Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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):

	June 30, 2022								December 31, 2021
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	16,885	$	16,885	$	—	$	—	$	18,283	$	18,283	$	—	$	—
Restricted cash - current	43		43		—		—		37		37		—		—
Restricted cash - non-current	204		204		—		—		213		213		—		—
Short-term investments:
Corporate debt	43		—		43		—		95		—		95		—
Asset-backed securities	163		—		163		—		26		—		26		—
U.S. government and agency notes	2,984		—		2,984		—		2		—		2		—
Long-term investments:
Equity securities	142		142		—		—		229		229		—		—

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:

	June 30, 2022										December 31, 2021
	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	$	32,187	$	30,020	$	—	$	25,089	$	4,931	$	33,363	$	34,550	$	—	$	29,088	$	5,462

Fair Value Measurement Inputs and Valuation Techniques

Fair value of the financial instruments included in the tables above was determined as follows:

Description	Fair Value Methodology
Cash and cash equivalents and Restricted cash (current and non-current)	The carrying amounts of these assets approximate fair value.
Short-term investments and Equity securities	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.
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.