Financial Instruments And Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurements [Abstract]

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

	March 31, 2012								December 31, 2011
	Total		Level 1		Level 2		Level 3		Total			Level 1		Level 2			Level 3
		UAL
Cash and cash equivalents	$	5,606	$	5,606	$	—	$	—	$	6,246		$	6,246	$	—		$	—
Short-term investments:
Asset-backed securities		578		—		578		—		478			—		478			—
Corporate debt		508		—		508		—		515			—		515			—
Certificates of deposit placed through an account registry service ("CDARS")		416		—		416		—		355			—		355			—
Auction rate securities		112		—		—		112		113			—		—			113
U.S. government and agency notes		24		—		24		—		22			—		22			—
Other fixed income securities		29		—		29		—		33			—		33			—
Enhanced equipment trust certificates ("EETC")		62		—		—		62		60			—		—			60
Fuel derivatives, net		206		—		206		—		73			—		73			—
Foreign currency derivatives		—		—		—		—		(1	)		—		(1	)		—
Restricted cash		571		571		—		—		569			569		—			—
		United
Cash and cash equivalents	$	3,338	$	3,338	$	—	$	—	$	3,458		$	3,458	$	—		$	—
Short-term investments:
Asset-backed securities		26		—		26		—		29			—		29			—
Corporate debt		128		—		128		—		138			—		138			—
CDARS		151		—		151		—		87			—		87			—
U.S. government and agency notes		7		—		7		—		5			—		5			—
Other fixed income securities		26		—		26		—		16			—		16			—
EETC		62		—		—		62		60			—		—			60
Fuel derivatives, net		120		—		120		—		44			—		44			—
Restricted cash		435		435		—		—		433			433		—

		Continental
Cash and cash equivalents	$	2,262		$	2,262	$	—	$	—		$	2,782		$	2,782	$	—		$	—
Short-term investments:
Asset-backed securities		552			—		552		—			449			—		449			—
Corporate debt		380			—		380		—			377			—		377			—
CDARS		265			—		265		—			268			—		268			—
Auction rate securities		112			—		—		112			113			—		—			113
U.S. government and agency notes		17			—		17		—			17			—		17			—
Other fixed income securities		3			—		3		—			17			—		17			—
Fuel derivatives, net		86			—		86		—			29			—		29			—
Foreign currency derivatives		—			—		—		—			(1	)		—		(1	)		—
Restricted cash		135			135		—		—			135			135		—			—
Convertible debt derivative asset		231			—		—		231			193			—		—			193
Convertible debt option liability		(119	)		—		—		(119	)		(95	)		—		—			(95	)

Activity For "Level Three" Financial Assets And Financial Liabilities

	Three Months Ended March 31,
	2012						2011
	Auction Rate Securities			EETC			Auction Rate Securities		EETC
UAL (a)
Balance at January 1	$	113		$	60		$	119	$	66
Settlements		—			(2	)		—		(2	)
Reported in earnings—unrealized		(1	)		—			—		—
Reported in other comprehensive income		—			4			1		(1	)
Balance at March 31	$	112		$	62		$	120	$	63

(a) For 2012 and 2011, United's only Level 3 recurring measurements are the above EETCs.

Carrying Values And Estimated Fair Values Of Financial Instruments

	March 31, 2012					December 31, 2011
		Carrying Amount		Fair Value			Carrying Amount		Fair Value
UAL debt		$	11,421	$	12,105		$	11,682	$	11,992
United debt			5,602		5,607			5,745		5,630
Continental debt			5,411		5,588			5,528		5,503

	Fair Value of Debt by Fair Value Hierarchy Level
	March 31, 2012								December 31, 2011
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
UAL debt	$	12,105	$	—	$	910	$	11,195	$	11,992	$	—	$	859	$	11,133
United debt		5,607		—		—		5,607		5,630		—		—		5,630
Continental debt		5,588		—		—		5,588		5,503		—		—		5,503

Quantitative Information About Level 3 Fair Value Measurements

Item	Fair Value at March 31, 2012		Valuation Technique	Unobservable Input	Range (Weighted Average)
Auction rate securities	$	112	Discounted Cash Flows	Hypothetical U.S. Treasury forward rates (a) Credit risk premium (b) Illiquidity premium (c) Expected repayments (d)	0.15% - 3.6% (2.7%) 1% 5% Begin in 2012-2013, end in 2013-2035
EETC	$	62	Discounted Cash Flows	Structure credit risk (e)	5% - 8% (6%)
Convertible debt derivative asset	$	231	Binomial Lattice Model	Expected volatility (f) Own credit risk (g)	45% - 60% (48%) 7% - 9% (8%)
Convertible debt option liability	$	119	Binomial Lattice Model	Expected volatility (f) Own credit risk (g)	45% - 60% (49%) 7% - 9% (8%)

(a) Represents amounts used to determine base component of future interest rate sets that the Company has determined market participants would use in pricing the investments.

(b) Represents the credit risk premium component of the discount rate that the Company has determined market participants would use in pricing the investments.

(c) Represents the illiquidity premium component of the discount rate that the Company has determined market participants would use in pricing the investments.

(d) Represents the estimated timing of principal repayments used in the discounted cash flow model.

(e) Represents the credit risk premium of the EETC structure above the risk-free rate that the Company has determined market participants would use in pricing the instruments.

(f) Represents the range in volatility estimates that the Company has determined market participants would use when pricing the instruments.

(g) Represents the range of Company-specific risk adjustments that the Company has determined market participants would use as a model input.