United Airlines 2007 Annual Report Download - page 141
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UAL Corporation and Subsidiary Companies
Combined Notes to Consolidated Financial Statements (Continued)
(17) Statement of Consolidated Cash Flows—Supplemental Disclosures
Supplemental disclosures of cash flow information and non-cash investing and financing activities for both UAL and United, except as noted, are as
follows:
Successor
Predecessor
(In millions)
Year Ended
December 31, 2007
Period from
February 1 to
December 31, 2006
Period from
January 1 to
January 31, 2006
Year Ended
December 31, 2005
Cash paid during the period for:
Interest (net of amounts capitalized) $ 614 $ 703 $ 35 $ 456
Income taxes 10 — — —
Non-cash transactions:
Long-term debt incurred to acquire assets $ — $ 242 $ — $ —
Capital lease obligations incurred to acquire assets — 155 — —
Pension and other postretirement changes recorded
in other comprehensive income (loss) — 87 (4) (661)
Accrued special distribution on UAL common
stock (UAL only) 257 — — —
Interest paid in kind on 6% senior notes 15 — — —
Net unrealized gain (loss) on financial instruments
recorded in other comprehensive income (loss) 5 (5) 24 —
In addition to the above non-cash transactions, see Note 1, "Voluntary Reorganization Under Chapter 11," Note 12, "Debt Obligations" and Note 13,
"Preferred Stock."
(18) Advanced Purchase of Miles
In October 2005, the Company entered into an amendment to its agreement with Chase regarding the Mileage Plus Visa card under which Chase pays in
advance for frequent flyer miles to be earned by Mileage Plus members for making purchases using the Mileage Plus Visa card. The existing agreement includes
an annual guaranteed payment for the purchase of frequent flyer miles.
In connection with the Chase Mileage Plus agreement, the Company provided Chase a junior lien upon, and security interest in, all collateral pledged or in
which security interest is granted, as security in the credit facility. The security interest was junior to other credit facility debt, and applied to no more than
$850 million in total advance purchases at any time. In February 2007, the Company amended the agreement with Chase whereby Chase released their junior
security interest in the collateral pledged to the Amended Credit Facility. However under certain circumstances, the Company is obligated to reinstate Chase's
junior security interest in the assets pledged to the Amended Credit Facility. As of December 31, 2007 and 2006, the total advanced purchase of miles was
$694 million and $681 million, respectively.
132
Source: UNITED AIR LINES INC, 10-K, February 29, 2008