Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The table below presents disclosures about the financial assets and liabilities measured at fair value on a recurring basis in UAL's financial statements (in millions):



	March 31, 2019								December 31, 2018
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	1,848	$	1,848	$	—	$	—	$	1,694	$	1,694	$	—	$	—
Short-term investments:
Corporate debt	1,014		—		1,014		—		1,023		—		1,023		—
Asset-backed securities	745		—		745		—		746		—		746		—
U.S. government and agency notes	108		—		108		—		108		—		108		—
Certificates of deposit placed through an account registry service ("CDARS")	45		—		45		—		75		—		75		—
Other fixed-income securities	118		—		118		—		116		—		116		—
Other investments measured at net asset value ("NAV")	189		—		—		—		188		—		—		—
Restricted cash	103		103		—		—		105		105		—		—
Long-term investments:
Equity securities	263		263		—		—		249		249		—		—
Enhanced equipment trust certificates ("EETC")	16		—		—		16		18		—		—		18
Avianca Holdings S.A. ("AVH") Derivative Assets	14		—		—		14		11		—		—		11

Carrying Values and Estimated Fair Values of Financial Instruments

The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions):



	March 31, 2019										December 31, 2018
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3				Total		Level 1		Level 2		Level 3
Long-term debt	$	13,935	$	14,136	$	—	$	10,307	$	3,829	$	13,445	$	13,450	$	—	$	9,525	$	3,925
Synergy Term Loan	480		422		—		—		422		478		422		—		—		422