United Airlines 2011 Annual Report Download - page 142
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Table of Contents
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, 2011, 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):
2012 $1,688 $ 705 $1,000
2013 1,597 647 959
2014 1,518 595 930
2015 1,243 417 828
2016 984 246 738
After 2016 2,391 392 1,999
$9,421 $3,002 $6,454
2012 $1,222 $699 $ 523
2013 998 624 374
2014 919 561 358
2015 795 462 333
2016 723 420 303
After 2016 5,738 2,174 3,564
$10,395 $4,940 $5,455
2012 $ 228 $ 206 $ 22
2013 221 197 24
2014 207 183 24
2015 187 164 23
2016 173 150 23
After 2016 836 332 504
Minimum lease payments $1,852 $1,232 $ 620
Imputed interest (799) (375) (424)
Present value of minimum lease payments 1,053 857 196
Current portion (125) (122) (3)
Long-term obligations under capital leases $928 $ 735 $ 193
(a) As of December 31, 2011, United’s aircraft capital lease minimum payments relate to leases of 49 mainline and 38 regional aircraft and Continental’s aircraft capital lease minimum payments relate to nonaircraft
assets. United’s and Continental’s imputed interest rate ranges are 3.2% to 20.0% and 5.0% to 8.4%, respectively.
(b) The operating lease payments presented above include United’s and Continental’s future payments of $13 million and $165 million, respectively, related to nonoperating aircraft as of December 31, 2011. United
and Continental have 12 and 25 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.
(c) For UAL and Continental, the table above does not include projected sublease income of $106 million to be received through 2016 from other operators related to aircraft that are not operated on Continental’s
behalf. Continental expects such sublease income to be $25 million, $20 million, $20 million, $20 million and $21 million in each of the next five years, respectively.
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