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INVESTMENTS
3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Air France-KLMFair Value%%$68 $62 
China EasternFair Value%%151 155 
Grupo AeroméxicoEquity Method20 %20 %367 354 
Hanjin KAL
Fair Value(1)
15 %15 %547 507 
LATAMFair Value10 %10 %950 837 
Unifi AviationEquity Method49 %49 %143 146 
Wheels Up
Fair Value(2)
38 %38 %266 435 
Other investmentsVarious327 350 
Equity investments$2,819 $2,846 
(1)At March 31, 2025, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(2)Our voting rights with respect to Wheels Up are capped at 29.9%.