XML 33 R19.htm IDEA: XBRL DOCUMENT
v3.19.2

Debt | 6 Months Ended
--- | ---
Jun. 30, 2019
Debt Disclosure [Abstract] |
DEBT | DEBT As of June 30, 2019, UAL and United were in compliance with their respective debt covenants. As of June 30, 2019, United had its entire capacity of $2.0 billion available under the revolving credit facility of the Amended and Restated Credit and Guaranty Agreement. EETCs. In February 2019, United created two new EETC pass-through trusts, each of which issued pass-through certificates (such certificates, the "2019-1 Pass Through Certificates"). The proceeds from the issuance of the pass-through certificates are used to purchase equipment notes issued by United and secured by its aircraft financed with the proceeds of such notes. The Company records the debt obligation upon issuance of the equipment notes rather than upon the initial issuance of the pass-through certificates. The pass-through certificates represent fractional undivided interests in the respective pass-through trusts and are not obligations of United. The payment obligations under the equipment notes are those of United. Proceeds received from the sale of pass-through certificates are initially held by a depositary in escrow for the benefit of the certificate holders until United issues equipment notes to the trust, which purchases such notes with a portion of the escrowed funds. These escrowed funds are not guaranteed by United and are not reported as debt on our consolidated balance sheet because the proceeds held by the depositary are not United's assets. Certain details of the pass-through trusts with proceeds received from issuance of debt in 2019 are as follows (in millions, except stated interest rate):
EETC Issuance Date |  | Class |  | Face Amount |  | Final expected distribution date |  | Stated interest rate |  | Total proceeds received from issuance of debt during 2019 and recorded as debt as of June 30, 2019 |  | Remaining proceeds from issuance of certificates to be received in future periods
February 2019 |  | AA |  | $ | 717 |  |  | August 2031 |  | 4.15% |  | $ | 612 |  |  | $ | 105 |
February 2019 |  | A |  | 296 |  |  | August 2031 |  | 4.55% |  | 253 |  |  | 43 |
|  |  |  | $ | 1,013 |  |  |  |  |  |  | $ | 865 |  |  | $ | 148 |
Certain of the proceeds from the issuance of the 2019-1 Pass Through Certificates were expected to be used to purchase equipment notes issued by United and secured by three Boeing 737 MAX aircraft, which aircraft were scheduled for delivery by Boeing in March, April and May of 2019. However, as a result of the FAA Order, United has not yet taken delivery of these three aircraft. If United is not in a position to take delivery of such 737 MAX aircraft on or prior to November 30, 2019, any funds remaining with the depositary in escrow at such time, together with accrued and unpaid interest thereon but without premium, will be distributed to the holders of the 2019-1 Pass Through Certificates. 4.875% Senior Note due 2025. In May 2019, UAL issued $350 million aggregate principal amount of 4.875% Senior Notes due January 15, 2025 (the "4.875% Senior Notes due 2025"), which are fully and unconditionally guaranteed and recorded by United on its balance sheet. The indenture for the 4.875% Senior Notes due 2025 requires that, if certain changes of control of UAL occur, UAL offer to repurchase the 4.875% Senior Notes due 2025 for cash at a purchase price equal to 101% of the principal amount of such notes repurchased plus accrued and unpaid interest. The table below presents the Company's contractual principal payments (not including debt discount or debt issuance costs) at June 30, 2019 under then-outstanding long-term debt agreements (in millions):
Last six months of 2019 |  | $ | 757 |
2020 |  | 1,350 |
2021 |  | 1,344 |
2022 |  | 1,697 |
2023 |  | 747 |
After 2023 |  | 8,484 |
|  | $ | 14,379 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration