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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Benefit Obligations, Fair Value of Plan Assets, and Funded Status | Benefit Obligations, Fair Value of Plan Assets and Funded Status
| Pension Benefits December 31, |  | Other Postretirement and Postemployment Benefits December 31,
(in millions) | 2024 | 2023 |  | 2024 | 2023
Benefit obligation at beginning of period | $ | 15,911 |  | $ | 15,811 |  |  | $ | 3,503 |  | $ | 3,664 |
Service cost(1) | 233 |  | 95 |  |  | 92 |  | 71 |
Interest cost | 820 |  | 855 |  |  | 182 |  | 200 |
Actuarial (gain)/loss | (738) |  | 351 |  |  | (50) |  | 24 |
Benefits paid, including lump sums and annuities | (1,259) |  | (1,201) |  |  | (497) |  | (485) |
Plan amendments | — |  | — |  |  | — |  | 11 |
Participant contributions | — |  | — |  |  | 30 |  | 18 |
Special termination benefits | — |  | — |  |  | 5 |  | — |
Benefit obligation at end of period(2) | $ | 14,967 |  | $ | 15,911 |  |  | $ | 3,265 |  | $ | 3,503 |
Fair value of plan assets at beginning of period | $ | 15,766 |  | $ | 15,721 |  |  | $ | 33 |  | $ | 71 |
Actual gain on plan assets | 1,142 |  | 1,142 |  |  | (7) |  | 3 |
Employer contributions | 256 |  | 104 |  |  | 468 |  | 426 |
Participant contributions | — |  | — |  |  | 30 |  | 18 |
Benefits paid, including lump sums and annuities | (1,259) |  | (1,201) |  |  | (497) |  | (485) |
Fair value of plan assets at end of period | $ | 15,905 |  | $ | 15,766 |  |  | $ | 27 |  | $ | 33 |
Funded status at end of period | $ | 938 |  | $ | (145) |  |  | $ | (3,238) |  | $ | (3,470) |
(1)Service cost shown above relates to the market based cash balance plan. There is no service cost associated with traditional frozen defined benefit plans. (2)At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above.
Schedule of Amounts Balance Sheet Position | Balance Sheet Position
| Pension Benefits December 31, |  | Other Postretirement and Postemployment Benefits December 31,
(in millions) | 2024 | 2023 |  | 2024 | 2023
Other noncurrent assets | $ | 1,005 |  | $ | 22 |  |  | $ | — |  | $ | — |
Current liabilities | (9) |  | (9) |  |  | (430) |  | (404) |
Noncurrent liabilities | (58) |  | (158) |  |  | (2,808) |  | (3,066) |
Funded status at end of period | $ | 938 |  | $ | (145) |  |  | $ | (3,238) |  | $ | (3,470) |
Net actuarial loss | $ | (5,407) |  | $ | (6,474) |  |  | $ | (103) |  | $ | (162) |
Prior service credit | — |  | — |  |  | (3) |  | 1 |
Total accumulated other comprehensive loss, pre-tax | $ | (5,407) |  | $ | (6,474) |  |  | $ | (106) |  | $ | (161) |
Schedule of Net Periodic Cost (Benefit) | Net Periodic Cost/(Benefit)
| Pension Benefits Year Ended December 31, |  | Other Postretirement and Postemployment Benefits Year Ended December 31,
(in millions) | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Service cost(1) | $ | 233 |  | $ | 95 |  | $ | — |  |  | $ | 92 |  | $ | 71 |  | $ | 70 |
Interest cost | 820 |  | 855 |  | 611 |  |  | 182 |  | 200 |  | 128 |
Expected return on plan assets | (1,062) |  | (1,060) |  | (1,319) |  |  | (2) |  | (1) |  | (17) |
Amortization of prior service credit | — |  | — |  | — |  |  | (4) |  | (5) |  | (5) |
Recognized net actuarial loss | 248 |  | 240 |  | 255 |  |  | 18 |  | 14 |  | 56 |
Special termination benefits | — |  | — |  | — |  |  | 5 |  | — |  | — |
Net periodic cost/(benefit) | $ | 239 |  | $ | 130 |  | $ | (453) |  |  | $ | 291 |  | $ | 279 |  | $ | 232 |
(1)Service cost shown above relates to the market based cash balance plan. There is no service cost associated with traditional frozen defined benefit plans.
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Costs/ (Benefit) | We used the following actuarial assumptions to determine our benefit obligations and our net periodic cost/(benefit) for the periods presented:
| December 31,
Benefit Obligations(1) | 2024 | 2023
Weighted average discount rate | 5.71 | % | 5.31 | %
| Year Ended December 31,
Net Periodic Cost/(Benefit)(1) | 2024 | 2023 | 2022
Weighted average discount rate | 5.33 | % | 5.59 | % | 2.96 | %
Weighted average expected long-term rate of return on plan assets | 6.97 | % | 7.00 | % | 7.00 | %
Assumed healthcare cost trend rate for the next year(2) | 6.50 | % | 6.25 | % | 6.50 | %
(1)Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment obligation. (2)Healthcare cost trend rate is assumed to decline gradually to 5.00% by 2033 and remain unchanged thereafter.
Schedule of Expected Future Benefit Payments | The following table summarizes the benefit payments that are expected to be paid in the years ending December 31:
Expected future benefit payments |  |
(in millions) | Pension Benefits | Other Postretirement and Postemployment Benefits
2025 | $ | 1,330 |  | $ | 470 |
2026 | 1,350 |  | 470 |
2027 | 1,360 |  | 490 |
2028 | 1,350 |  | 500 |
2029 | 1,350 |  | 510 |
2030-2034 | 6,630 |  | 2,590 |
Schedule of Benefit Plan Assets Measured at Fair Value on Recurring Basis | The following table shows our benefit plan assets by asset class.
Benefit plan assets measured at fair value on a recurring basis |  |  |  |  |  |
| December 31, 2024 |  | December 31, 2023 |  | Valuation Technique
(in millions) | Level 1 | Level 2 | Total |  | Level 1 | Level 2 | Total |
Fixed income and fixed income-related instruments | $ | 85 |  | $ | 1,080 |  | $ | 1,165 |  |  | $ | 300 |  | $ | 1,858 |  | $ | 2,158 |  |  | (a)(b)
Cash equivalents | 330 |  | 138 |  | 468 |  |  | 471 |  | 685 |  | 1,156 |  |  | (a)
Equities and equity-related instruments | 978 |  | 3 |  | 981 |  |  | 647 |  | 122 |  | 769 |  |  | (a)
Delta common stock | 595 |  | — |  | 595 |  |  | 419 |  | — |  | 419 |  |  | (a)
Real assets | — |  | 25 |  | 25 |  |  | 11 |  | 236 |  | 247 |  |  | (a)
Benefit plan assets | $ | 1,988 |  | $ | 1,246 |  | $ | 3,234 |  |  | $ | 1,848 |  | $ | 2,901 |  | $ | 4,749 |  |  |
Investments measured at net asset value ("NAV")(1) |  |  | 12,438 |  |  |  |  | 11,417 |  |  |
Total benefit plan assets |  |  | $ | 15,672 |  |  |  |  | $ | 16,166 |  |  |
(1)Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
Schedule of Benefit Plan Investments Assets Measured at NAV | The following table summarizes investments measured at fair value based on NAV per share as a practical expedient:
Benefit plan investment assets measured at NAV |  |  |  |  |  |  |
| December 31, 2024 |  | December 31, 2023
(in millions) | Fair Value | Redemption Frequency | Redemption Notice Period |  | Fair Value | Redemption Frequency | Redemption Notice Period
Hedge funds and hedge fund-related strategies | $ | 6,519 |  | (1) | 15-180 Days |  | $ | 6,175 |  | (1) | 7-180 Days
Commingled funds, private equity and private equity-related instruments(4) | 2,351 |  | (1) (2) | 2-45 Days |  | 2,279 |  | (1) (2) | 2-45 Days
Fixed income and fixed income-related instruments(4) | 1,427 |  | (1) (2) | 1-180 Days |  | 1,147 |  | (1) (2) | 1-180 Days
Real assets(4) | 979 |  | (2) | N/A |  | 893 |  | (2) | N/A
Balanced allocation | 349 |  | (5) | 0 Days |  | 100 |  | (5) | 0 Days
Other | 813 |  | (3) | 2-10 Days |  | 823 |  | (3) | 2-10 Days
Total investments measured at NAV | $ | 12,438 |  |  |  |  | $ | 11,417 |  |  |
(1)Various. Includes funds with monthly or more frequent, quarterly and/or custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment. (2)Includes private funds that are closed-ended structures in which the plans' investments are generally not eligible for redemption. (3)Includes funds with monthly or more frequent redemptions. (4)Unfunded commitments were $1.3 billion for commingled funds, private equity and private equity-related instruments, $287 million for fixed income and fixed income-related instruments and $618 million for real assets at December 31, 2024. (5)Includes funds with daily redemptions.

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