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Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
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):
| September 30, 2020 |  |  |  |  |  |  |  | December 31, 2019 |  |  |  |  |  |
| Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 13,150 |  |  | $ | 13,150 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,762 |  |  | $ | 2,762 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt | 397 |  |  | — |  |  | 397 |  |  | — |  |  | 1,045 |  |  | — |  |  | 1,045 |  |  | — |
Asset-backed securities | 99 |  |  | — |  |  | 99 |  |  | — |  |  | 690 |  |  | — |  |  | 690 |  |  | — |
U.S. government and agency notes | 52 |  |  | — |  |  | 52 |  |  | — |  |  | 124 |  |  | — |  |  | 124 |  |  | — |
Certificates of deposit placed through an account registry service ("CDARS") | — |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | — |  |  | 35 |  |  | — |
Other fixed-income securities | 4 |  |  | — |  |  | 4 |  |  | — |  |  | 95 |  |  | — |  |  | 95 |  |  | — |
Other investments measured at net asset value ("NAV") | — |  |  | — |  |  | — |  |  | — |  |  | 193 |  |  | — |  |  | — |  |  | — |
Restricted cash — current | 76 |  |  | 76 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Restricted cash — non-current | 172 |  |  | 172 |  |  | — |  |  | — |  |  | 106 |  |  | 106 |  |  | — |  |  | — |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities | 118 |  |  | 118 |  |  | — |  |  | — |  |  | 385 |  |  | 385 |  |  | — |  |  | — |
AVH Derivative Assets | — |  |  | — |  |  | — |  |  | — |  |  | 24 |  |  | — |  |  | — |  |  | 24 |
Other assets | 14 |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | — |  |  | — |  |  | — |
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). Carrying amounts include any related discounts, premiums and issuance costs:
| September 30, 2020 |  |  |  |  |  |  |  |  |  | December 31, 2019 |  |  |  |  |  |  |  |
| 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 | $ | 26,881 |  |  | $ | 25,892 |  |  | $ | — |  |  | $ | 20,247 |  |  | $ | 5,645 |  |  | $ | 14,552 |  |  | $ | 15,203 |  |  | $ | — |  |  | $ | 11,398 |  |  | $ | 3,805 |
Description of Fair Value of Financial Instruments and Fair Value Methodology | Fair value of the financial instruments included in the tables above was determined as follows:
Description | Fair Value Methodology
Cash and cash equivalents | The carrying amounts approximate fair value because of the short-term maturity of these assets.
Short-term investments, other than Other investments measured at NAV, Equity securities and Restricted cash (current and non-current) | Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, or (c) broker quotes obtained by third-party valuation services.
Other investments measured at NAV | In accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The investments measured using NAV are shares of mutual funds that invest in fixed-income instruments including bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.
AVH Derivative Assets | Fair values are calculated using a Monte Carlo simulation approach. Unobservable inputs include expected volatility, expected dividend yield and control and acquisition premiums.
Long-term debt | Fair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities or assets.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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