UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2010
OR
□ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Exact Name of Registrant as
Specified in its Charter, Principal
Commission Office Address and State of I.R.S. Employer
File Number Telephone Number Incorporation Identification No
001-06033 United Continental Holdings, Inc. Delaware 36-2675207
ST
77 W. Wacker Drive
Chicago, Illinois 60601
(312) 997-8000
001-11355 United Air Lines, Inc. Delaware 36-2675206
77 W. Wacker Drive
Chicago, Illinois 60601
(312) 997-8000
001-10323 Continental Airlines, Inc. Delaware 74-2099724
O
1600 Smith Street,
Dept. HQSEO
Houston, Texas 77002
(713) 324-2950
IC
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Name of Each Exchange on Which Registered
United Continental Holdings, Inc. Common Stock, $0.01 par value New York Stock Exchange
United Air Lines, Inc. None None
Continental Airlines, Inc. None None
Securities registered pursuant to Section 12 (g) of the Act:
United Continental Holdings, Inc. None United Air Lines, Inc. None
Continental Airlines, Inc. None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
United Continental Holdings, Inc. Yes È No ‘ United Air Lines, Inc. Yes È No ‘
Continental Airlines, Inc. Yes È No ‘
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
United Continental Holdings, Inc. Yes ‘ No È United Air Lines, Inc. Yes ‘ No È
Continental Airlines, Inc. Yes ‘ No È
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
United Continental Holdings, Inc. Yes È No ‘ United Air Lines, Inc. Yes È No ‘
Continental Airlines, Inc. Yes È No ‘
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12
months (or for such shorter period that the registrant was required to submit and post such files).
United Continental Holdings, Inc. Yes ‘ No ‘ United Air Lines, Inc. Yes ‘ No ‘
Continental Airlines, Inc. Yes È No ‘
, Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not
contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
United Continental Holdings, Inc. È United Air Lines, Inc. È
Continental Airlines, Inc. È
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act. (Check one):
United Continental Holdings, Inc. Large accelerated filer È Accelerated filer ‘ Non-accelerated filer ‘ Smaller reporting company ‘
United Air Lines, Inc. Large accelerated filer ‘ Accelerated filer ‘ Non-accelerated filer È Smaller reporting company ‘
Continental Airlines, Inc. Large accelerated filer ‘ Accelerated filer ‘ Non-accelerated filer È Smaller reporting company ‘
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
United Continental Holdings, Inc. Yes ‘ No È United Air Lines, Inc. Yes ‘ No È
Continental Airlines, Inc. Yes ‘ No È
The aggregate market value of voting stock held by non-affiliates of United Continental Holdings, Inc. was $3,451,199,030 as of
June 30, 2010. There is no market for United Air Lines, Inc. common stock or Continental Airlines, Inc. common stock.
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
United Continental Holdings, Inc. Yes È No ‘ United Air Lines, Inc. Yes È No ‘
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of February 15, 2011.
United Continental Holdings, Inc. 328,550,825 shares of common stock ($0.01 par value)
United Air Lines, Inc. 205 (100% owned by United Continental Holdings, Inc.)
Continental Airlines, Inc. 1,000 (100% owned by United Continental Holdings, Inc.)
OMISSION OF CERTAIN INFORMATION
ST
This combined Form 10-K is separately filed by United Continental Holdings, Inc., United Air Lines, Inc. and Continental Airlines, Inc.
United Air Lines, Inc. and Continental Airlines, Inc. meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and are
therefore filing this form with the reduced disclosure format allowed under that General Instruction.
DOCUMENTS INCORPORATED BY REFERENCE
Information required by Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K are incorporated by reference for United Continental
Holdings, Inc. from its definitive proxy statement for its 2011 Annual Meeting of Stockholders.
O
IC
, United Continental Holdings, Inc. and Subsidiary Companies
United Air Lines, Inc. and Subsidiary Companies
Continental Airlines, Inc. and Subsidiary Companies
Report on Form 10-K
For the Year Ended December 31, 2010
Page
PART I
Item 1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Item 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Item 1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Item 2. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Item 3. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Item 4. (Removed and Reserved) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Item 6. Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . 41
Item 7A. Quantitative and Qualitative Disclosures about Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Item 8. Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
ST
Combined Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . 167
Item 9A. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167
Item 9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170
PART III
O
Item 10. Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
Item 11. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
IC
Item 13. Certain Relationships, Related Transactions and Director Independence . . . . . . . . . . . . . . . . . . . 176
Item 14. Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177
PART IV
Item 15. Exhibits, Financial Statements and Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178
, ST
O
IC
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2010
OR
□ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Exact Name of Registrant as
Specified in its Charter, Principal
Commission Office Address and State of I.R.S. Employer
File Number Telephone Number Incorporation Identification No
001-06033 United Continental Holdings, Inc. Delaware 36-2675207
ST
77 W. Wacker Drive
Chicago, Illinois 60601
(312) 997-8000
001-11355 United Air Lines, Inc. Delaware 36-2675206
77 W. Wacker Drive
Chicago, Illinois 60601
(312) 997-8000
001-10323 Continental Airlines, Inc. Delaware 74-2099724
O
1600 Smith Street,
Dept. HQSEO
Houston, Texas 77002
(713) 324-2950
IC
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Name of Each Exchange on Which Registered
United Continental Holdings, Inc. Common Stock, $0.01 par value New York Stock Exchange
United Air Lines, Inc. None None
Continental Airlines, Inc. None None
Securities registered pursuant to Section 12 (g) of the Act:
United Continental Holdings, Inc. None United Air Lines, Inc. None
Continental Airlines, Inc. None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
United Continental Holdings, Inc. Yes È No ‘ United Air Lines, Inc. Yes È No ‘
Continental Airlines, Inc. Yes È No ‘
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
United Continental Holdings, Inc. Yes ‘ No È United Air Lines, Inc. Yes ‘ No È
Continental Airlines, Inc. Yes ‘ No È
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
United Continental Holdings, Inc. Yes È No ‘ United Air Lines, Inc. Yes È No ‘
Continental Airlines, Inc. Yes È No ‘
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12
months (or for such shorter period that the registrant was required to submit and post such files).
United Continental Holdings, Inc. Yes ‘ No ‘ United Air Lines, Inc. Yes ‘ No ‘
Continental Airlines, Inc. Yes È No ‘
, Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not
contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
United Continental Holdings, Inc. È United Air Lines, Inc. È
Continental Airlines, Inc. È
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act. (Check one):
United Continental Holdings, Inc. Large accelerated filer È Accelerated filer ‘ Non-accelerated filer ‘ Smaller reporting company ‘
United Air Lines, Inc. Large accelerated filer ‘ Accelerated filer ‘ Non-accelerated filer È Smaller reporting company ‘
Continental Airlines, Inc. Large accelerated filer ‘ Accelerated filer ‘ Non-accelerated filer È Smaller reporting company ‘
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
United Continental Holdings, Inc. Yes ‘ No È United Air Lines, Inc. Yes ‘ No È
Continental Airlines, Inc. Yes ‘ No È
The aggregate market value of voting stock held by non-affiliates of United Continental Holdings, Inc. was $3,451,199,030 as of
June 30, 2010. There is no market for United Air Lines, Inc. common stock or Continental Airlines, Inc. common stock.
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
United Continental Holdings, Inc. Yes È No ‘ United Air Lines, Inc. Yes È No ‘
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of February 15, 2011.
United Continental Holdings, Inc. 328,550,825 shares of common stock ($0.01 par value)
United Air Lines, Inc. 205 (100% owned by United Continental Holdings, Inc.)
Continental Airlines, Inc. 1,000 (100% owned by United Continental Holdings, Inc.)
OMISSION OF CERTAIN INFORMATION
ST
This combined Form 10-K is separately filed by United Continental Holdings, Inc., United Air Lines, Inc. and Continental Airlines, Inc.
United Air Lines, Inc. and Continental Airlines, Inc. meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and are
therefore filing this form with the reduced disclosure format allowed under that General Instruction.
DOCUMENTS INCORPORATED BY REFERENCE
Information required by Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K are incorporated by reference for United Continental
Holdings, Inc. from its definitive proxy statement for its 2011 Annual Meeting of Stockholders.
O
IC
, United Continental Holdings, Inc. and Subsidiary Companies
United Air Lines, Inc. and Subsidiary Companies
Continental Airlines, Inc. and Subsidiary Companies
Report on Form 10-K
For the Year Ended December 31, 2010
Page
PART I
Item 1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Item 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Item 1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Item 2. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Item 3. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Item 4. (Removed and Reserved) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Item 6. Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . 41
Item 7A. Quantitative and Qualitative Disclosures about Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Item 8. Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
ST
Combined Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . 167
Item 9A. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167
Item 9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170
PART III
O
Item 10. Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
Item 11. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
IC
Item 13. Certain Relationships, Related Transactions and Director Independence . . . . . . . . . . . . . . . . . . . 176
Item 14. Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177
PART IV
Item 15. Exhibits, Financial Statements and Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178
, ST
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