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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Equity Investments Ownership and Carrying Value - Fair Value

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%.

Schedule of Equity Investments Ownership and Carrying Value - Equity Method

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%.

X

- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

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- References

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- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

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