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Special Charges | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
SPECIAL CHARGES | SPECIAL CHARGES For the three and nine months ended September 30, operating and nonoperating special charges and unrealized (gains) losses on investments in the statements of consolidated operations consisted of the following (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating: |  |  |  |  |  |  |
(Gains) losses on sale of assets and other special charges | $ | (5) |  |  | $ | 28 |  |  | $ | 44 |  |  | $ | 88 |
Labor contract ratification bonuses | — |  |  | 1 |  |  | — |  |  | 814 |
Total operating special charges | (5) |  |  | 29 |  |  | 44 |  |  | 902 |
Nonoperating: |  |  |  |  |  |  |
Nonoperating unrealized (gains) losses on investments, net | 90 |  |  | 54 |  |  | 160 |  |  | (54) |
Nonoperating debt extinguishment and modification fees | 75 |  |  | — |  |  | 110 |  |  | 11 |
Total nonoperating special charges and unrealized (gains) losses on investments, net | 165 |  |  | 54 |  |  | 270 |  |  | (43) |
Total operating and nonoperating special charges and unrealized (gains) losses on investments, net | 160 |  |  | 83 |  |  | 314 |  |  | 859 |
Income tax benefit, net of valuation allowance | (15) |  |  | (7) |  |  | (34) |  |  | (204) |
Total operating and nonoperating special charges and unrealized (gains) losses on investments, net of income taxes | $ | 145 |  |  | $ | 76 |  |  | $ | 280 |  |  | $ | 655 |
2024 (Gains) losses on sale of assets and other special charges. During the three and nine months ended September 30, 2024, the Company recorded $5 million of gains and $44 million of charges, respectively. The charges included a write down to fair market value for assets held for sale, losses on the disposal of assets, a settlement related to a certain pilot long term disability plan, accelerated depreciation on assets with shortened lives and write-off of certain international slots no longer in use, which were partially offset by a gain from a favorable outcome related to a certain contract dispute as well as gains on sales of assets. Nonoperating unrealized (gains) losses on investments, net. During the three and nine months ended September 30, 2024, the Company recorded losses of $90 million and $160 million, respectively, primarily related to the change in the market value of its investments in equity securities. Nonoperating debt extinguishment and modification fees. During the three and nine months ended September 30, 2024, the Company recorded $75 million of charges related to the prepayment in full of the outstanding principal balance of the term loan facility of the MileagePlus Financing in July 2024. During the nine months ended September 30, 2024, the Company also recorded charges of $35 million relating to the refinancing of its 2021 term loans in February 2024. 2023 (Gains) losses on sale of assets and other special charges. During the three and nine months ended September 30, 2023, the Company recorded $28 million and $88 million, respectively, of net charges primarily comprised of reserves for various legal matters, accelerated depreciation related to certain of the Company's assets that were retired early, an impairment of flight training equipment that was sold and other gains and losses on the sale of assets. Labor contract ratification bonuses. During the nine months ended September 30, 2023, the Company recorded $814 million of expense related to agreements with its employees represented by the Air Line Pilots Association and IAM and other work groups. Nonoperating unrealized (gains) losses on investments, net. During the three and nine months ended September 30, 2023, the Company recorded losses of $54 million and gains of $54 million, respectively, primarily related to the change in the market value of its investments in equity securities. Nonoperating debt extinguishment and modification fees. During the nine months ended September 30, 2023, the Company recorded $11 million of charges primarily related to the prepayment of $1.0 billion of the outstanding principal amount under a 2021 term loan facility.

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- Definition The entire description for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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