United Airlines 2015 Annual Report Download - page 97
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In addition, UAL’s contractual commitment to provide common stock to satisfy United’s obligation upon conversion of the debt was an embedded call
option on UAL common stock that was also required to be separated and accounted for as though it were a free-standing derivative. The fair value of the
indenture derivative on a separate-entity reporting basis as of December 31, 2014 was an asset of $712 million. The fair value of the embedded conversion
options as of December 31, 2014 was a liability of $511 million. The 4.5% Convertible Notes and their related indenture derivative and conversion options
were retired in 2015. The initial contribution of the indenture derivatives to United by UAL was accounted for as additional paid-in capital in United’s
separate-entity financial statements. Changes in fair value of both the indenture derivative and the embedded conversion options subsequent to October 1,
2010 were recognized in Nonoperating income (expense).
6% Convertible Senior Notes due 2029In 2014, UAL issued approximately 12 million shares of UAL common stock in exchange for, or upon conversion of,
$104 million in aggregate principal amount of UAL’s outstanding 6% Convertible Senior Notes due 2029 held by the holders of these notes.
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Source: United Continental Holdings, Inc., 10-K, February 18, 2016 Powered by Morningstar® Document Research℠
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