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SPECIAL CHARGES | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
SPECIAL CHARGES | SPECIAL CHARGES For the years ended December 31, operating and nonoperating special charges and unrealized (gains) losses on investments in the statements of consolidated operations consisted of the following (in millions):
|  | 2024 |  | 2023 |  | 2022
(Gains) losses on sale of assets and other special charges |  | $ | 112 |  |  | $ | 135 |  |  | $ | 140 |
Labor contract ratification bonuses |  | — |  |  | 814 |  |  | — |
Total operating special charges |  | 112 |  |  | 949 |  |  | 140 |
Nonoperating unrealized (gains) losses on investments, net |  | 199 |  |  | (27) |  |  | (20) |
Nonoperating debt extinguishment and modification fees |  | 128 |  |  | 11 |  |  | 7 |
Total nonoperating special charges and unrealized (gains) losses on investments, net |  | 327 |  |  | (16) |  |  | (13) |
Total operating and nonoperating special charges and unrealized (gains) losses on investments, net |  | 439 |  |  | 933 |  |  | 127 |
Income tax benefit, net of valuation allowance |  | (54) |  |  | (214) |  |  | (33) |
Total operating and nonoperating special charges and unrealized (gains) losses on investments, net of income taxes |  | $ | 385 |  |  | $ | 719 |  |  | $ | 94 |
Operating and nonoperating special charges and unrealized (gains) losses on investments included the following: During 2024, the Company recorded $128 million of charges related to the prepayment in full of the outstanding principal balance of the MileagePlus Term Loan in July 2024, the refinancing of its 2021 term loans in February 2024 and a partial prepayment of the 2024 Term Loans. During 2023, the Company recorded $814 million of expense associated with the agreements with its employees represented by the Air Line Pilots Association, the International Association of Machinists and Aerospace Workers and other labor unions.

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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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