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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, 2022

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.
			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 Holdings, Inc.

Preferred Stock Purchase Rights

None

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 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.

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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			3
Statements of Consolidated Comprehensive Income (Loss)			4
Consolidated Balance Sheets			5
Condensed Statements of Consolidated Cash Flows			7
Statement of Consolidated Stockholders' Equity			8
United Airlines, Inc.:
Statements of Consolidated Operations			9
Statements of Consolidated Comprehensive Income (Loss)			10
Consolidated Balance Sheets			11
Condensed Statements of Consolidated Cash Flows			13
Statement of Consolidated Stockholder's Equity			14
Combined Notes to Condensed Consolidated Financial Statements (United Airlines Holdings, Inc. and United Airlines, Inc.)			15
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			24
Item 3. Quantitative and Qualitative Disclosures About Market Risk			38
Item 4. Controls and Procedures			38
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			38
Item 1A. Risk Factors			38
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			38
Item 6. Exhibits			39
Exhibit Index			39
Signatures			40

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Table of Contents

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,
			2022						2021						2022						2021
Operating revenue:
Passenger revenue			$	10,829					$	4,366					$	17,177					$	6,682
Cargo			574						606						1,201						1,103
Other operating revenue			709						499						1,300						907
Total operating revenue			12,112						5,471						19,678						8,692
Operating expense:
Salaries and related costs			2,836						2,276						5,623						4,500
Aircraft fuel			3,811						1,232						6,041						2,083
Landing fees and other rent			668						564						1,280						1,083
Depreciation and amortization			611						620						1,222						1,243
Regional capacity purchase			567						547						1,132						1,026
Aircraft maintenance materials and outside repairs			527						302						934						571
Distribution expenses			393						139						619						224
Aircraft rent			67						52						128						107
Special charges (credits)			112						(948)						104						(2,325)
Other operating expenses			1,642						957						3,093						1,831
Total operating expense			11,234						5,741						20,176						10,343
Operating income (loss)			878						(270)						(498)						(1,651)
Nonoperating income (expense):
Interest expense			(420)						(426)						(844)						(779)
Interest capitalized			22						22						46						39
Interest income			33						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.

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UNITED AIRLINES HOLDINGS, INC.

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(In millions)

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Net income (loss)			$	329					$	(434)					$	(1,048)					$	(1,791)
Other comprehensive income (loss), net of tax:
Employee benefit plans			4						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.

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UNITED AIRLINES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In millions, except shares)

 

			June 30, 2022						December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents			$	16,885					$	18,283
Short-term investments			3,190						123
Restricted cash			43						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 other			883						745
Total current assets			24,371						21,834
Operating property and equipment:
Flight equipment			40,044						39,584
Other property and equipment			9,019						8,764
Purchase deposits for flight equipment			2,338						2,215
Total operating property and equipment			51,401						50,563
Less — Accumulated depreciation and amortization			(19,548)						(18,489)
Total operating property and equipment, net			31,853						32,074
Operating lease right-of-use assets			4,440						4,645
Other assets:
Goodwill			4,527						4,527
Intangibles, less accumulated amortization (2022 — $1,451; 2021 — $1,544)			2,782						2,803
Restricted cash			204						213
Deferred income taxes			907						659
Investments in affiliates and other, less allowance for credit losses (2022 — $623; 2021 — $622)			1,297						1,420
Total other assets			9,717						9,622
Total assets			$	70,381					$	68,175

(continued on next page)

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UNITED AIRLINES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In millions, except shares)

			June 30, 2022						December 31, 2021
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable			$	3,755					$	2,562
Accrued salaries and benefits			1,943						2,121
Advance ticket sales			9,931						6,354
Frequent flyer deferred revenue			2,590						2,239
Current maturities of long-term debt			3,012						3,002
Current maturities of other financial liabilities			914						834
Current maturities of operating leases			543						556
Current maturities of finance leases			78						76
Other			678						560
Total current liabilities			23,444						18,304
Long-term debt			29,175						30,361
Long-term obligations under operating leases			4,997						5,152
Long-term obligations under finance leases			205						219
Other liabilities and deferred credits:
Frequent flyer deferred revenue			3,905						4,043
Pension liability			1,934						1,920
Postretirement benefit liability			964						1,000
Other financial liabilities			496						863
Other			1,297						1,284
Total other liabilities and deferred credits			8,596						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 invested			8,970						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' equity			3,964						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.

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UNITED AIRLINES HOLDINGS, INC.

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)

(In millions)

			Six Months Ended June 30,
			2022						2021
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 investments			215						184
Proceeds from sale of property and equipment			138						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 fees			212						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 period			18,533						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 conversions			82						59
Right-of-use assets acquired through operating leases			84						214
Equity investment interest received in exchange for aircraft			42						—
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 — Current			43						254
Restricted cash — Non-Current			204						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.

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UNITED AIRLINES HOLDINGS, INC.

STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED)

(In millions)

			Common Stock												Additional Capital Invested						Treasury Stock						Retained Earnings (Accumulated Deficit)						Accumulated Other Comprehensive Income (Loss)						Total
			Shares						Amount
Balance at March 31, 2022			326.7						$	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, 2022			326.7						$	4					$	8,970					$	(3,551)					$	(515)					$	(944)					$	3,964
Balance at December 31, 2021			323.8						$	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 tax			2.9						—						(241)						263						(92)						—						(70)
Balance at June 30, 2022			326.7						$	4					$	8,970					$	(3,551)					$	(515)					$	(944)					$	3,964
Balance at March 31, 2021			323.6						$	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, 2021			323.6						$	4					$	9,042					$	(3,832)					$	804					$	(1,114)					$	4,904
Balance at December 31, 2020			311.8						$	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 stock			11.0						—						532						—						—						—						532
Warrants issued			—						—						99						—						—						—						99
Stock issued for share-based awards, net of shares withheld for tax			0.8						—						(55)						65						(31)						—						(21)
Balance at June 30, 2021			323.6						$	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.

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UNITED AIRLINES, INC.

STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)

(In millions)

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Operating revenue:
Passenger revenue			$	10,829					$	4,366					$	17,177					$	6,682
Cargo			574						606						1,201						1,103
Other operating revenue			709						499						1,300						907
Total operating revenue			12,112						5,471						19,678						8,692
Operating expense:
Salaries and related costs			2,836						2,276						5,623						4,500
Aircraft fuel			3,811						1,232						6,041						2,083
Landing fees and other rent			668						564						1,280						1,083
Depreciation and amortization			611						620						1,222						1,243
Regional capacity purchase			567						547						1,132						1,026
Aircraft maintenance materials and outside repairs			527						302						934						571
Distribution expenses			393						139						619						224
Aircraft rent			67						52						128						107
Special charges (credits)			112						(948)						104						(2,325)
Other operating expenses			1,642						956						3,092						1,830
Total operating expense			11,234						5,740						20,175						10,342
Operating income (loss)			878						(269)						(497)						(1,650)
Nonoperating income (expense):
Interest expense			(420)						(426)						(844)						(779)
Interest capitalized			22						22						46						39
Interest income			33						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.

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UNITED AIRLINES, INC.

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(In millions)

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Net income (loss)			$	330					$	(434)					$	(1,047)					$	(1,791)
Other comprehensive income (loss), net of tax:
Employee benefit plans			4						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			$	323					$	(422)					$	(1,049)					$	(1,766)

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

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UNITED AIRLINES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In millions, except shares)

 

			June 30, 2022						December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents			$	16,885					$	18,283
Short-term investments			3,190						123
Restricted cash			43						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 other			883						745
Total current assets			24,371						21,834
Operating property and equipment:
Flight equipment			40,044						39,584
Other property and equipment			9,019						8,764
Purchase deposits for flight equipment			2,338						2,215
Total operating property and equipment			51,401						50,563
Less — Accumulated depreciation and amortization			(19,548)						(18,489)
Total operating property and equipment, net			31,853						32,074
Operating lease right-of-use assets			4,440						4,645
Other assets:
Goodwill			4,527						4,527
Intangibles, less accumulated amortization (2022 — $1,451; 2021 — $1,544)			2,782						2,803
Restricted cash			204						213
Deferred income taxes			878						631
Investments in affiliates and other, less allowance for credit losses (2022 — $623; 2021 —$622)			1,297						1,420
Total other assets			9,688						9,594
Total assets			$	70,352					$	68,147

(continued on next page)

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UNITED AIRLINES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In millions, except shares)

 

			June 30, 2022						December 31, 2021
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable			$	3,755					$	2,562
Accrued salaries and benefits			1,943						2,121
Advance ticket sales			9,931						6,354
Frequent flyer deferred revenue			2,590						2,239
Current maturities of long-term debt			3,012						3,002
Current maturities of other financial liabilities			914						834
Current maturities of operating leases			543						556
Current maturities of finance leases			78						76
Other			680						563
Total current liabilities			23,446						18,307
Long-term debt			29,175						30,361
Long-term obligations under operating leases			4,997						5,152
Long-term obligations under finance leases			205						219
Other liabilities and deferred credits:
Frequent flyer deferred revenue			3,905						4,043
Pension liability			1,934						1,920
Postretirement benefit liability			964						1,000
Other financial liabilities			496						863
Other			1,297						1,284
Total other liabilities and deferred credits			8,596						9,110
Commitments and contingencies
Stockholder's equity:
Common stock at par, $