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Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Summary of Long-Term Debt |
(In millions) |  | Maturity Dates |  | Interest Rate(s) at December 31, 2020 |  | At December 31,
|  |  |  | 2020 |  | 2019
Secured |  |  |  |  |  |  |  |  |  |  |  |
Aircraft notes (a) |  | 2021 | — | 2032 |  | 0.73 | % | — | 9.80 | % |  | $ | 14,538 |  |  | $ | 11,585 |
MileagePlus Senior Secured Notes |  |  | 2027 |  |  |  | 6.50 | % |  |  | 3,800 |  |  | — |
MileagePlus Term Loan Facility (a) |  |  | 2027 |  |  |  | 5.49 | % |  |  | 3,000 |  |  | — |
Revolving Credit Facility (a) |  |  | 2022 |  |  |  | 1.49 | % |  |  | 1,000 |  |  | — |
CARES Act Term Loan Facility (a) |  |  | 2025 |  |  |  | 3.24 | % |  |  | 520 |  |  | — |
Term Loan Facility (a) |  |  | 2024 |  |  |  | 2.49 | % |  |  | 1,444 |  |  | 1,459 |
Unsecured |  |  |  |  |  |  |  |  |  |  |  |
Notes |  | 2022 | — | 2025 |  | 4.25 | % | — | 5.00 | % |  | 1,050 |  |  | 1,350 |
PSP Note |  |  | 2030 |  |  |  | 1.00 | % |  |  | 1,501 |  |  | — |
Other unsecured debt |  | 2023 | — | 2029 |  | 4.00 | % | — | 5.75 | % |  | 448 |  |  | 339 |
|  |  |  |  |  |  |  |  |  | 27,301 |  |  | 14,733 |
Less: unamortized debt discount, premiums and debt issuance costs |  |  |  |  |  |  |  |  |  | (554) |  |  | (181) |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  |  | (1,911) |  |  | (1,407) |
Long-term debt, net |  |  |  |  |  |  |  |  |  | $ | 24,836 |  |  | $ | 13,145 |
(a) Financing includes variable rate debt based on LIBOR (or another index rate), generally subject to a floor, plus a specified margin ranging from 0.49% to 5.25%.
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, 2020 under then-outstanding long-term debt agreements in each of the next five calendar years (in millions):
2021 |  | $ | 1,911 |
2022 |  | 3,852 |
2023 |  | 2,699 |
2024 |  | 5,132 |
2025 |  | 3,739 |
After 2025 |  | 9,968 |
|  | $ | 27,301 |
Details of Pass Through Trusts | Certain details of the pass-through trusts with proceeds received from issuance of debt in 2020 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 2020 |  | Total debt recorded as of December 31, 2020
September 2019 |  | AA |  | $ | 702 |  |  | May 2032 |  | 2.70% |  | $ | 189 |  |  | $ | 702 |
September 2019 |  | A |  | 287 |  |  | May 2028 |  | 2.90% |  | 77 |  |  | 287 |
September 2019 |  | B |  | 232 |  |  | May 2028 |  | 3.50% |  | 62 |  |  | 232 |
October 2020 |  | A |  | 3,000 |  |  | October 2027 |  | 5.88% |  | 3,000 |  |  | 3,000 |
February 2021 |  | B |  | 600 |  |  | January 2026 |  | 4.88% |  | — |  |  | — |
|  |  |  | $ | 4,821 |  |  |  |  |  |  | $ | 3,328 |  |  | $ | 4,221 |
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, spare engines and spare parts. The indentures contain events of default that are customary for aircraft financings, 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 make investments and to pay dividends on or repurchase stock. The Credit Agreement contains events of default customary for this type of financing, including a cross payment default and cross acceleration provision to certain other material indebtedness of the Company.
CARES Act Credit Agreement | Secured by liens on (i) certain route authorities of United and certain related slots and gate leaseholds and other related assets, (ii) certain aircraft and (iii) certain flight simulators and related assets. The CARES Act Credit Agreement requires the Company to maintain at least $2.0 billion of unrestricted liquidity at all times, which includes, among other things, unrestricted cash, certain short-term investments and any undrawn amounts under any revolving credit facility or under the CARES Act Credit Agreement, and to maintain a minimum ratio of appraised value of collateral to the outstanding obligations under the CARES Act Credit Agreement of 1.6 to 1.0. The CARES Act Credit Agreement contains covenants that, among other things, (i) restrict the ability of UAL and its subsidiaries to make investments and to pay dividends on or repurchase stock, (ii) require United to maintain certain levels of scheduled service and (iii) create certain limitations on executive compensation. The CARES Act Credit Agreement contains events of default customary for this type of financing, including a cross payment default and cross acceleration provision to certain other material indebtedness of the Company.
MileagePlus Notes and Term Loan Facility | Secured by first-priority security interests in substantially all of the assets of the Issuers, other than excluded property and subject to certain permitted liens, including security interests in specified cash accounts that include the accounts into which MileagePlus revenues are or will be paid by United's marketing partners and by United.
PSP and PSP2 Notes | The PSP Note and the PSP2 Note represent senior unsecured indebtedness of UAL. The PSP Note and the PSP2 Note are guaranteed by United. If any subsidiary of UAL (other than United) guarantees other unsecured indebtedness of UAL with a principal balance in excess of a specified amount, then such subsidiary shall be required to guarantee the obligations of UAL under the PSP Note and the PSP2 Note.
Unsecured notes | 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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