Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of 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):


	March 31, 2023								December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	7,634	$	7,634	$	—	$	—	$	7,166	$	7,166	$	—	$	—
Restricted cash - current	173		173		—		—		45		45		—		—
Restricted cash - non-current	225		225		—		—		210		210		—		—
Short-term investments:
U.S. government and agency notes	9,061		—		9,061		—		8,914		—		8,914		—
Asset-backed securities	461		—		461		—		325		—		325		—
Corporate debt	—		—		—		—		9		—		9		—
Long-term investments:
Equity securities	126		126		—		—		189		189		—		—

Schedule of 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:


	March 31, 2023										December 31, 2022
	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	$	30,666	$	29,429	$	—	$	23,812	$	5,617	$	31,194	$	29,371	$	—	$	23,990	$	5,381

Schedule of 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 and Long-term investments			Fair 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 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.