United Airlines 2010 Annual Report Download - page 151
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NOTE 15—LEASES AND CAPACITY PURCHASE AGREEMENTS
The Company leases aircraft, airport passenger terminal space, aircraft hangars and related maintenance
facilities, cargo terminals, other airport facilities, other commercial real estate, office and computer equipment
and vehicles.
At December 31, 2010, the Company’s scheduled future minimum lease payments under operating leases
having initial or remaining noncancelable lease terms of more than one year, aircraft leases, including aircraft
rent under capacity purchase agreements and capital leases (substantially all of which are for aircraft) were as
follows (in millions):
Operating Leases
UAL (a), (b) United (c) Continental (b)
Aircraft Operating Leases
2011 ................................................... $ 1,711 $ 729 $1,000
2012 ................................................... 1,635 687 957
2013 ................................................... 1,576 637 941
2014 ................................................... 1,503 593 910
2015 ................................................... 1,218 415 803
After 2015 .............................................. 3,234 646 2,588
$10,877 $3,707 $7,199
Facility and Other Operating Leases
2011 ................................................... $ 1,100 $ 639 $ 461
2012 ................................................... 1,077 555 522
2013 ................................................... 891 507 384
2014 ................................................... 816 449 367
2015 ................................................... 705 363 342
After 2015 .............................................. 5,988 2,545 3,443
$10,577 $5,058 $5,519
Capital Leases (c)
2011 ................................................... $ 368 $ 351 $ 17
2012 ................................................... 222 206 16
2013 ................................................... 211 195 16
2014 ................................................... 197 181 16
2015 ................................................... 181 165 16
After 2015 .............................................. 850 483 367
Minimum lease payments .................................. $ 2,029 $1,581 $ 448
Imputed interest .............................................. (741) (474) (267)
Present value of minimum lease payments ......................... 1,288 1,107 181
Current portion ............................................... (252) (249) (3)
Long-term obligations under capital leases ......................... $ 1,036 $ 858 $ 178
(a) The operating lease payments presented above include United’s and Continental’s future payments of $28 million and
$202 million, respectively, related to nonoperating aircraft as of December 31, 2010. United and Continental have 12 and
27 nonoperating aircraft subject to leases, respectively. United’s regional carrier, Express Jet, subleases aircraft from
Continental; UAL operating lease payments exclude payments related to these aircraft.
(b) For UAL and Continental, the table above does not include projected sublease income of $127 million to be received
through 2015 from other operators related to aircraft that are not operated on Continental’s behalf. Continental expects
such sublease income to be $29 million, $28 million, $24 million, $23 million and $23 million in each of the next five
years, respectively.
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