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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, 2022
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/c9729a9dc6eb2dbd62a50e4111409d52-ual-20220630_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, 2022 is shown below:
United Airlines Holdings, Inc. 326,744,698 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, 2022

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,
 2022202120222021
Operating revenue: 
Passenger revenue$10,829 $4,366 $17,177 $6,682 
Cargo574 606 1,201 1,103 
Other operating revenue709 499 1,300 907 
Total operating revenue12,112 5,471 19,678 8,692 
Operating expense:
Salaries and related costs2,836 2,276 5,623 4,500 
Aircraft fuel3,811 1,232 6,041 2,083 
Landing fees and other rent668 564 1,280 1,083 
Depreciation and amortization611 620 1,222 1,243 
Regional capacity purchase567 547 1,132 1,026 
Aircraft maintenance materials and outside repairs527 302 934 571 
Distribution expenses393 139 619 224 
Aircraft rent67 52 128 107 
Special charges (credits)112 (948)104 (2,325)
Other operating expenses1,642 957 3,093 1,831 
Total operating expense11,234 5,741 20,176 10,343 
Operating income (loss)878 (270)(498)(1,651)
Nonoperating income (expense):
Interest expense(420)(426)(844)(779)
Interest capitalized22 22 46 39 
Interest income33 12 38 19 
Unrealized gains (losses) on investments, net(40)147 (40)125 
Miscellaneous, net (14)(49)5 (68)
Total nonoperating expense, net(419)(294)(795)(664)
Income (loss) before income tax expense (benefit)459 (564)(1,293)(2,315)
Income tax expense (benefit)130 (130)(245)(524)
Net income (loss)$329 $(434)$(1,048)$(1,791)
Earnings (loss) per share, basic$1.01 $(1.34)$(3.22)$(5.60)
Earnings (loss) per share, diluted$1.00 $(1.34)$(3.22)$(5.60)

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,
 2022202120222021
Net income (loss)$329 $(434)$(1,048)$(1,791)
Other comprehensive income (loss), net of tax:
Employee benefit plans4 12 9 26 
Investments and other(11) (11)(1)
Total other comprehensive income (loss), net of tax(7)12 (2)25 
Total comprehensive income (loss), net$322 $(422)$(1,050)$(1,766)


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, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$16,885 $18,283 
Short-term investments3,190 123 
Restricted cash43 37 
Receivables, less allowance for credit losses (2022 — $31; 2021 — $28)
2,217 1,663 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 — $578; 2021 — $546)
1,153 983 
Prepaid expenses and other883 745 
Total current assets24,371 21,834 
Operating property and equipment:
Flight equipment40,044 39,584 
Other property and equipment9,019 8,764 
Purchase deposits for flight equipment2,338 2,215 
Total operating property and equipment51,401 50,563 
Less — Accumulated depreciation and amortization(19,548)(18,489)
Total operating property and equipment, net31,853 32,074 
Operating lease right-of-use assets4,440 4,645 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2022 — $1,451; 2021 — $1,544)
2,782 2,803 
Restricted cash204 213 
Deferred income taxes907 659 
Investments in affiliates and other, less allowance for credit losses (2022 — $623; 2021 — $622)
1,297 1,420 
Total other assets9,717 9,622 
Total assets$70,381 $68,175 
(continued on next page)















5



UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 June 30, 2022December 31, 2021
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$3,755 $2,562 
Accrued salaries and benefits1,943 2,121 
Advance ticket sales9,931 6,354 
Frequent flyer deferred revenue2,590 2,239 
Current maturities of long-term debt3,012 3,002 
Current maturities of other financial liabilities914 834 
Current maturities of operating leases543 556 
Current maturities of finance leases78 76 
Other678 560 
Total current liabilities23,444 18,304 
Long-term debt29,175 30,361 
Long-term obligations under operating leases4,997 5,152 
Long-term obligations under finance leases205 219 
Other liabilities and deferred credits:
Frequent flyer deferred revenue3,905 4,043 
Pension liability1,934 1,920 
Postretirement benefit liability964 1,000 
Other financial liabilities 496 863 
Other1,297 1,284 
Total other liabilities and deferred credits8,596 9,110 
Commitments and contingencies
Stockholders' equity:
Preferred stock  
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 326,744,101 and 323,810,825 shares at June 30, 2022 and December 31, 2021, respectively
4 4 
Additional capital invested8,970 9,156 
Stock held in treasury, at cost(3,551)(3,814)
Retained earnings (accumulated deficit)(515)625 
Accumulated other comprehensive loss(944)(942)
Total stockholders' equity3,964 5,029 
Total liabilities and stockholders' equity$70,381 $68,175 

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,
 20222021
Cash Flows from Operating Activities:
Net cash provided by operating activities$4,167 $3,122 
Cash Flows from Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns(952)(1,305)
Purchases of short-term and other investments(3,302) 
Proceeds from sale of short-term and other investments215 184 
Proceeds from sale of property and equipment138 13 
Other, net(13)(2)
Net cash used in investing activities(3,914)(1,110)
Cash Flows from Financing Activities:
Proceeds from issuance of debt, net of discounts and fees212 11,116 
Proceeds from equity issuance 532 
Payments of long-term debt, finance leases and other financing liabilities(1,795)(4,072)
Other, net(71)(22)
Net cash provided by (used in) financing activities(1,654)7,554 
Net increase (decrease) in cash, cash equivalents and restricted cash(1,401)9,566 
Cash, cash equivalents and restricted cash at beginning of the period18,533 11,742 
Cash, cash equivalents and restricted cash at end of the period (a)$17,132 $21,308 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$ $761 
Lease modifications and lease conversions82 59 
Right-of-use assets acquired through operating leases84 214 
Equity investment interest received in exchange for aircraft42  
Notes receivable and warrants received for entering into agreements 2 139 

(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$16,885 $20,838 
Restricted cash — Current43 254 
Restricted cash — Non-Current204 216 
Total cash, cash equivalents and restricted cash $17,132 $21,308 

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 Earnings (Accumulated Deficit)Accumulated
Other Comprehensive Income (Loss)
Total
SharesAmount
Balance at March 31, 2022326.7 $4 $8,953 $(3,552)$(844)$(937)$3,624 
Net income— — — — 329 — 329 
Other comprehensive loss— — — — — (7)(7)
Stock-settled share-based compensation— — 17 — — — 17 
Stock issued for share-based awards, net of shares withheld for tax —  1  — 1 
Balance at June 30, 2022326.7 $4 $8,970 $(3,551)$(515)$(944)$3,964 
Balance at December 31, 2021323.8$4 $9,156 $(3,814)$625 $(942)$5,029 
Net loss— — — — (1,048)— (1,048)
Other comprehensive loss— — — — — (2)(2)
Stock-settled share-based compensation— — 55 — — — 55 
Stock issued for share-based awards, net of shares withheld for tax2.9 — (241)263 (92)— (70)
Balance at June 30, 2022326.7 $4 $8,970 $(3,551)$(515)$(944)$3,964 
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 


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,
 2022202120222021
Operating revenue: 
Passenger revenue$10,829 $4,366 $17,177 $6,682 
Cargo574 606 1,201 1,103 
Other operating revenue709 499 1,300 907 
Total operating revenue12,112 5,471 19,678 8,692 
Operating expense:
Salaries and related costs2,836 2,276 5,623 4,500 
Aircraft fuel3,811 1,232 6,041 2,083 
Landing fees and other rent668 564 1,280 1,083 
Depreciation and amortization611 620 1,222 1,243 
Regional capacity purchase567 547 1,132 1,026 
Aircraft maintenance materials and outside repairs527 302 934 571 
Distribution expenses393 139 619 224 
Aircraft rent67 52 128 107 
Special charges (credits)112 (948)104 (2,325)
Other operating expenses1,642 956 3,092 1,830 
Total operating expense11,234 5,740 20,175 10,342 
Operating income (loss)878 (269)(497)(1,650)
Nonoperating income (expense): 
Interest expense(420)(426)(844)(779)
Interest capitalized22 22 46 39 
Interest income33 12 38 19 
Unrealized gains (losses) on investments, net(40)147 (40)125 
Miscellaneous, net (14)(50)5 (69)
Total nonoperating expense, net(419)(295)(795)(665)
Income (loss) before income tax expense (benefit)459 (564)(1,292)(2,315)
Income tax expense (benefit)129 (130)(245)(524)
Net income (loss)$330 $(434)$(1,047)$(1,791)
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,
 2022202120222021
Net income (loss)$330 $(434)$(1,047)$(1,791)
Other comprehensive income (loss), net of tax:
Employee benefit plans4 12 926 
Investments and other(11) (11)(1)
Total other comprehensive income (loss), net of tax(7)12 (2)25 
Total comprehensive income (loss), net$323 $(422)$(1,049)$(1,766)
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, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$16,885 $18,283 
Short-term investments3,190 123 
Restricted cash43 37 
Receivables, less allowance for credit losses (2022 — $31; 2021 — $28)
2,217 1,663 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 — $578; 2021 — $546)
1,153 983 
Prepaid expenses and other883 745 
Total current assets24,371 21,834 
Operating property and equipment:
Flight equipment40,044 39,584 
Other property and equipment9,019 8,764 
Purchase deposits for flight equipment2,338 2,215 
Total operating property and equipment51,401 50,563 
Less — Accumulated depreciation and amortization(19,548)(18,489)
Total operating property and equipment, net31,853 32,074 
Operating lease right-of-use assets4,440 4,645 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2022 — $1,451; 2021 — $1,544)
2,782 2,803 
Restricted cash204 213 
Deferred income taxes878 631 
Investments in affiliates and other, less allowance for credit losses (2022 — $623; 2021 —$622)
1,297 1,420 
Total other assets9,688 9,594 
Total assets$70,352 $68,147 

(continued on next page)
11

UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 June 30, 2022December 31, 2021
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable$3,755 $2,562 
Accrued salaries and benefits1,943 2,121 
Advance ticket sales9,931 6,354 
Frequent flyer deferred revenue2,590 2,239 
Current maturities of long-term debt3,012 3,002 
Current maturities of other financial liabilities914 834 
Current maturities of operating leases543 556 
Current maturities of finance leases78 76 
Other680 563 
Total current liabilities23,446 18,307 
Long-term debt29,175 30,361 
Long-term obligations under operating leases4,997 5,152 
Long-term obligations under finance leases205 219 
Other liabilities and deferred credits:
Frequent flyer deferred revenue3,905 4,043 
Pension liability1,934 1,920 
Postretirement benefit liability964 1,000 
Other financial liabilities 496 863 
Other1,297 1,284 
Total other liabilities and deferred credits8,596 9,110 
Commitments and contingencies
Stockholder's equity:
Common stock at par, $0.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at both June 30, 2022 and December 31, 2021
  
Additional capital invested373 317 
Retained earnings1,930 2,977 
Accumulated other comprehensive loss(944)(942)
Payable to parent2,574 2,646 
Total stockholder's equity3,933 4,998 
Total liabilities and stockholder's equity$70,352 $68,147 

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





12

UNITED AIRLINES, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)
 Six Months Ended June 30,
 20222021