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INVESTMENTS

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

Equity investments ownership interest and carrying value
			Accounting Treatment						Ownership Interest									Carrying Value
(in millions)									September 30, 2025			December 31, 2024						September 30, 2025			December 31, 2024
Air France-KLM			Fair Value						3		%	3		%				$	98		$	62
China Eastern			Fair Value						2		%	2		%				199			155
Grupo Aeroméxico			Equity Method						20		%	20		%				402			354
Hanjin KAL			Fair Value(1)						15		%	15		%				712			507
LATAM			Fair Value						10		%	10		%				1,379			837
Unifi Aviation			Equity Method						49		%	49		%				132			146
Wheels Up			Fair Value(2)						37		%	38		%				485			435
Other investments			Various															476			350
Equity investments																		$	3,883		$	2,846

(1)At September 30, 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%.

Wheels Up. During the September 2025 quarter, we agreed to extend the contractual transfer restrictions on our investment in Wheels Up until May 2026 and thereafter will remain subject to certain, more limited transfer restrictions.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

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