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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Assets/(Liabilities) Measured at Fair Value on a Recurring Basis
(in millions)June 30,
2024		Level 1Level 2Level 3
Cash equivalents$2,840 $2,840 $— $— 
Restricted cash equivalents397 397 — — 
Short-term investments
U.S. Government securities100 — 100 — 
Corporate obligations10 — 10 — 
Other fixed income securities14 — 14 — 
Long-term investments and related2,445 2,188 143 114 
Fuel hedge contracts(23)— (23)— 

(in millions)December 31,
2023		Level 1Level 2Level 3
Cash equivalents$1,545 $1,545 $— $— 
Restricted cash equivalents653 653 — — 
Short-term investments
U.S. Government securities859 204 655 — 
Corporate obligations218 — 218 — 
Other fixed income securities50 — 50 — 
Long-term investments and related2,867 2,614 134 119 
Fuel hedge contracts5 — 5 — 
Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit. Restricted cash equivalents primarily relate to proceeds from debt issued to finance, among other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport as well as certain self-insurance obligations and airport commitments. Restricted cash equivalents are recorded in prepaid expenses and other on our Consolidated Balance Sheet ("balance sheet"). The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets.

Short-Term Investments. The fair values of our short-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information. These investments are expected to mature in one year or less.

Long-Term Investments and Related. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheet. Our equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations incorporate certain unobservable inputs, including non-public equity issuances. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values. See Note 4, "Investments," for further information on our equity investments.
Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). We recognized gains of $16 million and losses of $80 million on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive Income ("income statement") for the three and six months ended June 30, 2024, respectively, compared to gains of $12 million and $43 million for the three and six months ended June 30, 2023, respectively. The losses recognized during the first six months of 2024 were composed of $28 million of mark-to-market losses and $52 million of settlement losses on contracts. Gains and losses on settled contracts are reflected within Monroe's operating results. See Note 9, "Segments," for further information on our Monroe refinery segment.