Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2011


Derivatives designated as hedges		June 30, 2011						December 31, 2010
	Balance Sheet Location	UAL		United		Continental Successor		UAL		United		Continental Successor

Assets:
Fuel contracts due within one year	Receivables	$	194	$	141	$	53	$	375	$	277	$	98


Liabilities:
Fuel contracts due within one year	Other Current Liabilities	$	3	$	3	$	—	$	—	$	—	$	—

Schedule of Gain Loss on Derivative Instruments


Fuel contracts	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective portion)						Gain (Loss) Reclassified from AOCI into Income (Fuel Expense) (Effective Portion)					Amount of Gain (Loss) Recognized in Income (Nonoperating Expense) (Ineffective Portion)
	Three Months Ended June 30,						Three Months Ended June 30,					Three Months Ended June 30,
	2011			2010			2011		2010			2011			2010
UAL	$	(231	)	$	(146	)	$	278	$	—		$	(34	)	$	(3	)
United		(149	)		(146	)		213		—			(7	)		(3	)
Continental (a)		(82	)		(53	)		65		(9	)		(27	)		(2	)

(a)	For Continental, the 2011 period represents Successor and the 2010 period represents Predecessor.


Fuel contracts	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective portion)					Gain (Loss) Reclassified from AOCI into Income (Fuel Expense) (Effective Portion)					Amount of Gain (Loss) Recognized in Income (Nonoperating Expense) (Ineffective Portion)
	Six Months Ended June 30,					Six Months Ended June 30,					Six Months Ended June 30,
	2011		2010			2011		2010			2011			2010
UAL	$	293	$	(146	)	$	432	$	—		$	(31	)	$	(3	)
United		236		(146	)		338		—			(5	)		(3	)
Continental (a)		57		(37	)		94		(6	)		(26	)		(2	)

(a)	For Continental, the 2011 period represents Successor and the 2010 period represents Predecessor.

Schedule of Credit Risk Derivatives


	UAL			United			Continental
Net derivative asset with counterparties	$	191		$	138		$	53
Collateral held by the Company (a)		(31	)		(31	)		—
Collateral posted by the Company		—			—			—
Potential loss related to the failure of the Company's counterparties to perform (b)		160			107			53

(a)	Classified as an other current liability.

(b)	Based on fair value at June 30, 2011 and collateral held.

Second Half Of 2011 [Member]

Description of Derivative Instruments


	Maximum Price					Minimum Price
	% of Expected Consumption			Weighted Average Price (per gallon)		% of Expected Consumption			Weighted Average Price (per gallon)

UAL
Heating oil collars		15	%	$	3.32		15	%	$	2.65
Heating oil call options		4			2.41		N/A			N/A
Heating oil swaps		3			2.24		3			2.24
West Texas Intermediate ("WTI") crude oil call options		13			2.32		N/A			N/A
WTI crude oil swaps		11			2.17		11			2.17
Aircraft fuel call options		4			3.15		N/A			N/A
Aircraft fuel swaps		1			3.14		1			3.14

Total		51	%				30	%

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

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- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-Publisher FASB
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