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Debt (Tables)
 12 Months Ended
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.