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<TITLE>Form 8-K</TITLE>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date
of Report (Date of earliest event reported): May 1, 2009</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>UAL Corporation<BR>
United Air Lines, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

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<TD nowrap align="center" valign="top"><B>Delaware<BR>
Delaware
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>001-06033<BR>
001-11355
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>36-2675207<BR>
36-2675206</B></TD>
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<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification Number)</TD>
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<TD align="center" valign="top"><B>77 W. Wacker Drive, <BR>
Chicago, IL
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>60601</B></TD>
</TR>
<TR style="font-size: 1px">
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<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(312) 997-8000</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B></B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </DIV>

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<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
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<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

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<TD style="font-size: 6pt">&nbsp;</TD>
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<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
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<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
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<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;8.01 Other Events</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UAL Corporation (together with its consolidated subsidiaries, (&#147;UAL&#148;) is a holding company and
its principal, wholly-owned subsidiary is United Air Lines, Inc. (together with its consolidated
subsidiaries, &#147;United&#148;). We sometimes use the words &#147;we,&#148; &#147;our,&#148; &#147;us,&#148; and the &#147;Company&#148; in this
Form 8-K for disclosures that relate to both UAL and United.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Current Report on Form 8-K is being filed to update the historical financial statements
included in UAL&#146;s and United&#146;s combined Annual Report on Form 10-K for the year ended December&nbsp;31,
2008 (the &#147;2008 Form&nbsp;10-K&#148;) to reflect changes to the Company&#146;s accounting for convertible debt and
earnings (loss)&nbsp;per share due to the adoption of new accounting standards that required
retrospective adoption as described below. The financial statements presented herein also include a
balance sheet reclassification of the Company&#146;s fuel derivative settlement payables consistent with
the reclassification disclosed in the Company&#146;s Quarterly Report on Form 10-Q for the period ended
March&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company adopted FASB Staff Position No.&nbsp;APB 14-1, <I>Accounting for Convertible Debt
Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) </I>(&#147;APB
14-1&#148;) and FASB Staff Position No.&nbsp;EITF 03-6-1, <I>Determining Whether Instruments Granted in
Share-Based Payment Transactions are Participating Securities </I>(&#147;EITF 03-6-1&#148;) effective January&nbsp;1,
2009, both of which required retrospective application. APB 14-1 requires the issuer of certain
convertible debt instruments that may be settled in cash (or other assets) on conversion to
separately account for the liability (debt)&nbsp;and equity (conversion option) components of the
instrument in a manner that reflects the issuer&#146;s non-convertible debt borrowing rate. The Company
has two currently outstanding convertible debt instruments that are impacted by APB 14-1. Upon the
original issuance of these two debt instruments in 2006, the Company recorded the net debt
obligation as long-term debt in accordance with applicable accounting standards at that time. To
adopt APB 14-1, effective January&nbsp;1, 2009, the Company estimated the fair value, as of the date of
issuance, of its two applicable convertible debt instruments as if the instruments were issued
without the conversion options. The difference between the fair value and the principal amounts of
the instruments was $254&nbsp;million. This amount was retrospectively applied to the Company&#146;s
financial statements from the issuance date of the debt instruments in 2006, and was
retrospectively recorded as a debt discount and as a component of equity. The discount is being
amortized over the expected five-year life of the notes resulting in non-cash increase to interest
expense in historical and future periods. The Company has revised its presentation of its
convertible debt and related interest expense to reflect this change and has retrospectively
adjusted all comparative prior period information on this basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">EITF 03-6-1 clarifies that instruments granted in share-based payment transactions that are
considered to be participating securities prior to vesting should be included in the earnings
allocation under the two-class method of calculating earnings per share. The Company determined
that its restricted shares granted under UAL&#146;s share-based compensation plans are participating
securities because the restricted shares participate in dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company is filing this Current Report on Form 8-K to reflect the impact of the adoption of
these standards on previously issued financial statements. This will permit the Company to
incorporate these financial statements by reference in future SEC filings. The impact of the
adoption of these standards is reflected in the following sections of the Company&#146;s 2008 Form 10-K,
which have been revised and are included as Exhibit&nbsp;99.1 and
Exhibits&nbsp;12.1 and 12.2 to this Current Report on Form 8-K.
</DIV>

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    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Part&nbsp;II, Item&nbsp;6. Selected Financial Data</TD>
</TR>

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</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Part&nbsp;II, Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Part&nbsp;II, Item&nbsp;8. Financial Statements and Supplementary Data</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Schedule&nbsp;II. Valuation and Qualifying Accounts</TD>
</TR>

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</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits 12.1 and 12.2. Computation of Ratio of Earnings to Fixed Charges and
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Requirements</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The financial statement footnotes in Item&nbsp;8 that were impacted by the adoption of these
accounting standards include:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Note 1 &#151; Summary of Significant Accounting Policies;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Note 6 &#151;  UAL Per Share Amounts;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Note 8 &#151; Income Taxes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Note 10 &#151; Segment Information;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Note
12 &#151; Debt Obligations and Card Processing Agreements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Note 13 &#151; Fair Value Measurements and Derivative Instruments;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Note 16 &#151; Statement of Consolidated Cash Flows &#151; Supplemental Disclosures; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Note 22 &#151; UAL Selected Quarterly Financial Data (Unaudited).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As this Current Report on Form 8-K is being filed only for the purpose described above, and
only affects the Items specified above, the other information in the Company&#146;s 2008 Form 10-K
remains unchanged. No other modifications have been made in this Current Report on
Form 8-K to change or
update disclosures in the Company&#146;s 2008 Form 10-K except as described above. Information in the Company&#146;s 2008 Form 10-K not affected
by this Current Report on Form 8-K is unchanged and reflects the disclosure made at the time of the
filing of the Company&#146;s 2008 Form 10-K with the Securities and Exchange Commission on March&nbsp;2,
2009. Accordingly, this Current Report on Form 8-K should be read in conjunction with the
Company&#146;s 2008 Form 10-K and the Company&#146;s filings made with the Securities and Exchange Commission
subsequent to the filing of the Company&#146;s 2008 Form 10-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The
Company&#146;s cash obligations have not changed as a result of the
Company&#146;s adoption of these new standards. For additional
information related to the Company&#146;s cash obligations, see the
Company&#146;s schedule of material contractual obligations on page
24 of Exhibit&nbsp;99.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>

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    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibits</TD>
</TR>

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
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    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAL Corporation Computation of Ratio of Earnings to Fixed Charges and Ratio of
Earnings to Fixed Charges and Preferred Stock Dividend Requirements</DIV></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Air Lines, Inc. Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements</DIV></TD>
</TR>
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    <TD align="right" valign="top">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
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    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Independent Registered Public Accounting Firm for UAL Corporation</DIV></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Independent Registered Public Accounting Firm for United Air Lines, Inc.</DIV></TD>
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    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Updated Selected Financial Data, Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations, Financial Statements and Supplementary Data and Computation of
Ratio of Earnings to Fixed Charges for the years ended December&nbsp;31, 2008 and 2007 and the
eleven months ended December&nbsp;31, 2006 (Successor Company) and January&nbsp;2006 (Predecessor
Company)</DIV></TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

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    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>UAL CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Kathryn A. Mikells
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Kathryn A. Mikells&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date: May&nbsp;4, 2009
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

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    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit</TD>
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    <TD align="right" valign="top">12.1</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAL Corporation Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Fixed Charges and Preferred Stock Dividend Requirements</DIV></TD>
</TR>
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</TR>
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    <TD align="right" valign="top">12.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Air Lines, Inc. Computation of Ratio of Earnings to Fixed Charges and Ratio of
Earnings to Fixed Charges and Preferred Stock Dividend Requirements</DIV></TD>
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</TR>
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    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Independent Registered Public Accounting Firm for UAL Corporation</DIV></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Independent Registered Public Accounting Firm for United Air Lines, Inc.</DIV></TD>
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</TR>
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    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Updated Selected Financial Data, Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations, Financial Statements and Supplementary Data and Computation of
Ratio of Earnings to Fixed Charges for the years ended December&nbsp;31, 2008 and 2007 and the
eleven months ended December&nbsp;31, 2006 (Successor Company) and January&nbsp;2006 (Predecessor
Company)</DIV></TD>
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[{"type": "8-K", "sequence": "1", "filename": "c84638e8vk.htm", "description": "FORM 8-K", "secsgml_size_bytes": 27553}]
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 1, 2009
UAL Corporation
United Air Lines, Inc.
(Exact name of registrant as specified in its charter)
Delaware
Delaware
001-06033
001-11355
36-2675207
36-2675206
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification Number)
77 W. Wacker Drive,
Chicago, IL
60601
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(312) 997-8000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
UAL Corporation (together with its consolidated subsidiaries, ("UAL") is a holding company and
its principal, wholly-owned subsidiary is United Air Lines, Inc. (together with its consolidated
subsidiaries, "United"). We sometimes use the words "we," "our," "us," and the "Company" in this
Form 8-K for disclosures that relate to both UAL and United.
This Current Report on Form 8-K is being filed to update the historical financial statements
included in UAL's and United's combined Annual Report on Form 10-K for the year ended December 31,
2008 (the "2008 Form 10-K") to reflect changes to the Company's accounting for convertible debt and
earnings (loss) per share due to the adoption of new accounting standards that required
retrospective adoption as described below. The financial statements presented herein also include a
balance sheet reclassification of the Company's fuel derivative settlement payables consistent with
the reclassification disclosed in the Company's Quarterly Report on Form 10-Q for the period ended
March 31, 2009.
The Company adopted FASB Staff Position No. APB 14-1,
Accounting for Convertible Debt
Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)
("APB
14-1") and FASB Staff Position No. EITF 03-6-1,
Determining Whether Instruments Granted in
Share-Based Payment Transactions are Participating Securities
("EITF 03-6-1") effective January 1,
2009, both of which required retrospective application. APB 14-1 requires the issuer of certain
convertible debt instruments that may be settled in cash (or other assets) on conversion to
separately account for the liability (debt) and equity (conversion option) components of the
instrument in a manner that reflects the issuer's non-convertible debt borrowing rate. The Company
has two currently outstanding convertible debt instruments that are impacted by APB 14-1. Upon the
original issuance of these two debt instruments in 2006, the Company recorded the net debt
obligation as long-term debt in accordance with applicable accounting standards at that time. To
adopt APB 14-1, effective January 1, 2009, the Company estimated the fair value, as of the date of
issuance, of its two applicable convertible debt instruments as if the instruments were issued
without the conversion options. The difference between the fair value and the principal amounts of
the instruments was $254 million. This amount was retrospectively applied to the Company's
financial statements from the issuance date of the debt instruments in 2006, and was
retrospectively recorded as a debt discount and as a component of equity. The discount is being
amortized over the expected five-year life of the notes resulting in non-cash increase to interest
expense in historical and future periods. The Company has revised its presentation of its
convertible debt and related interest expense to reflect this change and has retrospectively
adjusted all comparative prior period information on this basis.
EITF 03-6-1 clarifies that instruments granted in share-based payment transactions that are
considered to be participating securities prior to vesting should be included in the earnings
allocation under the two-class method of calculating earnings per share. The Company determined
that its restricted shares granted under UAL's share-based compensation plans are participating
securities because the restricted shares participate in dividends.
The Company is filing this Current Report on Form 8-K to reflect the impact of the adoption of
these standards on previously issued financial statements. This will permit the Company to
incorporate these financial statements by reference in future SEC filings. The impact of the
adoption of these standards is reflected in the following sections of the Company's 2008 Form 10-K,
which have been revised and are included as Exhibit 99.1 and
Exhibits 12.1 and 12.2 to this Current Report on Form 8-K.
•
Part II, Item 6. Selected Financial Data
•
Part II, Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations
•
Part II, Item 8. Financial Statements and Supplementary Data
•
Schedule II. Valuation and Qualifying Accounts
•
Exhibits 12.1 and 12.2. Computation of Ratio of Earnings to Fixed Charges and
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Requirements
The financial statement footnotes in Item 8 that were impacted by the adoption of these
accounting standards include:
Note 1 — Summary of Significant Accounting Policies;
Note 6 —  UAL Per Share Amounts;
Note 8 — Income Taxes;
Note 10 — Segment Information;
Note
12 — Debt Obligations and Card Processing Agreements;
Note 13 — Fair Value Measurements and Derivative Instruments;
Note 16 — Statement of Consolidated Cash Flows — Supplemental Disclosures; and
Note 22 — UAL Selected Quarterly Financial Data (Unaudited).
As this Current Report on Form 8-K is being filed only for the purpose described above, and
only affects the Items specified above, the other information in the Company's 2008 Form 10-K
remains unchanged. No other modifications have been made in this Current Report on
Form 8-K to change or
update disclosures in the Company's 2008 Form 10-K except as described above. Information in the Company's 2008 Form 10-K not affected
by this Current Report on Form 8-K is unchanged and reflects the disclosure made at the time of the
filing of the Company's 2008 Form 10-K with the Securities and Exchange Commission on March 2,
2009. Accordingly, this Current Report on Form 8-K should be read in conjunction with the
Company's 2008 Form 10-K and the Company's filings made with the Securities and Exchange Commission
subsequent to the filing of the Company's 2008 Form 10-K.
The
Company's cash obligations have not changed as a result of the
Company's adoption of these new standards. For additional
information related to the Company's cash obligations, see the
Company's schedule of material contractual obligations on page
24 of Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
Exhibits
12.1
UAL Corporation Computation of Ratio of Earnings to Fixed Charges and Ratio of
Earnings to Fixed Charges and Preferred Stock Dividend Requirements
12.2
United Air Lines, Inc. Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements
23.1
Consent of Independent Registered Public Accounting Firm for UAL Corporation
23.2
Consent of Independent Registered Public Accounting Firm for United Air Lines, Inc.
99.1
Updated Selected Financial Data, Management's Discussion and Analysis of Financial Condition
and Results of Operations, Financial Statements and Supplementary Data and Computation of
Ratio of Earnings to Fixed Charges for the years ended December 31, 2008 and 2007 and the
eleven months ended December 31, 2006 (Successor Company) and January 2006 (Predecessor
Company)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
UAL CORPORATION
/s/ Kathryn A. Mikells
Name:
Kathryn A. Mikells
Title:
Senior Vice President and
Chief Financial Officer
Date: May 4, 2009
EXHIBIT INDEX
Exhibit
12.1
UAL Corporation Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Fixed Charges and Preferred Stock Dividend Requirements
12.2
United Air Lines, Inc. Computation of Ratio of Earnings to Fixed Charges and Ratio of
Earnings to Fixed Charges and Preferred Stock Dividend Requirements
23.1
Consent of Independent Registered Public Accounting Firm for UAL Corporation
23.2
Consent of Independent Registered Public Accounting Firm for United Air Lines, Inc.
99.1
Updated Selected Financial Data, Management's Discussion and Analysis of Financial Condition
and Results of Operations, Financial Statements and Supplementary Data and Computation of
Ratio of Earnings to Fixed Charges for the years ended December 31, 2008 and 2007 and the
eleven months ended December 31, 2006 (Successor Company) and January 2006 (Predecessor
Company)