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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Summary of Long-Term Debt |
(In millions) |  | At December 31,
|  | 2019 |  | 2018
Secured |  |  |  |
Notes payable, fixed interest rates of 2.7% to 9.8% (weighted average rate of 3.95% as of December 31, 2019), payable through 2032 |  | $ | 9,615 |  |  | $ | 8,811 |
Notes payable, floating interest rates of the London interbank offered rate ("LIBOR") plus 1.05% to 2.25%, payable through 2030 |  | 1,970 |  |  | 2,051 |
Term loan, LIBOR plus 1.75%, or alternative rate based on certain market rates plus 0.75%, due 2024 |  | 1,459 |  |  | 1,474 |
Unsecured |  |  |  |
6% Senior Notes due 2020 (a) |  | 300 |  |  | 300 |
4.25% Senior Notes due 2022 (a) |  | 400 |  |  | 400 |
5% Senior Notes due 2024 (a) |  | 300 |  |  | 300 |
4.875% Senior Notes due 2025 (a) |  | 350 |  |  | — |
Other |  | 339 |  |  | 300 |
|  | 14,733 |  |  | 13,636 |
Less: unamortized debt discount, premiums and debt issuance costs |  | (181 | ) |  | (191 | )
Less: current portion of long-term debt |  | (1,407 | ) |  | (1,230 | )
Long-term debt, net |  | $ | 13,145 |  |  | $ | 12,215 |
(a) UAL is the issuer of this debt. United is a guarantor.
Contractual Principal Payments under Outstanding Long-Term Debt Agreements | The table below presents the Company's contractual principal payments (not including debt discount or debt issuance costs) at December 31, 2019 under then-outstanding long-term debt agreements in each of the next five calendar years (in millions):
2020 |  | $ | 1,407 |
2021 |  | 1,415 |
2022 |  | 1,765 |
2023 |  | 815 |
2024 |  | 3,122 |
After 2024 |  | 6,209 |
|  | $ | 14,733 |
Details of Pass Through Trusts | 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 |  | Principal |  | Final expected distribution date |  | Stated interest rate |  | Total proceeds received from issuance of debt during 2019 and recorded as debt as of December 31, 2019 |  | Amounts returned to the holders of the Pass-Through Certificates (a) |  | Remaining proceeds from issuance of debt to be received in future periods
September 2019 |  | AA |  | $ | 702 |  |  | May 2032 |  | 2.70% |  | $ | 513 |  |  | $ | — |  |  | $ | 189 |
September 2019 |  | A |  | 287 |  |  | May 2028 |  | 2.90% |  | 210 |  |  | — |  |  | 77 |
September 2019 |  | B |  | 232 |  |  | May 2028 |  | 3.50% |  | 170 |  |  | — |  |  | 62 |
February 2019 |  | AA |  | 717 |  |  | August 2031 |  | 4.15% |  | 651 |  |  | 66 |  |  | — |
February 2019 |  | A |  | 296 |  |  | August 2031 |  | 4.55% |  | 269 |  |  | 27 |  |  | — |
|  |  |  | $ | 2,234 |  |  |  |  |  |  | $ | 1,813 |  |  | $ | 93 |  |  | $ | 328 |
(a) These proceeds 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 2019. However, as a result of the Federal Aviation Administration Order prohibiting the operation of Boeing 737 MAX series aircraft by U.S. certificated operators (the "FAA Order"), United did not take delivery of these aircraft. These amounts were distributed to the holders of February 2019 Pass Through Certificates together with accrued and unpaid interest thereon but without premium. As a result of the FAA Order, the Company did not contemplate using any proceeds from the September 2019 issuance of the EETC pass-through trusts to fund any Boeing 737 MAX deliveries.
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 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 Credit Agreement of 1.6 to 1.0 at all times. The Credit Agreement contains covenants that, among other things, restrict the ability of UAL and its restricted subsidiaries (as defined in the Credit Agreement) to incur additional indebtedness and to pay dividends on or repurchase stock, although, as of December 31, 2019, the Company had ample ability under these restrictions to repurchase stock under the Company's share repurchase programs. The 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% Senior Notes due 2020 4.25% Senior Notes due 2022 5% Senior Notes due 2024 4.875% Senior Notes due 2025 | 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 programs.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -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 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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