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Financial Instruments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The table below presents disclosures about the financial assets and liabilities measured at fair value on a recurring basis in UAL's financial statements (in millions):
September 30, 2020December 31, 2019
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Cash and cash equivalents$13,150 $13,150 $— $— $2,762 $2,762 $— $— 
Short-term investments:
Corporate debt397 — 397 — 1,045 — 1,045 — 
Asset-backed securities99 — 99 — 690 — 690 — 
U.S. government and agency notes52 — 52 — 124 — 124 — 
Certificates of deposit placed through an account registry service ("CDARS")— — — — 35 — 35 — 
Other fixed-income securities4 — 4 — 95 — 95 — 
Other investments measured at net asset value ("NAV")— — — — 193 — — — 
Restricted cash — current76 76 — — — — — — 
Restricted cash — non-current172 172 — — 106 106 — — 
Long-term investments:
Equity securities118 118 — — 385 385 — — 
AVH Derivative Assets— — — — 24 — — 24 
Other assets14 — — 14 — — — — 
Carrying Values and Estimated Fair Values of Financial Instruments The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions). Carrying amounts include any related discounts, premiums and issuance costs:
September 30, 2020December 31, 2019
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Long-term debt$26,881 $25,892 $— $20,247 $5,645 $14,552 $15,203 $— $11,398 $3,805 
Description of Fair Value of Financial Instruments and Fair Value Methodology Fair value of the financial instruments included in the tables above was determined as follows:
DescriptionFair Value Methodology
Cash and cash equivalentsThe carrying amounts approximate fair value because of the short-term maturity of these assets.
Short-term investments, other than Other investments measured at NAV,
Equity securities and
Restricted cash (current and non-current)		Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, or (c) broker quotes obtained by third-party valuation services.
Other investments measured at NAVIn accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The investments measured using NAV are shares of mutual funds that invest in fixed-income instruments including bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.
AVH Derivative AssetsFair values are calculated using a Monte Carlo simulation approach. Unobservable inputs include expected volatility, expected dividend yield and control and acquisition premiums.
Long-term debtFair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities or assets.