1,277)
Net income (loss)$474 $(1,841)$(1,317)$(5,171)
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 September 30,Nine Months Ended
 September 30,
 2021202020212020
Net income (loss)$474 $(1,841)$(1,317)$(5,171)
Other comprehensive income (loss), net of tax:
Employee benefit plans(9)250 17 (292)
Investments and other(1) (2)1 
Total other comprehensive income (loss), net of tax(10)250 15 (291)
Total comprehensive income (loss), net$464 $(1,591)$(1,302)$(5,462)
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)
 
 September 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$19,256 $11,269 
Short-term investments166 414 
Restricted cash254 255 
Receivables, less allowance for credit losses (2021 — $70; 2020 — $78)
1,709 1,295 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2021 — $532; 2020 — $478)
955 932 
Prepaid expenses and other717 635 
Total current assets23,057 14,800 
Operating property and equipment:
Flight equipment39,312 38,218 
Other property and equipment8,633 8,511 
Purchase deposits for flight equipment2,179 1,166 
Total operating property and equipment50,124 47,895 
Less — Accumulated depreciation and amortization(17,996)(16,429)
Total operating property and equipment, net32,128 31,466 
Operating lease right-of-use assets4,697 4,537 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2021 — $1,532; 2020 — $1,495)
2,815 2,838 
Restricted cash215 218 
Deferred income taxes491 103 
Investments in affiliates and other, less allowance for credit losses (2021 — $611; 2020 — $522)
1,336 1,031 
Total other assets9,384 8,717 
Total assets$69,266 $59,520 

(continued on next page)

11

UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 September 30, 2021December 31, 2020
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable$2,199 $1,595