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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, 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/bfd05e8c538d764bcbc3153e1111e7fc-ual-20220930_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 13, 2022 is shown below:
United Airlines Holdings, Inc. 326,927,831 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, 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 September 30,Nine Months Ended
September 30,
 2022202120222021
Operating revenue: 
Passenger revenue$11,653 $6,637 $28,830 $13,319 
Cargo498 519 1,699 1,622 
Other operating revenue726 594 2,026 1,501 
Total operating revenue12,877 7,750 32,555 16,442 
Operating expense:
Aircraft fuel3,755 1,710 9,796 3,793 
Salaries and related costs2,843 2,487 8,466 6,987 
Landing fees and other rent639 652 1,919 1,735 
Aircraft maintenance materials and outside repairs619 346 1,553 917 
Depreciation and amortization610 623 1,832 1,866 
Regional capacity purchase596 520 1,728 1,546 
Distribution expenses482 218 1,101 442 
Aircraft rent65 58 193 165 
Special charges (credits)20 (1,098)124 (3,423)
Other operating expenses1,790 1,197 4,883 3,028 
Total operating expense11,419 6,713 31,595 17,056 
Operating income (loss)1,458 1,037 960 (614)
Nonoperating income (expense):
Interest expense(455)(449)(1,299)(1,228)
Interest capitalized27 18 73 57 
Interest income104 11 142 30 
Unrealized gains (losses) on investments, net28 (34)(12)91 
Miscellaneous, net (9)20 (4)(48)
Total nonoperating expense, net(305)(434)(1,100)(1,098)
Income (loss) before income tax expense (benefit)1,153 603 (140)(1,712)
Income tax expense (benefit)211 130 (34)(394)
Net income (loss)$942 $473 $(106)$(1,318)
Earnings (loss) per share, basic$2.88 $1.46 $(0.33)$(4.10)
Earnings (loss) per share, diluted$2.86 $1.44 $(0.33)$(4.10)

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,
 2022202120222021
Net income (loss)$942 $473 $(106)$(1,318)
Other comprehensive income (loss), net of tax:
Employee benefit plans (9)9 17 
Investments and other(20)(1)(31)(2)
Total other comprehensive income (loss), net of tax(20)(10)(22)15 
Total comprehensive income (loss), net$922 $463 $(128)$(1,303)


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, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$11,258 $18,283 
Short-term investments7,437 123 
Restricted cash61 37 
Receivables, less allowance for credit losses (2022 — $28; 2021 — $28)
2,034 1,663 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 — $595; 2021 — $546)
1,116 983 
Prepaid expenses and other783 745 
Total current assets22,689 21,834 
Operating property and equipment:
Flight equipment40,867 39,584 
Other property and equipment9,195 8,764 
Purchase deposits for flight equipment2,532 2,215 
Total operating property and equipment52,594 50,563 
Less — Accumulated depreciation and amortization(20,088)(18,489)
Total operating property and equipment, net32,506 32,074 
Operating lease right-of-use assets4,280 4,645 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2022 — $1,462; 2021 — $1,544)
2,772 2,803 
Restricted cash208 213 
Deferred income taxes701 659 
Investments in affiliates and other, less allowance for credit losses (2022 — $695; 2021 — $622)
1,285 1,420 
Total other assets9,493 9,622 
Total assets$68,968 $68,175 
(continued on next page)















5



UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 September 30, 2022December 31, 2021
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$3,534 $2,562 
Accrued salaries and benefits1,841 2,121 
Advance ticket sales8,747 6,354 
Frequent flyer deferred revenue2,642 2,239 
Current maturities of long-term debt2,955 3,002 
Current maturities of other financial liabilities906 834 
Current maturities of operating leases546 556 
Current maturities of finance leases72 76 
Other746 560 
Total current liabilities21,989 18,304 
Long-term debt28,490 30,361 
Long-term obligations under operating leases4,803 5,152 
Long-term obligations under finance leases112 219 
Other liabilities and deferred credits:
Frequent flyer deferred revenue3,936 4,043 
Pension liability1,948 1,920 
Postretirement benefit liability946 1,000 
Other financial liabilities 492 863 
Other1,354 1,284 
Total other liabilities and deferred credits8,676 9,110 
Commitments and contingencies
Stockholders' equity:
Preferred stock  
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 326,926,963 and 323,810,825 shares at September 30, 2022 and December 31, 2021, respectively
4 4 
Additional capital invested8,970 9,156 
Stock held in treasury, at cost(3,533)(3,814)
Retained earnings421 625 
Accumulated other comprehensive loss(964)(942)
Total stockholders' equity4,898 5,029 
Total liabilities and stockholders' equity$68,968 $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)
 Nine Months Ended
September 30,
 20222021
Cash Flows from Operating Activities:
Net cash provided by operating activities$4,908 $2,336 
Cash Flows from Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns(2,280)(1,571)
Purchases of short-term and other investments(8,384)(47)
Proceeds from sale of short-term and other investments1,061 271 
Proceeds from sale of property and equipment184 25 
Other, net(23)(2)
Net cash used in investing activities(9,442)(1,324)
Cash Flows from Financing Activities:
Proceeds from issuance of debt, net of discounts and fees210 11,098 
Proceeds from equity issuance 532 
Payments of long-term debt, finance leases and other financing liabilities(2,605)(4,632)
Other, net(77)(27)
Net cash provided by (used in) financing activities(2,472)6,971 
Net increase (decrease) in cash, cash equivalents and restricted cash(7,006)7,983 
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)$11,527 $19,725 
Investing and Financing Activities Not Affecting Cash:
Property and equipment acquired through the issuance of debt, finance leases and other$ $801 
Lease modifications and lease conversions61 111 
Right-of-use assets acquired through operating leases98 627 
Investment interests received in exchange for goods and services93 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$11,258 $19,256 
Restricted cash — Current61 254 
Restricted cash — Non-Current208 215 
Total cash, cash equivalents and restricted cash $11,527 $19,725 

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 June 30, 2022326.7 $4 $8,970 $(3,551)$(515)$(944)$3,964 
Net income— — — — 942 — 942 
Other comprehensive loss— — — — — (20)(20)
Stock-settled share-based compensation— — 15 — — — 15 
Stock issued for share-based awards, net of shares withheld for tax0.2 — (15)18 (6)— (3)
Balance at September 30, 2022326.9 $4 $8,970 $(3,533)$421 $(964)$4,898 
Balance at December 31, 2021323.8$4 $9,156 $(3,814)$625 $(942)$5,029 
Net loss— — — — (106)— (106)
Other comprehensive loss— — — — — (22)(22)
Stock-settled share-based compensation— — 70 — — — 70 
Stock issued for share-based awards, net of shares withheld for tax3.1 — (256)281 (98)— (73)
Balance at September 30, 2022326.9 $4 $8,970 $(3,533)$421 $(964)$4,898 
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 


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,
 2022202120222021
Operating revenue: 
Passenger revenue$11,653 $6,637 $28,830 $13,319 
Cargo498 519 1,699 1,622 
Other operating revenue726 594 2,026 1,501 
Total operating revenue12,877 7,750 32,555 16,442 
Operating expense:
Aircraft fuel3,755 1,710 9,796 3,793 
Salaries and related costs2,843 2,487 8,466 6,987 
Landing fees and other rent639 652 1,919 1,735 
Aircraft maintenance materials and outside repairs619 346 1,553 917 
Depreciation and amortization610 623 1,832 1,866 
Regional capacity purchase596 520 1,728 1,546 
Distribution expenses482 218 1,101 442 
Aircraft rent65 58 193 165 
Special charges (credits)20 (1,098)124 (3,423)
Other operating expenses1,789 1,197 4,881 3,027 
Total operating expense11,418 6,713 31,593 17,055 
Operating income (loss)1,459 1,037 962 (613)
Nonoperating income (expense): 
Interest expense(455)(449)(1,299)(1,228)
Interest capitalized27 18 73 57 
Interest income104 11 142 30 
Unrealized gains (losses) on investments, net28 (34)(12)91 
Miscellaneous, net (9)21 (4)(48)
Total nonoperating expense, net(305)(433)(1,100)(1,098)
Income (loss) before income tax expense (benefit)1,154 604 (138)(1,711)
Income tax expense (benefit)212 130 (33)(394)
Net income (loss)$942 $474 $(105)$(1,317)
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,
 2022202120222021
Net income (loss)$942 $474 $(105)$(1,317)
Other comprehensive income (loss), net of tax:
Employee benefit plans (9)917 
Investments and other(20)(1)(31)(2)
Total other comprehensive income (loss), net of tax(20)(10)(22)15 
Total comprehensive income (loss), net$922 $464 $(127)$(1,302)
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, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$11,258 $18,283 
Short-term investments7,437 123 
Restricted cash61 37 
Receivables, less allowance for credit losses (2022 — $28; 2021 — $28)
2,034 1,663 
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 — $595; 2021 — $546)
1,116 983 
Prepaid expenses and other783 745 
Total current assets22,689 21,834 
Operating property and equipment:
Flight equipment40,867 39,584 
Other property and equipment9,195 8,764 
Purchase deposits for flight equipment2,532 2,215 
Total operating property and equipment52,594 50,563 
Less — Accumulated depreciation and amortization(20,088)(18,489)
Total operating property and equipment, net32,506 32,074 
Operating lease right-of-use assets4,280 4,645 
Other assets:
Goodwill4,527 4,527 
Intangibles, less accumulated amortization (2022 — $1,462; 2021 — $1,544)
2,772 2,803 
Restricted cash208 213 
Deferred income taxes673 631 
Investments in affiliates and other, less allowance for credit losses (2022 — $695; 2021 —$622)
1,285 1,420 
Total other assets9,465 9,594 
Total assets$68,940 $68,147 

(continued on next page)
11

UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
 September 30, 2022December 31, 2021
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable$3,534 $2,562 
Accrued salaries and benefits1,841 2,121 
Advance ticket sales8,747 6,354 
Frequent flyer deferred revenue2,642 2,239 
Current maturities of long-term debt2,955 3,002 
Current maturities of other financial liabilities906 834 
Current maturities of operating leases546 556 
Current maturities of finance leases72 76 
Other749 563 
Total current liabilities21,992 18,307 
Long-term debt28,490 30,361 
Long-term obligations under operating leases4,803 5,152 
Long-term obligations under finance leases112 219 
Other liabilities and deferred credits:
Frequent flyer deferred revenue3,936 4,043 
Pension liability1,948 1,920 
Postretirement benefit liability946 1,000 
Other financial liabilities 492 863 
Other1,355 1,284 
Total other liabilities and deferred credits8,677 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 September 30, 2022 and December 31, 2021