XML 58 R34.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Debt |
(In millions) |  | At December 31, |
|  | 2017 |  |  | 2016 |
Secured |  |  |  |  |  |  |  |
Notes payable, fixed interest rates of 2.88% to 9.52% (weighted average rate of 4.39% as of December 31, 2017), payable through 2028 |  | $ | 8,661 |  |  | $ | 7,586 |
Notes payable, floating interest rates of the London interbank offered rate (“LIBOR”) plus 0.2% to 2.25%, payable through 2028 |  |  | 1,880 |  |  |  | 1,546 |
Term loan, LIBOR plus 2.00%, or alternative rate based on certain market rates plus 1.00%, due 2024 |  |  | 1,489 |  |  |  | — |
Term loan, LIBOR subject to a 0.75% floor, plus 2.50%, or alternative rate based on certain market rates plus 1.50%, due 2019 |  |  | — |  |  |  | 866 |
Term loan, LIBOR subject to a 0.75% floor, plus 2.75%, or alternative rate based on certain market rates plus 1.75%, due 2021 |  |  | — |  |  |  | 192 |
Unsecured |  |  |  |  |  |  |  |
6.375% Senior Notes due 2018 (a) |  |  | 300 |  |  |  | 300 |
6% Senior Notes due 2020 (a) |  |  | 300 |  |  |  | 300 |
4.25% Senior Notes due 2022 (a) |  |  | 400 |  |  |  | — |
5% Senior Notes due 2024 (a) |  |  | 300 |  |  |  | — |
Other |  |  | 101 |  |  |  | 101 |
|  |  | 13,431 |  |  |  | 10,891 |
Less: unamortized debt discount, premiums and debt issuance costs |  |  | (163) |  |  |  | (124) |
Less: current portion of long-term debt |  |  | (1,565) |  |  |  | (849) |
Long-term debt, net |  | $ | 11,703 |  |  | $ | 9,918 |
(a) UAL is the issuer of this debt. United is a guarantor.
Contractual Principal Payments | The table below presents the Company’s contractual principal payments (not including debt discount or debt issuance costs) at December 31, 2017 under then-outstanding long-term debt agreements in each of the next five calendar years (in millions):
2018 |  | $ | 1,565 |
2019 |  |  | 1,165 |
2020 |  |  | 1,170 |
2021 |  |  | 1,157 |
2022 |  |  | 1,492 |
After 2022 |  |  | 6,882 |
|  | $ | 13,431 |
Details of Pass Through Trusts | Certain details of the pass-through trusts with proceeds received from issuance of debt in 2017 are as follows (in millions, except stated interest rate):
EETC Date |  | Class |  | Principal |  |  | Final expected distribution date |  | Stated interest rate |  |  | Total debt recorded as of December 31, 2017 |  |  | Proceeds received from issuance of debt during 2017 |  |  | Remaining proceeds from issuance of debt to be received in future periods |
February 2018 |  | AA |  | $ | 677 |  |  | March 2030 |  |  | 3.50% |  |  | $ | — |  |  | $ | — |  |  | $ | 677 |
February 2018 |  | A |  |  | 258 |  |  | March 2030 |  |  | 3.70% |  |  |  | — |  |  |  | — |  |  |  | 258 |
November 2017 |  | B |  |  | 258 |  |  | January 2026 |  |  | 3.65% |  |  |  | 258 |  |  |  | 258 |  |  |  | — |
November 2017 |  | B |  |  | 236 |  |  | October 2025 |  |  | 3.65% |  |  |  | 236 |  |  |  | 236 |  |  |  | — |
September 2016 |  | AA |  |  | 637 |  |  | October 2028 |  |  | 2.875% |  |  |  | 637 |  |  |  | 557 |  |  |  | — |
September 2016 |  | A |  |  | 283 |  |  | October 2028 |  |  | 3.10% |  |  |  | 283 |  |  |  | 247 |  |  |  | — |
June 2016 |  | AA |  |  | 729 |  |  | July 2028 |  |  | 3.10% |  |  |  | 729 |  |  |  | 319 |  |  |  | — |
June 2016 |  | A |  |  | 324 |  |  | July 2028 |  |  | 3.45% |  |  |  | 324 |  |  |  | 142 |  |  |  | — |
|  |  |  | $ | 3,402 |  |  |  |  |  |  |  |  | $ | 2,467 |  |  | $ | 1,759 |  |  | $ | 935 |
Summary of Collateral Covenants and Cross Default Provisions | The collateral, covenants and cross default provisions of the Company’s principal debt instruments that contain such provisions are summarized in the table below:
Debt Instrument |  | Collateral, Covenants and Cross Default Provisions
Various equipment notes and other notes payable |  | Secured by certain aircraft. The indentures contain events of default that are customary for aircraft financing, including in certain cases cross default to other related aircraft.
Credit Agreement |  | Secured by certain of United’s international route authorities, specified take-off and landing slots at certain airports and certain other assets. The 2017 Credit Agreement requires the Company to maintain at least $2.0 billion of unrestricted liquidity at all times, which includes unrestricted cash, short-term investments and any undrawn amounts under any revolving credit facility, and to maintain a minimum ratio of appraised value of collateral to the outstanding obligations under the 2017 Credit Agreement of 1.6 to 1.0 at all times. The 2017 Credit Agreement contains covenants that, among other things, restrict the ability of UAL and its restricted subsidiaries (as defined in the 2017 Credit Agreement) to incur additional indebtedness and to pay dividends on or repurchase stock, although the Company currently has ample ability under these restrictions to repurchase stock under the Company’s share repurchase program. The 2017 Credit Agreement contains events of default customary for this type of financing, including a cross default and cross acceleration provision to certain other material indebtedness of the Company.
6.375% Senior Notes due 2018 6% Senior Notes due 2020 4.25% Senior Notes due 2022 5% Senior Notes due 2024 |  | The indentures for these notes contain covenants that, among other things, restrict the ability of the Company and its restricted subsidiaries (as defined in the indentures) to incur additional indebtedness and pay dividends on or repurchase stock, although the Company currently has ample ability under these restrictions to repurchase stock under the Company’s share repurchase program.

X
- Definition Schedule of Debt Instruments Pass Through Trusts + References No definition available. + Details
Name: | ual_ScheduleOfDebtInstrumentsPassThroughTrustsTableTextBlock
Namespace Prefix: | ual_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Financial Covenants + References No definition available. + Details
Name: | ual_ScheduleOfFinancialCovenantsTableTextBlock
Namespace Prefix: | ual_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration