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Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Financial Instruments and Fair Value Measurements

Financial Assets and Liabilities Measured on A Recurring Basis


		June 30, 2011																December 31, 2010
		Total				Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3
		UAL
Cash and cash equivalents		$	7,519			$	7,519			$	—			$	—			$	8,069			$	8,069			$	—			$	—
Short-term investments:
Auction rate securities			121				—				—				121				119				—				—				119
CDARS			196				196				—				—				45				45				—				—
Asset-backed securities			224				224				—				—				258				258				—				—
Corporate debt			397				397				—				—				135				135				—				—
U.S. government and agency notes			47				47				—				—				39				39				—				—
Other fixed income securities			75				75				—				—				15				15				—				—
EETC			65				—				—				65				66				—				—				66
Fuel derivatives, net			191				—				191				—				375				—				375				—
Foreign currency derivatives			(3	)			—				(3	)			—				(7	)			—				(7	)			—
Restricted cash (a)			160				160				—				—				160				160				—				—

		United (a)
Cash and cash equivalents		$	4,107			$	4,107			$	—			$	—			$	4,665			$	4,665			$	—			$	—
Short-term investments:
Asset-backed securities			23				23				—				—				—				—				—				—
Corporate debt			124				124				—				—				—
U.S. government and agency notes			5				5				—				—				—				—				—				—
Other fixed income securities			3				3				—				—
EETC			65				—				—				65				66				—				—				66
Fuel derivatives, net			138				—				138				—				277				—				277				—

		Continental Successor
Cash and cash equivalents		$	3,406			$	3,406			$	—			$	—			$	3,398			$	3,398			$	—			$	—
Short-term investments:
Auction rate securities			121				—				—				121				119				—				—				119
CDARS			196				196				—				—				45				45				—				—
Asset-backed securities			201				201				—				—				258				258				—				—
Corporate debt			273				273				—				—				135				135				—				—
U.S. government and agency notes			41				41				—				—				39				39				—				—
Other fixed income securities			72				72				—				—				15				15				—				—
Fuel derivatives, net			53				—				53				—				98				—				98				—
Foreign currency derivatives			(3	)			—				(3	)			—				(7	)			—				(7	)			—
Restricted cash			160				160				—				—				160				160				—				—
Convertible debt derivative asset			251				—				—				251				286				—				—				286
Convertible debt option liability			(143	)			—				—				(143	)			(164	)			—				—				(164	)

Activity for Level Three Financial Assets and Financial Liabilities


	Three Months Ended June 30,
		2011								2010
UAL (a)		Auction Rate Securities				EETC				EETC
Balance at March 31		$	120			$	63			$	58
Settlements			—				—				—
Reported in earnings - unrealized			1				—				—
Reported in other comprehensive income			—				2				3

Balance at June 30		$	121			$	65			$	61

(a)	For 2010, amounts also represent United. For 2011, United's only Level Three recurring measurements are the above EETCs.


		Six Months Ended June 30,
		2011								2010
UAL (a)		Auction Rate Securities				EETC				EETC
Balance at January 1		$	119			$	66			$	51
Settlements			—				(2	)			(2	)
Reported in earnings - unrealized			1				—				—
Reported in other comprehensive income			1				1				12

Balance at June 30		$	121			$	65			$	61

(a)	For 2010, amounts also represent United. For 2011, United's only Level Three recurring measurements are the above EETCs.

Carrying Values and Estimated Fair Values of Financial Instruments


		June 30, 2011								December 31, 2010
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
UAL debt		$	12,490			$	13,304			$	13,845			$	14,995
United debt			6,103				6,216				7,026				7,350
Continental Successor debt			5,973				6,133				6,401				6,663

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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