United Airlines 2007 Annual Report Download - page 94
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UAL Corporation and Subsidiary Companies
Combined Notes to Consolidated Financial Statements (Continued)
(1) Voluntary Reorganization Under Chapter 11 (Continued)
Fresh-Start Adjustments
(a) (b) (c)
(In millions, except shares)
Predecessor
Settlement of
Unsecured
Claims
Reinstatement
of Liabilities
Revaluation
of Assets and
Liabilities
Successor
UAL Liabilities & Stockholders' Equity
(Deficit)
Current liabilities:
Long-term debt maturing within one year $ 13 $ — $ 519 $ — $ 532
Advance ticket sales 1,679 — — (14) 1,665
Mileage Plus deferred revenue 709 — — 356 1,065
Accrued salaries, wages and benefits 927 37 — — 964
Advanced purchase of miles 686 — — — 686
Accounts payable 614 — — 3 617
Fuel purchase commitments 280 — — — 280
Current obligations under capital leases 20 — 77 (5) 92
Other 617 90 546 (18) 1,235
5,545 127 1,142 322 7,136
Long-term debt:
DIP Financing 1,157 — — — 1,157
Limited-Subordination Notes — 708 — — 708
Other 141 424 5,115 (143) 5,537
1,298 1,132 5,115 (143) 7,402
Long-term obligations under capital leases 101 — 1,209 (35) 1,275
Other liabilities and deferred credits:
Mileage Plus deferred revenue 276 — — 2,065 2,341
Postretirement benefit liability 1,918 — — 66 1,984
Deferred income taxes 478 — — 218 696
Deferred pension liability 95 — — 29 124
Other 552 1 79 12 644
3,319 1 79 2,390 5,789
Liabilities subject to compromise 36,336 (28,136) (7,545) (655) —
Mandatorily convertible preferred stock — 352 — — 352
Stockholders' equity (deficit):
Preferred stock — — — — —
ESOP preferred stock — — — — —
Common stock at par 1 1 — (1) 1
Additional capital invested 5,064 1,884 — (5,064) 1,884
Retained earnings (deficit) (30,606) 24,628 — 5,978 —
Stock held in treasury, at cost
Preferred, 10,213,519 depositary
shares (305) — — 305 —
Common, 16,121,446 shares (1,162) — — 1,162 —
Accumulated other comprehensive
income (loss) (36) — — 36 —
(27,044) 26,513 — 2,416 1,885
UAL total liabilities & stockholders'
equity (deficit) $ 19,555 $ (11) $ — $ 4,295 $ 23,839
United total liabilities & stockholder's
equity (deficit) $ 19,595 $ (11) $ — $ 4,416 $ 24,000
Source: UNITED AIR LINES INC, 10-K, February 29, 2008