FORM | 10-Q |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission
File Number |
Exact Name of Registrant as Specified in its Charter,
Principal Executive Office Address and Telephone Number
|
State of
Incorporation |
I.R.S. Employer
Identification No. |
|||||||||||||||||||||||||||||||||||||||||
001-06033 | United Airlines Holdings, Inc. | Delaware | 36-2675207 | |||||||||||||||||||||||||||||||||||||||||
233 South Wacker Drive, | Chicago, | Illinois | 60606 | |||||||||||||||||||||||||||||||||||||||||
(872) | 825-4000 | |||||||||||||||||||||||||||||||||||||||||||
001-10323 | United Airlines, Inc. | Delaware | 74-2099724 | |||||||||||||||||||||||||||||||||||||||||
233 South Wacker Drive, | Chicago, | Illinois | 60606 | |||||||||||||||||||||||||||||||||||||||||
(872) | 825-4000 |
Securities registered pursuant to Section 12(b) of the Act | |||||||||||||||||||||||
Registrant | Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||||||||||
United Airlines Holdings, Inc. | Common Stock, | $0.01 par value | UAL | The Nasdaq Stock Market LLC | |||||||||||||||||||
United Airlines Holdings, Inc. | Preferred Stock Purchase Rights | None | The Nasdaq Stock Market LLC | ||||||||||||||||||||
United Airlines, Inc. | None | None | None |
United Airlines Holdings, Inc. | Yes | ☒ | No | ☐ | United Airlines, Inc. | Yes | ☒ | No | ☐ |
United Airlines Holdings, Inc. | Yes | ☒ | No | ☐ | United Airlines, Inc. | Yes | ☒ | No | ☐ |
United Airlines Holdings, Inc. | Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||||
United Airlines, Inc. | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
United Airlines Holdings, Inc. | ☐ | |||||||
United Airlines, Inc. | ☐ |
United Airlines Holdings, Inc. | Yes | ☐ | No | ☒ | |||||||||||||
United Airlines, Inc. | Yes | ☐ | No | ☒ |
United Airlines Holdings, Inc. | 323,578,254 | shares of common stock ($0.01 par value) | |||||||||
United Airlines, Inc. | 1,000 | shares of common stock ($0.01 par value) (100% owned by United Airlines Holdings, Inc.) |
Page | |||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||
Passenger revenue | $ | 2,316 | $ | 7,065 | |||||||||||||||||||
Cargo | 497 | 264 | |||||||||||||||||||||
Other operating revenue | 408 | 650 | |||||||||||||||||||||
Total operating revenue | 3,221 | 7,979 | |||||||||||||||||||||
Operating expense: | |||||||||||||||||||||||
Salaries and related costs | 2,224 | 2,955 | |||||||||||||||||||||
Aircraft fuel | 851 | 1,726 | |||||||||||||||||||||
Depreciation and amortization | 623 | 615 | |||||||||||||||||||||
Landing fees and other rent | 519 | 623 | |||||||||||||||||||||
Regional capacity purchase | 479 | 737 | |||||||||||||||||||||
Aircraft maintenance materials and outside repairs | 269 | 434 | |||||||||||||||||||||
Distribution expenses | 85 | 295 | |||||||||||||||||||||
Aircraft rent | 55 | 50 | |||||||||||||||||||||
Special charges (credits) | (1,377) | 63 | |||||||||||||||||||||
Other operating expenses | 874 | 1,453 | |||||||||||||||||||||
Total operating expense | 4,602 | 8,951 | |||||||||||||||||||||
Operating loss | (1,381) | (972) | |||||||||||||||||||||
Nonoperating income (expense): | |||||||||||||||||||||||
Interest expense | (353) | (171) | |||||||||||||||||||||
Interest capitalized | 17 | 21 | |||||||||||||||||||||
Interest income | 7 | 26 | |||||||||||||||||||||
Unrealized losses on investments, net | (22) | (319) | |||||||||||||||||||||
Miscellaneous, net | (19) | (699) | |||||||||||||||||||||
Total nonoperating expense, net | (370) | (1,142) | |||||||||||||||||||||
Loss before income tax benefit | (1,751) | (2,114) | |||||||||||||||||||||
Income tax benefit | (394) | (410) | |||||||||||||||||||||
Net loss | $ | (1,357) | $ | (1,704) | |||||||||||||||||||
Loss per share, basic and diluted | $ | (4.29) | $ | (6.86) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net loss | $ | (1,357) | $ | (1,704) | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Employee benefit plans | 14 | (41) | |||||||||||||||||||||
Investments and other | (1) | (12) | |||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 13 | (53) | |||||||||||||||||||||
Total comprehensive loss, net | $ | (1,344) | $ | (1,757) |
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 12,666 | $ | 11,269 | |||||||
Short-term investments | 309 | 414 | |||||||||
Restricted cash | 254 | 255 | |||||||||
Receivables, less allowance for credit losses (2021 — $74; 2020 — $78)
|
1,389 | 1,295 | |||||||||
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2021 — $502; 2020 — $478)
|
918 | 932 | |||||||||
Prepaid expenses and other | 483 | 635 | |||||||||
Total current assets | 16,019 | 14,800 | |||||||||
Operating property and equipment: | |||||||||||
Flight equipment | 38,851 | 38,218 | |||||||||
Other property and equipment | 8,581 | 8,511 | |||||||||
Purchase deposits for flight equipment | 1,439 | 1,166 | |||||||||
Total operating property and equipment | 48,871 | 47,895 | |||||||||
Less — Accumulated depreciation and amortization | (16,956) | (16,429) | |||||||||
Total operating property and equipment, net | 31,915 | 31,466 | |||||||||
Operating lease right-of-use assets | 4,516 | 4,537 | |||||||||
Other assets: | |||||||||||
Goodwill | 4,527 | 4,527 | |||||||||
Intangibles, less accumulated amortization (2021 — $1,507; 2020 — $1,495)
|
2,840 | 2,838 | |||||||||
Restricted cash | 218 | 218 | |||||||||
Deferred income taxes | 520 | 131 | |||||||||
Investments in affiliates and other, less allowance for credit losses (2021 — $526; 2020 — $522)
|
1,107 | 1,031 | |||||||||
Total other assets | 9,212 | 8,745 | |||||||||
Total assets | $ | 61,662 | $ | 59,548 |
March 31, 2021 | December 31, 2020 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,838 | $ | 1,595 | |||||||
Accrued salaries and benefits | 2,267 | 1,960 | |||||||||
Advance ticket sales | 5,502 | 4,833 | |||||||||
Frequent flyer deferred revenue | 1,251 | 908 | |||||||||
Current maturities of long-term debt | 1,783 | 1,911 | |||||||||
Current maturities of operating leases | 623 | 612 | |||||||||
Current maturities of finance leases | 179 | 182 | |||||||||
Other | 724 | 724 | |||||||||
Total current liabilities | 14,167 | 12,725 | |||||||||
Long-term debt | 25,849 | 24,836 | |||||||||
Long-term obligations under operating leases | 4,985 | 4,986 | |||||||||
Long-term obligations under finance leases | 240 | 224 | |||||||||
Other liabilities and deferred credits: | |||||||||||
Frequent flyer deferred revenue | 4,858 | 5,067 | |||||||||
Pension liability | 2,478 | 2,460 | |||||||||
Postretirement benefit liability | 1,013 | 994 | |||||||||
Other financial liabilities from sale-leasebacks | 1,568 | 1,140 | |||||||||
Other | 1,298 | 1,156 | |||||||||
Total other liabilities and deferred credits | 11,215 | 10,817 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 323,577,438 and 311,845,232 shares at March 31, 2021 and December 31, 2020, respectively
|
4 | 4 | |||||||||
Additional capital invested | 8,923 | 8,366 | |||||||||
Stock held in treasury, at cost | (3,834) | (3,897) | |||||||||
Retained earnings | 1,239 | 2,626 | |||||||||
Accumulated other comprehensive loss | (1,126) | (1,139) | |||||||||
Total stockholders' equity | 5,206 | 5,960 | |||||||||
Total liabilities and stockholders' equity | $ | 61,662 | $ | 59,548 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ | 447 | $ | 63 | |||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (444) | (1,959) | |||||||||
Purchases of short-term and other investments | — | (541) | |||||||||
Proceeds from sale of short-term and other investments | 105 | 927 | |||||||||
Other, net | 10 | 1 | |||||||||
Net cash used in investing activities | (329) | (1,572) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of debt, net of discounts and fees | 1,336 | 2,813 | |||||||||
Proceeds from equity issuance | 532 | — | |||||||||
Payments of long-term debt, finance leases and other financing liabilities | (569) | (253) | |||||||||
Repurchases of common stock | — | (353) | |||||||||
Other, net | (21) | (18) | |||||||||
Net cash provided by financing activities | 1,278 | 2,189 | |||||||||
Net increase in cash, cash equivalents and restricted cash | 1,396 | 680 | |||||||||
Cash, cash equivalents and restricted cash at beginning of the period | 11,742 | 2,868 | |||||||||
Cash, cash equivalents and restricted cash at end of the period (a) | $ | 13,138 | $ | 3,548 | |||||||
Investing and Financing Activities Not Affecting Cash: | |||||||||||
Property and equipment acquired through the issuance of debt, finance leases and other | $ | 509 | $ | 128 | |||||||
Lease modifications and lease conversions | 22 | 439 | |||||||||
Right-of-use assets acquired through operating leases | 180 | 30 | |||||||||
Warrants received for entering into agreements with Archer Aviation Inc ("Archer")
|
81 | — |
Current assets: | |||||||||||
Cash and cash equivalents | $ | 12,666 | $ | 3,442 | |||||||
Restricted cash — Current | 254 | — | |||||||||
Restricted cash — Non-Current | 218 | 106 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 13,138 | $ | 3,548 |
Common
Stock |
Additional
Capital Invested |
Treasury Stock | Retained Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Total | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 311.8 | $ | 4 | $ | 8,366 | $ | (3,897) | $ | 2,626 | $ | (1,139) | $ | 5,960 | ||||||||||||||||||||||||||||
Net loss | — | — | — | — | (1,357) | — | (1,357) | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 13 | 13 | ||||||||||||||||||||||||||||||||||
Stock settled share-based compensation | — | — | 32 | — | — | — | 32 | ||||||||||||||||||||||||||||||||||
Issuance of common stock | 11.0 | — | 532 | — | — | — | 532 | ||||||||||||||||||||||||||||||||||
Warrants issued | — | — | 47 | — | — | — | 47 | ||||||||||||||||||||||||||||||||||
Net treasury stock issued for share-based awards | 0.8 | — | (54) | 63 | (30) | — | (21) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 323.6 | $ | 4 | $ | 8,923 | $ | (3,834) | $ | 1,239 | $ | (1,126) | $ | 5,206 | ||||||||||||||||||||||||||||
Balance at December 31, 2019 | 251.2 | $ | 3 | $ | 6,129 | $ | (3,599) | $ | 9,716 | $ | (718) | $ | 11,531 | ||||||||||||||||||||||||||||
Net loss | — | — | — | — | (1,704) | — | (1,704) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (53) | (53) | ||||||||||||||||||||||||||||||||||
Stock settled share-based compensation | — | — | 22 | — | — | — | 22 | ||||||||||||||||||||||||||||||||||
Repurchases of common stock | (4.4) | — | — | (342) | — | — | (342) | ||||||||||||||||||||||||||||||||||
Net treasury stock issued for share-based awards | 0.5 | — | (55) | 40 | (4) | — | (19) | ||||||||||||||||||||||||||||||||||
Adoption of new accounting standard (a) | — | — | — | — | (17) | — | (17) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 247.3 | $ | 3 | $ | 6,096 | $ | (3,901) | $ | 7,991 | $ | (771) | $ | 9,418 | ||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||
Passenger revenue | $ | 2,316 | $ | 7,065 | |||||||||||||||||||
Cargo | 497 | 264 | |||||||||||||||||||||
Other operating revenue | 408 | 650 | |||||||||||||||||||||
Total operating revenue | 3,221 | 7,979 | |||||||||||||||||||||
Operating expense: | |||||||||||||||||||||||
Salaries and related costs | 2,224 | 2,955 | |||||||||||||||||||||
Aircraft fuel | 851 | 1,726 | |||||||||||||||||||||
Depreciation and amortization | 623 | 615 | |||||||||||||||||||||
Landing fees and other rent | 519 | 623 | |||||||||||||||||||||
Regional capacity purchase | 479 | 737 | |||||||||||||||||||||
Aircraft maintenance materials and outside repairs | 269 | 434 | |||||||||||||||||||||
Distribution expenses | 85 | 295 | |||||||||||||||||||||
Aircraft rent | 55 | 50 | |||||||||||||||||||||
Special charges (credits) | (1,377) | 63 | |||||||||||||||||||||
Other operating expenses | 874 | 1,453 | |||||||||||||||||||||
Total operating expense | 4,602 | 8,951 | |||||||||||||||||||||
Operating loss | (1,381) | (972) | |||||||||||||||||||||
Nonoperating income (expense): | |||||||||||||||||||||||
Interest expense | (353) | (171) | |||||||||||||||||||||
Interest capitalized | 17 | 21 | |||||||||||||||||||||
Interest income | 7 | 26 | |||||||||||||||||||||
Unrealized losses on investments, net | (22) | (319) | |||||||||||||||||||||
Miscellaneous, net | (19) | (698) | |||||||||||||||||||||
Total nonoperating expense, net | (370) | (1,141) | |||||||||||||||||||||
Loss before income tax benefit | (1,751) | (2,113) | |||||||||||||||||||||
Income tax benefit | (394) | (409) | |||||||||||||||||||||
Net loss | $ | (1,357) | $ | (1,704) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net loss | $ | (1,357) | $ | (1,704) | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Employee benefit plans | 14 | (41) | |||||||||||||||||||||
Investments and other | (1) | (12) | |||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 13 | (53) | |||||||||||||||||||||
Total comprehensive loss, net | $ | (1,344) | $ | (1,757) |
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 12,666 | $ | 11,269 | |||||||
Short-term investments | 309 | 414 | |||||||||
Restricted cash | 254 | 255 | |||||||||
Receivables, less allowance for credit losses (2021 — $74; 2020 — $78)
|
1,389 | 1,295 | |||||||||
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2021 — $502; 2020 — $478)
|
918 | 932 | |||||||||
Prepaid expenses and other | 483 | 635 | |||||||||
Total current assets | 16,019 | 14,800 | |||||||||
Operating property and equipment: | |||||||||||
Flight equipment | 38,851 | 38,218 | |||||||||
Other property and equipment | 8,581 | 8,511 | |||||||||
Purchase deposits for flight equipment | 1,439 | 1,166 | |||||||||
Total operating property and equipment | 48,871 | 47,895 | |||||||||
Less — Accumulated depreciation and amortization | (16,956) | (16,429) | |||||||||
Total operating property and equipment, net | 31,915 | 31,466 | |||||||||
Operating lease right-of-use assets | 4,516 | 4,537 | |||||||||
Other assets: | |||||||||||
Goodwill | 4,527 | 4,527 | |||||||||
Intangibles, less accumulated amortization (2021 — $1,507; 2020 — $1,495)
|
2,840 | 2,838 | |||||||||
Restricted cash | 218 | 218 | |||||||||
Deferred income taxes | 492 | 103 | |||||||||
Investments in affiliates and other, less allowance for credit losses (2021 — $526; 2020 — $522)
|
1,107 | 1,031 | |||||||||
Total other assets | 9,184 | 8,717 | |||||||||
Total assets | $ | 61,634 | $ | 59,520 |
March 31, 2021 | December 31, 2020 | ||||||||||
LIABILITIES AND STOCKHOLDER'S EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,838 | $ | 1,595 | |||||||
Accrued salaries and benefits | 2,267 | 1,960 | |||||||||
Advance ticket sales | 5,502 | 4,833 | |||||||||
Frequent flyer deferred revenue | 1,251 | 908 | |||||||||
Current maturities of long-term debt | 1,783 | 1,911 | |||||||||
Current maturities of operating leases | 623 | 612 | |||||||||
Current maturities of finance leases | 179 | 182 | |||||||||
Other | 727 | 728 | |||||||||
Total current liabilities | 14,170 | 12,729 | |||||||||
Long-term debt | 25,849 | 24,836 | |||||||||
Long-term obligations under operating leases | 4,985 | 4,986 | |||||||||
Long-term obligations under finance leases | 240 | 224 | |||||||||
Other liabilities and deferred credits: | |||||||||||
Frequent flyer deferred revenue | 4,858 | 5,067 | |||||||||
Pension liability | 2,478 | 2,460 | |||||||||
Postretirement benefit liability | 1,013 | 994 | |||||||||
Other financial liabilities from sale-leasebacks | 1,568 | 1,140 | |||||||||
Other | 1,298 | 1,156 | |||||||||
Total other liabilities and deferred credits | 11,215 | 10,817 | |||||||||
Commitments and contingencies | |||||||||||
Stockholder's equity: | |||||||||||
Common stock at par, $0.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at both March 31, 2021 and December 31, 2020
|
— | — | |||||||||
Additional capital invested | 117 | 85 | |||||||||
Retained earnings | 3,582 | 4,939 | |||||||||
Accumulated other comprehensive loss | (1,126) | (1,139) | |||||||||
Payable to parent | 2,602 | 2,043 | |||||||||
Total stockholder's equity | 5,175 | 5,928 | |||||||||
Total liabilities and stockholder's equity | $ | 61,634 | $ | 59,520 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ | 426 | $ | 45 | |||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (444) | (1,959) | |||||||||
Purchases of short-term investments and other investments | — | (541) | |||||||||
Proceeds from sale of short-term and other investments | 105 | 927 | |||||||||
Other, net | 10 | 1 | |||||||||
Net cash used in investing activities | (329) | (1,572) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of debt, net of discounts and fees | 1,336 | 2,813 | |||||||||
Proceeds from issuance of parent company stock | 532 | — | |||||||||
Payments of long-term debt, finance leases and other financing liabilities | (569) | (253) | |||||||||
Dividend to UAL | — | (353) | |||||||||
Net cash provided by financing activities | 1,299 | 2,207 | |||||||||
Net increase in cash, cash equivalents and restricted cash | 1,396 | 680 | |||||||||
Cash, cash equivalents and restricted cash at beginning of the period | 11,742 | 2,862 | |||||||||
Cash, cash equivalents and restricted cash at end of the period (a) | $ | 13,138 | $ | 3,542 | |||||||
Investing and Financing Activities Not Affecting Cash: | |||||||||||
Property and equipment acquired through the issuance of debt, finance leases and other | $ | 509 | $ | 128 | |||||||
Lease modifications and lease conversions | 22 | 439 | |||||||||
Right-of-use assets acquired through operating leases | 180 | 30 | |||||||||
Warrants received for entering into agreements with Archer
|
81 | — |
Current assets: | |||||||||||
Cash and cash equivalents | $ | 12,666 | $ | 3,436 | |||||||
Restricted cash — Current | 254 | — | |||||||||
Restricted cash — Non-Current | 218 | 106 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 13,138 | $ | 3,542 |
Additional
Capital Invested |
Retained Earnings |
Accumulated
Other Comprehensive Income (Loss) |
(Receivable from) Payable to Related Parties, Net | Total | |||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 85 | $ | 4,939 | $ | (1,139) | $ | 2,043 | $ | 5,928 | |||||||||||||||||||
Net loss | — | (1,357) | — | — | (1,357) | ||||||||||||||||||||||||
Other comprehensive income | — | — | 13 | — | 13 | ||||||||||||||||||||||||
Stock-settled share-based compensation | 32 | — | — | — | 32 | ||||||||||||||||||||||||
Impact of UAL common stock issuance | — | — | — | 532 | 532 | ||||||||||||||||||||||||
Other | — | — | — | 27 | 27 | ||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 117 | $ | 3,582 | $ | (1,126) | $ | 2,602 | $ | 5,175 | |||||||||||||||||||
Balance at December 31, 2019 | $ | — | $ | 12,353 | $ | (718) | $ | (143) | $ | 11,492 | |||||||||||||||||||
Net loss | — | (1,704) | — | — | (1,704) | ||||||||||||||||||||||||
Other comprehensive loss | — | — | (53) | — | (53) | ||||||||||||||||||||||||
Dividend to UAL | (12) | (330) | — | — | (342) | ||||||||||||||||||||||||
Stock-settled share-based compensation | 22 | — | — | — | 22 | ||||||||||||||||||||||||
Adoption of new accounting standard (a) | — | (17) | — | — | (17) | ||||||||||||||||||||||||
Other | — | — | — | (18) | (18) | ||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 10 | $ | 10,302 | $ | (771) | $ | (161) | $ | 9,380 | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Domestic (U.S. and Canada) | $ | 2,111 | $ | 5,078 | |||||||||||||||||||
Atlantic | 410 | 1,215 | |||||||||||||||||||||
Pacific | 308 | 806 | |||||||||||||||||||||
Latin America | 392 | 880 | |||||||||||||||||||||
Total | $ | 3,221 | $ | 7,979 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Total Frequent flyer deferred revenue - beginning balance | $ | 5,975 | $ | 5,276 | |||||||||||||||||||
Total miles awarded | 272 | 559 | |||||||||||||||||||||
Travel miles redeemed (Passenger revenue) | (123) | (322) | |||||||||||||||||||||
Non-travel miles redeemed (Other operating revenue) | (15) | (25) | |||||||||||||||||||||
Total Frequent flyer deferred revenue - ending balance | $ | 6,109 | $ | 5,488 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Loss available to common stockholders | $ | (1,357) | $ | (1,704) | |||||||||||||||||||
Weighted-average shares outstanding, basic and diluted | 316.6 | 248.5 | |||||||||||||||||||||
Loss per share, basic and diluted | $ | (4.29) | $ | (6.86) |
Warrant Description | Number of Shares of UAL Common Stock (in millions) | Exercise Price | Expiration Dates | ||||||||||||||||||||||||||
PSP1 Warrants (a) | 4.8 | $ | 31.50 | 4/20/2025 | — | 9/30/2025 | |||||||||||||||||||||||
CARES Act Loan Warrants (b) | 1.7 | 31.50 | 9/28/2025 | ||||||||||||||||||||||||||
PSP2 Warrants | 1.7 | 43.26 | 1/15/2026 | — | 3/8/2026 | ||||||||||||||||||||||||
Total | 8.2 | ||||||||||||||||||||||||||||
(a) |
Warrants issued in connection with the $1.5 billion 10-year senior unsecured promissory note with Treasury provided under the Payroll Support Program of the CARES Act ("PSP1").
|
||||||||||||||||||||||||||||
(b) | Warrants issued in connection with the CARES Act Loan. |
Pension and Other Postretirement Liabilities | Investments and Other | Deferred Taxes | Total | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | (1,102) | $ | 2 | $ | (39) | $ | (1,139) | ||||||||||||||||||
Changes in value | 13 | (1) | (3) | 9 | ||||||||||||||||||||||
Amounts reclassified to earnings | 5 | (a) | — | (1) | 4 | |||||||||||||||||||||
Balance at March 31, 2021 | $ | (1,084) | $ | 1 | $ | (43) | $ | (1,126) | ||||||||||||||||||
Balance at December 31, 2019 | $ | (560) | $ | 2 | $ | (160) | $ | (718) | ||||||||||||||||||
Changes in value | (49) | (16) | 15 | (50) | ||||||||||||||||||||||
Amounts reclassified to earnings | (4) | (a) | — | 1 | (3) | |||||||||||||||||||||
Balance at March 31, 2020 | $ | (613) | $ | (14) | $ | (144) | $ | (771) | ||||||||||||||||||
Pension Benefits | Other Postretirement Benefits |
Affected Line Item
in the Statements of Consolidated Operations |
||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Service cost | $ | 60 | $ | 54 | $ | 2 | $ | 2 | Salaries and related costs | |||||||||||||||||||||||
Interest cost | 46 | 56 | 6 | 7 | Miscellaneous, net | |||||||||||||||||||||||||||
Expected return on plan assets | (71) | (91) | — | — | Miscellaneous, net | |||||||||||||||||||||||||||
Amortization of unrecognized (gain) loss | 43 | 35 | (7) | (11) | Miscellaneous, net | |||||||||||||||||||||||||||
Amortization of prior service credit | — | — | (31) | (31) | Miscellaneous, net | |||||||||||||||||||||||||||
Special termination benefits | — | — | 46 | — | Miscellaneous, net | |||||||||||||||||||||||||||
Other | — | 3 | — | — | Miscellaneous, net | |||||||||||||||||||||||||||
Total | $ | 78 | $ | 57 | $ | 16 | $ | (33) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Share-based compensation expense | $ | 34 | $ | 18 | |||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Unrecognized share-based compensation | $ | 203 | $ | 88 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 12,666 | $ | 12,666 | $ | — | $ | — | $ | 11,269 | $ | 11,269 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Restricted cash - current | 254 | 254 | — | — | 255 | 255 | — | — | |||||||||||||||||||||||||||||||||||||||
Restricted cash - non-current | 218 | 218 | — | — | 218 | 218 | — | — | |||||||||||||||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | 252 | — | 252 | — | 330 | — | 330 | — | |||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 35 | — | 35 | — | 51 | — | 51 | — | |||||||||||||||||||||||||||||||||||||||
U.S. government and agency notes | 22 | — | 22 | — | 33 | — | 33 | — | |||||||||||||||||||||||||||||||||||||||
Long-term investments: | |||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 182 | 182 | — | — | 205 | 205 | — | — | |||||||||||||||||||||||||||||||||||||||
Other assets | 116 | — | 81 | 35 | 36 | — | — | 36 |
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,
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 assets | Fair value is determined utilizing the Black-Scholes options pricing model or observable market prices. | ||||
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. |
Scheduled Aircraft Deliveries | ||||||||||||||||||||||||||
Aircraft Type |
Number of Firm
Commitments (a) |
Last Nine Months
of 2021 |
2022 | After 2022 | ||||||||||||||||||||||
Airbus A321XLR | 50 | — | — | 50 | ||||||||||||||||||||||
Airbus A350 | 45 | — | — | 45 | ||||||||||||||||||||||
Boeing 737 MAX | 180 | 13 | 40 | 127 | ||||||||||||||||||||||
Boeing 787 | 9 | 9 | — | — | ||||||||||||||||||||||
Embraer E175 | 4 | 4 | — | — | ||||||||||||||||||||||
(a) United also has options and purchase rights for additional aircraft. |
Last nine months of 2021 | $ | 4.0 | ||||||
2022 | 2.9 | |||||||
2023 | 2.8 | |||||||
2024 | 1.7 | |||||||
2025 | 2.1 | |||||||
After 2025 | 10.2 | |||||||
$ | 23.7 |
Last nine months of 2021 | $ | 1.6 | ||||||
2022 | 2.1 | |||||||
2023 | 1.9 | |||||||
2024 | 1.7 | |||||||
2025 | 1.4 | |||||||
After 2025 | 3.7 | |||||||
$ | 12.4 |
EETC Issuance Date | Class | Face Amount | Stated interest rate | Total proceeds received from issuance of debt | Total debt recorded as of March 31, 2021 | |||||||||||||||||||||||||||||||||
February 2021 | B | $ | 600 | 4.88% | $ | 600 | $ | 600 |
Last nine months of 2021 | $ | 1,427 | ||||||
2022 | 3,952 | |||||||
2023 | 2,792 | |||||||
2024 | 5,257 | |||||||
2025 | 3,841 | |||||||
After 2025 | 10,896 | |||||||
$ | 28,165 |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
CARES Act grant | $ | (1,810) | $ | — | |||||||||||||||||||
Severance and benefit costs | 417 | — | |||||||||||||||||||||
Impairment of assets | — | 50 | |||||||||||||||||||||
(Gains) losses on sale of assets and other special charges | 16 | 13 | |||||||||||||||||||||
Total operating special charges (credits) | (1,377) | 63 | |||||||||||||||||||||
Nonoperating special termination benefits | 46 | — | |||||||||||||||||||||
Nonoperating unrealized losses on investments, net | 22 | 319 | |||||||||||||||||||||
Nonoperating credit loss on BRW Term Loan and related guarantee | — | 697 | |||||||||||||||||||||
Total nonoperating special charges and unrealized losses on investments, net | 68 | 1,016 | |||||||||||||||||||||
Total operating and nonoperating special charges (credits) and unrealized losses on investments, net | (1,309) | 1,079 | |||||||||||||||||||||
Income tax expense (benefit), net of valuation allowance | 291 | (14) | |||||||||||||||||||||
Total operating and nonoperating special charges (credits) and unrealized losses on investments, net of income taxes | $ | (1,018) | $ | 1,065 |
2021 | 2020 | Increase (Decrease) | % Change | |||||||||||||||||||||||
Operating revenue | $ | 3,221 | $ | 7,979 | $ | (4,758) | (59.6) | |||||||||||||||||||
Operating expense | 4,602 | 8,951 | (4,349) | (48.6) | ||||||||||||||||||||||
Operating loss | (1,381) | (972) | 409 | 42.1 | ||||||||||||||||||||||
Nonoperating income (expense) | (370) | (1,142) | (772) | (67.6) | ||||||||||||||||||||||
Income tax benefit | (394) | (410) | (16) | (3.9) | ||||||||||||||||||||||
Net loss | $ | (1,357) | $ | (1,704) | $ | (347) | (20.4) |
2021 | 2020 | Increase (Decrease) | % Change | ||||||||||||||||||||
Passenger revenue | $ | 2,316 | $ | 7,065 | $ | (4,749) | (67.2) | ||||||||||||||||
Cargo | 497 | 264 | 233 | 88.3 | |||||||||||||||||||
Other operating revenue | 408 | 650 | (242) | (37.2) | |||||||||||||||||||
Total operating revenue | $ | 3,221 | $ | 7,979 | $ | (4,758) | (59.6) |
2021 | 2020 | Increase (Decrease) | % Change | ||||||||||||||||||||
Salaries and related costs | $ | 2,224 | $ | 2,955 | $ | (731) | (24.7) | ||||||||||||||||
Aircraft fuel | 851 | 1,726 | (875) | (50.7) | |||||||||||||||||||
Depreciation and amortization | 623 | 615 | 8 | 1.3 | |||||||||||||||||||
Landing fees and other rent | 519 | 623 | (104) | (16.7) | |||||||||||||||||||
Regional capacity purchase | 479 | 737 | (258) | (35.0) | |||||||||||||||||||
Aircraft maintenance materials and outside repairs | 269 | 434 | (165) | (38.0) | |||||||||||||||||||
Distribution expenses | 85 | 295 | (210) | (71.2) | |||||||||||||||||||
Aircraft rent | 55 | 50 | 5 | 10.0 | |||||||||||||||||||
Special charges (credits) | (1,377) | 63 | (1,440) | NM | |||||||||||||||||||
Other operating expenses | 874 | 1,453 | (579) | (39.8) | |||||||||||||||||||
Total operating expenses | $ | 4,602 | $ | 8,951 | $ | (4,349) | (48.6) |
(In millions) | Average price per gallon | ||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Fuel expense | $ | 851 | $ | 1,726 | (50.7) | % | $ | 1.74 | $ | 1.90 | (8.4) | % | |||||||||||||||||||||||
Total fuel consumption (gallons) | 490 | 910 | (46.2) | % |
2021 | 2020 | ||||||||||
CARES Act grant | $ | (1,810) | $ | — | |||||||
Severance and benefit costs | 417 | — | |||||||||
Impairment of assets | — | 50 | |||||||||
(Gains) losses on sale of assets and other special charges | 16 | 13 | |||||||||
Special charges (credits) | $ | (1,377) | $ | 63 |
2021 | 2020 | Increase (Decrease) | % Change | ||||||||||||||||||||
Interest expense | $ | (353) | $ | (171) | $ | 182 | 106.4 | ||||||||||||||||
Interest capitalized | 17 | 21 | (4) | (19.0) | |||||||||||||||||||
Interest income | 7 | 26 | (19) | (73.1) | |||||||||||||||||||
Unrealized losses on investments, net | (22) | (319) | (297) | (93.1) | |||||||||||||||||||
Miscellaneous, net | (19) | (699) | (680) | (97.3) | |||||||||||||||||||
Total | $ | (370) | $ | (1,142) | $ | (772) | (67.6) |
Scheduled Aircraft Deliveries | ||||||||||||||||||||||||||
Aircraft Type |
Number of Firm
Commitments (a) |
Last Nine Months
of 2021 |
2022 | After 2022 | ||||||||||||||||||||||
Airbus A321XLR | 50 | — | — | 50 | ||||||||||||||||||||||
Airbus A350 | 45 | — | — | 45 | ||||||||||||||||||||||
Boeing 737 MAX | 180 | 13 | 40 | 127 | ||||||||||||||||||||||
Boeing 787 | 9 | 9 | — | — | ||||||||||||||||||||||
Embraer E175 | 4 | 4 | — | — | ||||||||||||||||||||||
(a) United also has options and purchase rights for additional aircraft. |
S&P | Moody's | Fitch | |||||||||||||||
UAL | B+ | Ba2 | B+ | ||||||||||||||
United | B+ | * | B+ | ||||||||||||||
* The credit agency does not issue corporate credit ratings for subsidiary entities. |
Exhibit No. | Registrant | Exhibit | |||||||||
4.1 |
UAL
United |
||||||||||
4.2 | UAL | ||||||||||
4.3 | UAL | ||||||||||
^10.1 |
UAL
United |
||||||||||
^10.2 |
UAL
United |
||||||||||
10.3 |
UAL
United |
||||||||||
10.4 |
UAL
United |
||||||||||
31.1 | UAL | ||||||||||
31.2 | UAL | ||||||||||
31.3 | United | ||||||||||
31.4 | United | ||||||||||
32.1 | UAL | ||||||||||
32.2 | United | ||||||||||
101 |
UAL
United |
The following financial statements from the combined Quarterly Report of UAL and United on Form 10-Q for the quarter ended March 31, 2020, formatted in Inline XBRL: (i) Statements of Consolidated Operations, (ii) Statements of Consolidated Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Condensed Statements of Consolidated Cash Flows, (v) Statements of Consolidated Stockholders' Equity and (vi) Combined Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||||
104 |
UAL
United |
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
United Airlines Holdings, Inc. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | April 22, 2021 | By: | /s/ Gerald Laderman | |||||||||||
Gerald Laderman
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
||||||||||||||
Date: | April 22, 2021 | By: | /s/ Chris Kenny | |||||||||||
Chris Kenny
Vice President and Controller (Principal Accounting Officer) |
||||||||||||||
United Airlines, Inc. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | April 22, 2021 | By: | /s/ Gerald Laderman | |||||||||||
Gerald Laderman
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
||||||||||||||
Date: | April 22, 2021 | By: | /s/ Chris Kenny | |||||||||||
Chris Kenny
Vice President and Controller (Principal Accounting Officer) |
Manufacturer Serial Number* |
737-*** Aircraft Delivery Month at January 1, 2021
|
737-*** Aircraft Delivery Month Commencing with SA-15 to Purchase Agreement
|
|||||||||
*** | *** | *** | *** |
THE BOEING COMPANY | UNITED AIRLINES, INC. | |||||||
/s/ Irma L. Krueger | /s/ Gerald Laderman | |||||||
Signature | Signature | |||||||
Irma L. Krueger | Gerald Laderman | |||||||
Printed Name | Printed Name | |||||||
Attorney-in-Fact |
Executive Vice President and
Chief Financial Officer |
|||||||
Title | Title |
ARTICLES |
SA NUMBER
|
|||||||
Article 1. | Quantity, Model and Description |
SA-15 §3.1
|
||||||
Article 2. | Delivery Schedule |
SA-15 §3.1
|
||||||
Article 3. | Price |
SA-15 §3.1
|
||||||
Article 4. | Payment |
SA-15 §3.1
|
||||||
Article 5. | Additional Terms |
SA-15 §3.1
|
||||||
TABLE | ||||||||
1. |
737-*** Aircraft Delivery, Description, Price and ***
|
SA-9 | ||||||
1.1 |
*** 737-*** Aircraft Delivery, Description, Price and ***
|
SA-15 | ||||||
1A. |
737-*** Aircraft Delivery, Description, Price and ***
|
SA-15 | ||||||
1B. |
737-*** Aircraft Delivery, Description, Price and ***
|
SA-15 | ||||||
EXHIBITS | ||||||||
A-1 |
737-*** & *** 737-***Aircraft Configuration
|
SA-8 | ||||||
A-2 |
737-*** Aircraft Configuration
|
|||||||
A-3 |
737-*** Aircraft Configuration
|
|||||||
A-4 |
737-*** Aircraft Configuration
|
SA-9 | ||||||
A-5 |
737-*** Aircraft Configuration
|
SA-14 | ||||||
B. | Aircraft Delivery Requirements and Responsibilities | |||||||
SUPPLEMENTAL EXHIBITS | ||||||||
AE1. |
*** Adjustment/Airframe and ***
|
|||||||
AE2. |
*** Adjustment/Airframe and *** for the 737-*** Aircraft
|
SA-9 & SA-15 §3.1
|
||||||
BFE1. |
BFE Variables 737-*** Aircraft
|
SA-7 | ||||||
BFE2. |
BFE Variables 737-*** Aircraft
|
SA-9 | ||||||
CS1. | Customer Support Variables | SA-9 | ||||||
EE1. |
Engine Warranty and ***
|
SA-15 §3.1
|
||||||
SLP1. | Service Life Policy Components | |||||||
TABLE OF CONTENTS, CONTINUED | ||||||||
LETTER AGREEMENTS |
SA NUMBER
|
|||||||
UAL-PA-03776-LA-1207637R3 |
*** Matters
|
SA-14 & SA-15 §3.1
|
||||||
UAL-PA-03776-LA-1207638R2 | *** | SA-10 | ||||||
UAL-PA-03776-LA-1207640 | Demonstration Flight Waiver | |||||||
UAL-PA-03776-LA-1207643R3 |
Open Matters 737-*** and 737-*** Aircraft
|
SA-15 | ||||||
UAL-PA-03776-LA-1207646R4 | Promotional Support | SA-15 | ||||||
UAL-PA-03776-LA-1207647 | Seller Purchased Equipment |
SA-15 §3.1
|
||||||
UAL-PA-03776-LA-1207649 | Spare Parts Initial Provisioning | |||||||
UAL-PA-03776-LA-1207650R4 | Special Matters |
SA-10 & SA-15 §3.1
|
||||||
UAL-PA-03776-LA-1208055R1 | *** | SA-7 | ||||||
UAL-PA-03776-LA-1208122 | *** | SA-10 | ||||||
UAL-PA-03776-LA-1208123R1 |
*** Matters for 737-*** Aircraft
|
SA-9 | ||||||
UAL-PA-03776-LA-1208157R2 | *** | SA-9 | ||||||
UAL-PA-03776-LA-1208234 |
Privileged and Confidential Matters
|
|||||||
UAL-PA-03776-LA-1208596R2 | AGTA Matters | SA-13 | ||||||
UAL-PA-03776-LA-1208238 | Assignment Matters | |||||||
UAL-PA-03776-LA-1208869R1 |
Delivery *** Matters
|
SA-13 | ||||||
UAL-PA-03784-LA-1207869 | 737 Production Adjustments | |||||||
UAL-PA-03776-LA-1606848R2 |
*** Special *** Aircraft
|
SA-9 | ||||||
UAL-PA-03776-LA-1703685 |
737-*** Aircraft ***
|
SA-9 | ||||||
UAL-PA-03776-LA-1703743 |
2017 ***
|
SA-9 | ||||||
UAL-PA-03776-LA-1703858R1 |
*** Program for the 737-*** Aircraft
|
SA-10 & SA-15 §3.1
|
||||||
*** Commitment for the
737-*** Aircraft
|
§5.1.2 of SA-9 | |||||||
UAL-PA-3776-LA-1801367 | Loading of Customer Software | SA-10 | ||||||
UAL-PA-3776-LA-1801619 | Installation of Cabin Systems Equipment | SA-10 | ||||||
UAL-PA-3776-LA-1807469 |
*** From *** for 737-*** Aircraft
|
SA-11 | ||||||
UAL-PA-3776-LA-2001766R1 | Certain Special Matters | SA-14 |
SUPPLEMENTAL AGREEMENTS |
DATED AS OF
|
||||
Supplemental Agreement No. 1 | June 17, 2013 | ||||
Supplemental Agreement No. 2 | January 14, 2015 | ||||
Supplemental Agreement No. 3 | May 26, 2015 | ||||
Supplemental Agreement No. 4 | June 12, 2015 | ||||
Supplemental Agreement No. 5 | January 20, 2016 | ||||
Supplemental Agreement No. 6 | February 8, 2016 | ||||
Supplemental Agreement No. 7 | December 27, 2016 | ||||
Supplemental Agreement No. 8 | June 7, 2017 | ||||
Supplemental Agreement No. 9 | June 15, 2017 | ||||
Supplemental Agreement No. 10 | May 15, 2018 | ||||
Supplemental Agreement No. 11 | September 25, 2018 | ||||
Supplemental Agreement No. 12 | December 12, 2018 | ||||
Supplemental Agreement No. 13 | March 20, 2020 | ||||
Supplemental Agreement No. 14 | June 30, 2020 | ||||
Supplemental Agreement No. 15 | February 26, 2021 |
Table 1.1 To Purchase Agreement No. 03776 | ||||||||||||||||||||||||||||||||
***737-*** Aircraft Delivery, Description, Price and *** | ||||||||||||||||||||||||||||||||
Airframe Model/MTOW: | 737-*** | *** pounds | *** | Detail Specification: | *** | 4Q11 External Fcst~4Q11 External Fcst - Engines | ||||||||||||||||||||||||||
Engine Model/Thrust: | *** | *** pounds | *** | Airframe Price Base Year/*** Formula: | *** | *** | ||||||||||||||||||||||||||
Airframe Price: | $*** | Engine Price Base Year/*** Formula: | *** | *** | ||||||||||||||||||||||||||||
*** Features: | $*** | |||||||||||||||||||||||||||||||
Sub-Total of Airframe and Features: | $*** | Airframe *** Data: | ||||||||||||||||||||||||||||||
Engine Price (Per Aircraft): | $*** | Base Year Index (ECI): | *** | |||||||||||||||||||||||||||||
Aircraft Basic Price (Excluding BFE/SPE): | $*** | Base Year Index (CPI): | *** | |||||||||||||||||||||||||||||
Buyer Furnished Equipment (BFE) Estimate: | $*** | |||||||||||||||||||||||||||||||
Seller Purchased Equipment (SPE) Estimate: | $*** | |||||||||||||||||||||||||||||||
Deposit per Aircraft: | $*** | |||||||||||||||||||||||||||||||
# of Aircraft | Delivery Date | *** | Manufacturer Serial Number | Actual or Nominal Delivery *** * | *** Estimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | ||||||||||||||||||||||||||
Number of | Factor | *** Base | *** | *** | *** | *** | ||||||||||||||||||||||||||
Aircraft | (Airframe) | Price Per A/P | ||||||||||||||||||||||||||||||
*** | *** | *** | *** | *** | *** | $*** | $*** | $*** | $*** | $*** | ||||||||||||||||||||||
Total in this Table: | *** | |||||||||||||||||||||||||||||||
* Nominal delivery *** pursuant to Letter Agreement number UAL-PA-03776-LA-1207643R3 entitled "Open Matters 737-*** and 737-*** Aircraft", including successors thereof. | ||||||||||||||||||||||||||||||||
Note: Serial Numbers are provided as guidance only and are subject to change. | ||||||||||||||||||||||||||||||||
*** | ||||||||||||||||||||||||||||||||
*** | ||||||||||||||||||||||||||||||||
*** |
Table 1A To Purchase Agreement No. 03776 | |||||||||||||||||||||||||||||||||||
737-*** Aircraft Delivery, Description, Price and *** | |||||||||||||||||||||||||||||||||||
Airframe Model/MTOW: | 737-*** | *** pounds | *** | Detail Specification: | *** | 4Q11 External Fcst~4Q11 External Fcst - Engines | |||||||||||||||||||||||||||||
Engine Model/Thrust: | *** | *** pounds | *** | Airframe Price Base Year/*** Formula: | *** | *** | |||||||||||||||||||||||||||||
Airframe Price: | $*** | Engine Price Base Year/*** Formula: | *** | *** | |||||||||||||||||||||||||||||||
Optional Features: | $*** | ||||||||||||||||||||||||||||||||||
Sub-Total of Airframe and Features: | $*** | Airframe *** Data: | |||||||||||||||||||||||||||||||||
Engine Price (Per Aircraft): | $*** | Base Year Index (ECI): | *** | ||||||||||||||||||||||||||||||||
Aircraft Basic Price (Excluding BFE/SPE): | $*** | Base Year Index (CPI): | *** | ||||||||||||||||||||||||||||||||
Buyer Furnished Equipment (BFE) Estimate: | $*** | ||||||||||||||||||||||||||||||||||
Seller Purchased Equipment (SPE) Estimate: | $*** | ||||||||||||||||||||||||||||||||||
Deposit per Aircraft: | $*** | ||||||||||||||||||||||||||||||||||
# of Aircraft | *** Delivery Date | Target Delivery Date | *** | Manufacturer Serial Number | Actual or Nominal Delivery *** * | *** Estimate | *** Per Aircraft (Amts. Due/*** Prior to Delivery): | ||||||||||||||||||||||||||||
Number of | Factor | *** Base | *** | *** | *** | *** | |||||||||||||||||||||||||||||
Aircraft | (Airframe) | Price Per A/P | |||||||||||||||||||||||||||||||||
*** | *** | *** | *** | *** | *** | *** | *** | *** | *** | *** | *** | ||||||||||||||||||||||||
Total: | *** | ||||||||||||||||||||||||||||||||||
* Nominal delivery *** pursuant to Letter Agreement number UAL-PA-03776-LA-1207643R3 entitled "Open Matters 737-*** and
737-*** Aircraft", including successors thereof. |
|||||||||||||||||||||||||||||||||||
Note: Serial Numbers above are provided as guidance only and are subject to change until delivery. | |||||||||||||||||||||||||||||||||||
*** | |||||||||||||||||||||||||||||||||||
*** | |||||||||||||||||||||||||||||||||||
*** |
Table 1B to Purchase Agreement No. 03776 | |||||||||||||||||||||||||||||||||||
737-*** Aircraft Delivery, Description, Price and *** | |||||||||||||||||||||||||||||||||||
Airframe Model/MTOW: | 737-*** | *** pounds | *** | Detail Specification: | *** | 4Q11 External Fcst~4Q11 External Fcst - Engines | |||||||||||||||||||||||||||||
Engine Model/Thrust: | *** | *** pounds | *** | Airframe Price Base Year/*** Formula: | *** | *** | |||||||||||||||||||||||||||||
Airframe Price: | $*** | Engine Price Base Year/*** Formula: | *** | *** | |||||||||||||||||||||||||||||||
*** Features: | $*** | ||||||||||||||||||||||||||||||||||
Sub-Total of Airframe and Features: | $*** | Airframe *** Data: | |||||||||||||||||||||||||||||||||
Engine Price (Per Aircraft): | $*** | Base Year Index (ECI): | *** | ||||||||||||||||||||||||||||||||
# of Aircraft | Target Delivery Date | *** | Manufacturer Serial Number | Actual or Nominal Delivery **** | *** Forecast | *** Estimate | *** Per Aircraft (Amts. Due/*** Prior to Delivery): | ||||||||||||||||||||||||||||
Number of | Factor | *** Base | *** | *** | *** | *** | |||||||||||||||||||||||||||||
Aircraft | (Airframe) | Price Per A/P | |||||||||||||||||||||||||||||||||
*** | *** | *** | *** | *** | *** | *** | $*** | $*** | $*** | $*** | $*** | ||||||||||||||||||||||||
Total: | *** | ||||||||||||||||||||||||||||||||||
* Nominal delivery *** pursuant to Letter Agreement number UAL-PA-03776-LA-1207643R3 entitled "Open Matters 737-*** and
737-*** Aircraft", including successors thereof. |
|||||||||||||||||||||||||||||||||||
Note: Serial Numbers above are provided as guidance only and are subject to change until delivery. | |||||||||||||||||||||||||||||||||||
*** | |||||||||||||||||||||||||||||||||||
*** | |||||||||||||||||||||||||||||||||||
*** |
|
The Boeing Company
P.O. Box 3707 Seattle, WA 98124 2207 |
THE BOEING COMPANY | |||||||||||||||||
By: | /s/ Irma L. Krueger | ||||||||||||||||
Its: | Attorney-in-Fact | ||||||||||||||||
ACCEPTED AND AGREED TO this | |||||||||||||||||
Date: | February 26, 2021 | ||||||||||||||||
UNITED AIRLINES, INC. | |||||||||||||||||
By: | /s/ Gerald Laderman | ||||||||||||||||
Its: |
Executive Vice President and
Chief Financial Officer
|
|
The Boeing Company
P.O. Box 3707 Seattle, WA 98124 2207 |
THE BOEING COMPANY | |||||
By: | /s/ Irma L. Krueger | ||||
Its: | Attorney-in-Fact | ||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | February 26, 2021 | |||||||
UNITED AIRLINES, INC. | ||||||||
By: | /s/ Gerald Laderman | |||||||
Its: | Executive Vice President and Chief Financial Officer |
ARTICLES |
SA NUMBER
|
|||||||
Article 1. | Quantity, Model and Description | SA-1 | ||||||
Article 2. | Delivery Schedule | SA-1 | ||||||
Article 3. | Price | SA-1 | ||||||
Article 4. | Payment | SA-1 | ||||||
Article 5. | Additional Terms | SA-1 | ||||||
TABLE | ||||||||
1 |
787-*** Aircraft Delivery, Description, Price and ***
|
SA-7 | ||||||
1A. |
787-*** with GENX-1B*** Engines Aircraft Information Table
|
SA-11 | ||||||
EXHIBITS | ||||||||
A2* |
787-*** Aircraft Configuration
|
SA-9 | ||||||
A3. |
787-*** Aircraft Configuration
|
SA-9 | ||||||
B. | Aircraft Delivery Requirements and Responsibilities | |||||||
* - Note: There is no Exhibit A1 in this Purchase Agreement | ||||||||
SUPPLEMENTAL EXHIBITS | ||||||||
AE1. |
***/Airframe and *** Features
|
|||||||
BFE1. |
BFE Variables for the 787-*** Aircraft
|
SA-7 | ||||||
CS1. | Customer Support Document | |||||||
EE1. |
Engine ***/Engine Warranty ***
|
|||||||
SLP1. | Service Life Policy Components |
TABLE OF CONTENTS, CONTINUED | ||||||||
LETTER AGREEMENTS |
SA NUMBER
|
|||||||
UAL-PA-03860-LA-1209247 |
787 e-Enabling
|
|||||||
UAL-PA-03860-LA-1209264 |
Open Configuration Matters
Completed: No longer applicable
|
SA-9 | ||||||
UAL-PA-03860-LA-1209409 |
Spare Parts Initial Provisioning
|
|||||||
UAL-PA-03860-LA-1209410 | Special Matters Relating to COTS Software and End User License Agreements | |||||||
UAL-PA-03860-LA-1209411 | Special Terms – Seats and In-flight Entertainment | |||||||
UAL-PA-03860-LA-1209417 | Model 787 Post-Delivery Software & Data Loading | |||||||
CONFIDENTIAL LETTER AGREEMENTS | ||||||||
UAL-PA-03860-LA-1209236R1 |
Model ***
|
SA-1 | ||||||
Attachment A, 787-*** Airframe Pricing of *** Aircraft with General Electric GEnx-1B***
|
SA-1 | |||||||
Attachment B, 787-*** with General Electric GEnx-1B***
|
SA-1 | |||||||
Attachment C, 787-*** with General Electric GEnx-1B***
|
SA-1 | |||||||
UAL-PA-03860-LA-1209412 | Spare Parts Commitment | |||||||
UAL-PA-03860-LA-1209413R4 | Special Matters | SA-12 | ||||||
UAL-PA-03860-LA-1209413A1R3 | Special Matters – Amendment 1 | SA-7 | ||||||
UAL-PA-03860-LA-1209414 | Other Special Matters | |||||||
UAL-PA-03860-LA-1209413A1 | Other Special Matters - Amendment 1 | SA-1 | ||||||
UAL-PA-03860-LA-1209416R1 | Promotional Support | SA-2 | ||||||
UAL-PA-03860-LA-1209430 |
***
|
|||||||
UAL-PA-03860-LA-1209429 |
***
|
TABLE OF CONTENTS, CONTINUED | ||||||||
CONFIDENTIAL LETTER AGREEMENTS, continued |
SA NUMBER
|
|||||||
6-1162-ELP-0794 |
*** Program- Boeing ***
|
|||||||
6-1162-ELP-0795 |
*** Program- Boeing ***
|
|||||||
UAL-PA-03860-LA-1301368 |
*** (787-***)
|
SA-1 | ||||||
UAL-PA-03860-LA-1301373 |
787-*** Aircraft Open Configuration and Other Matters
|
SA-1 | ||||||
UAL-PA-03860-LA-1301375R1 |
Provisions Relating to Customer’s *** for 787-*** Aircraft
|
SA-7 | ||||||
UAL-PA-03860-LA-1301377 |
787-***
|
SA-1 | ||||||
UAL-PA-03860-LA-1301377A1 |
787-*** – Amendment 1
|
SA-4 | ||||||
UAL-PA-03860-LA-1301380 |
787-*** Program Launch
|
SA-1 | ||||||
UAL-PA-03860-LA-1500017 | *** | SA-4 | ||||||
UAL-PA-03860-LA-1500059 | Installation of Cabin Systems Equipment | SA-4 | ||||||
UAL-PA-03860-LA-1703319 | Privileged and Confidential Matters | SA-8 | ||||||
UAL-PA-03860-LA-1802899 | *** | SA-9 |
SUPPLEMENTAL AGREEMENTS | DATED AS OF | ||||
Supplemental Agreement No. 1 . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . June 17, 2013 | ||||
Supplemental Agreement No. 2 . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . December 16, 2013 | ||||
Supplemental Agreement No. 3 . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . July 22, 2014 | ||||
Supplemental Agreement No. 4 . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . January 14, 2015 | ||||
Supplemental Agreement No. 5 . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . May 12, 2015 | ||||
Supplemental Agreement No. 6 . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . December 31, 2015 | ||||
Supplemental Agreement No. 7 . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . March 7, 2016 | ||||
Supplemental Agreement No. 8 . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . June 7, 2017 | ||||
Supplemental Agreement No. 9 . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . May 31, 2018 | ||||
Supplemental Agreement No. 10 . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . November 1, 2018 | ||||
Supplemental Agreement No. 11 . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . December 12, 2018 | ||||
Supplemental Agreement No. 12 . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . February 26, 2021 |
|
The Boeing Company
P.O. Box 3707 Seattle, WA 98124 2207 |
*** |
Section 3.1 787-*** Aircraft
|
[A]
***
|
[B]
***
|
[C]
***
|
||||||||
*** | $*** | $*** | $*** | ||||||||
Total | $*** | $*** | $*** |
THE BOEING COMPANY | |||||
By | /s/ Irma L. Krueger | ||||
Its | Attorney-In-Fact |
ACCEPTED AND AGREED TO this | ||||||||
Date: |
February 26, 2021
|
|||||||
UNITED AIRLINES, INC. | ||||||||
By | /s/ Gerald Laderman | |||||||
Its |
Executive Vice President Finance and
Chief Financial Officer |
/s/ J. Scott Kirby | ||
J. Scott Kirby
Chief Executive Officer |
||
/s/ Gerald Laderman | ||
Gerald Laderman | ||
Executive Vice President and Chief Financial Officer | ||
/s/ J. Scott Kirby | ||
J. Scott Kirby
Chief Executive Officer |
||
/s/ Gerald Laderman | ||
Gerald Laderman | ||
Executive Vice President and Chief Financial Officer | ||
/s/ J. Scott Kirby | ||
J. Scott Kirby | ||
Chief Executive Officer | ||
/s/ Gerald Laderman | ||
Gerald Laderman | ||
Executive Vice President and Chief Financial Officer |
/s/ J. Scott Kirby | ||
J. Scott Kirby | ||
Chief Executive Officer | ||
/s/ Gerald Laderman | ||
Gerald Laderman | ||
Executive Vice President and Chief Financial Officer |