HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2012

Schedule Of Hedging Activity For Projected Fuel Requirements

As of June 30, 2012, our projected fuel requirements for the remainder of 2012 were hedged as follows:

	Maximum Price					Minimum Price
	% of Expected Consumption			Weighted Average  Price (per gallon)		% of Expected Consumption			Weighted Average  Price (per gallon)
UAL (a)
Heating oil collars		20	%	$	3.41		20	%	$	2.74
Brent crude oil collars		13			2.74		13			1.93
Diesel fuel collars		9			3.18		9			2.40
Diesel fuel call options		1			3.17		N/A			N/A
Aircraft fuel collars		1			3.00		1			2.35
Aircraft fuel swaps		1			2.72		1			2.72
Total		45	%				44	%

(a) As of June 30, 2012, UAL had also hedged 15% of projected first half 2013 fuel consumption.

Schedule Of Derivative Instruments

The following tables present information about the financial statement classification of the Company’s derivatives and related gains (losses) (in millions):

		June 30, 2012						December 31, 2011
Derivatives designated as hedges	Balance Sheet Location	UAL		United		Continental		UAL		United		Continental
Assets:
Fuel contracts due within one year	Receivables	$	3	$	2	$	1	$	77	$	48	$	29
Liabilities:
Fuel contracts due within one year	Other Current Liabilities	$	104	$	56	$	48	$	4	$	4	$	—

Schedule Of Gain Loss On Derivative Instruments

	Amount of Loss  Recognized in AOCI on Derivatives (Effective portion)						Gain (Loss) Reclassified from AOCI into Income (Fuel Expense)					Amount of Loss Recognized in Income (Ineffective Portion)
	Three Months Ended June 30,						Three Months Ended June 30,					Three Months Ended June 30,
Fuel contracts	2012			2011			2012			2011		2012			2011
UAL	$	(262	)	$	(231	)	$	(38	)	$	278	$	(29	)	$	(34	)
United		(148	)		(149	)		(17	)		213		(16	)		(7	)
Continental		(114	)		(82	)		(21	)		65		(13	)		(27	)

	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective portion)					Gain (Loss) Reclassified from AOCI into Income (Fuel Expense)					Amount of Loss Recognized in Income (Ineffective Portion)
	Six Months Ended June 30,					Six Months Ended June 30,					Six Months Ended June 30,
Fuel contracts	2012			2011		2012			2011		2012			2011
UAL	$	(169	)	$	293	$	(69	)	$	432	$	(4	)	$	(31	)
United		(90	)		236		(32	)		338		(2	)		(5	)
Continental		(79	)		57		(37	)		94		(2	)		(26	)

Schedule Of Derivative Credit Risk And Fair Value

The following table presents information related to the Company’s derivative credit risk as of June 30, 2012 (in millions):

	UAL		United		Continental
Net derivative liability with counterparties	$	101	$	54	$	47
Collateral posted by the Company with its counterparties (a)		61		27		34
Potential loss related to the failure of the Company’s counterparties to perform		—		—		—

(a) Classified as a current receivable.