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FAIR VALUE MEASUREMENTS, INVESTMENTS AND NOTES RECEIVABLE
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS, INVESTMENTS AND NOTES RECEIVABLE FAIR VALUE MEASUREMENTS, INVESTMENTS AND NOTES RECEIVABLE
Fair Value Measurement. The table below presents the fair value of financial assets and liabilities measured at fair value, based on the inputs described in Note 1, on a recurring basis in the Company's financial statements as of December 31 (in millions):
20242023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Cash and cash equivalents$8,769 $8,769 $— $— $6,058 $6,058 $— $— 
Restricted cash - current (Note 1)11 11 — — 31 31 — — 
Restricted cash - non-current (Note 1)166 166 — — 245 245 — — 
Short-term investments:
U.S. government and agency notes2,280 — 2,280 — 8,257 — 8,257 — 
Certificates of deposit placed through an account registry service ("CDARS")59 — 59 — 73 — 73 — 
Corporate debt3,127 — 3,127 — — — — — 
Other fixed-income securities240 — 240 — — — — — 
Long-term investments:
Equity securities71 71 — — 177 177 — — 
Investments presented in the table above have the same fair value as their carrying value.
Short-term investments — The short-term investments shown in the table above are classified as available-for-sale and have remaining maturities of less than two years.
Long-term investments: Equity securities — Represents equity and equity-linked securities (such as vested warrants) that make up United's investments in Azul Linhas Aéreas Brasileiras S.A., Archer Aviation Inc., Eve Holding, Inc., Mesa Air Group, Inc. ("Mesa"). United concluded that Mesa is a variable interest entity as of December 31, 2024. United holds a variable interest in Mesa in the form of an approximately 10% equity interest and several loans to Mesa, but United is not the primary beneficiary because it does not have power to direct the activities that most significantly impact Mesa's economic performance.
Other fair value information - The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above as of December 31 (in millions). Carrying amounts include any related discounts, premiums and issuance costs:
20242023
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Long-term debt$24,653 $24,423 $— $17,300 $7,123 $29,075 $28,302 $— $22,543 $5,759 
Fair value of the financial instruments included in the tables above was determined as follows:
DescriptionFair Value Methodology
Cash and cash equivalents and
Restricted cash (current and non-current)		The carrying amounts of these assets approximate fair value.
Short-term and Long-term investmentsFair value is based on (a) the trading prices of the investment or similar
instruments or (b) broker quotes obtained by third-party valuation services.
Long-term debt Fair values are based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities.
Equity Method Investments. As of December 31, 2024, United holds investments, accounted for using the equity method, with a combined carrying value of approximately $241 million. Significant equity method investments are described below:
•Republic Airways Holdings Inc. United holds a 19% minority interest in Republic Airways Holdings Inc., which is the parent company of Republic Airways Inc. ("Republic"). Republic currently operates 66 regional aircraft under CPAs with United that have terms through 2036.
•CommuteAir LLC. United owns a 40% minority ownership stake in CommuteAir LLC. CommuteAir currently operates 57 regional aircraft under a CPA that has a term through 2026.
•United Airlines Ventures Sustainable Flight Fund (the "Fund"). United holds, through its corporate venture capital arm, United Airlines Ventures, Ltd., a 33% ownership interest in the Fund. The Fund is an investment vehicle designed to invest in start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with sustainable aviation fuel (SAF).
Other Investments. United has equity investments in Abra Group Limited, a multinational airline holding company, JetSuiteX, Inc., an independent air carrier doing business as JSX, as well as a number of companies with emerging technologies and sustainable solutions. None of these investments have readily determinable fair values. We account for these investments at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. As of December 31, 2024, the carrying value of these investments was $264 million.
Notes Receivable. As of December 31, 2024, the Company has $72 million of notes receivable, net of allowance for credit losses, the majority of which is from certain of its regional carriers. The current portions of the notes receivable are recorded in Receivables, net. The long-term portions of the notes receivable are recorded in Investments in affiliates and other, net on the Company's consolidated balance sheet.