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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023, and December 31, 2022:
|  |  |  | Fair value measurements at reporting date using:
|  |  |  | Quoted prices in active markets for identical assets |  | Significant other observable inputs |  | Significant unobservable inputs
Description |  | December 31, 2023 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  | (in millions)
Cash equivalents: |  |  |  |  |  |  |  |
Cash equivalents (a) |  | $ | 9,032 |  |  | $ | 9,032 |  |  | $ | — |  |  | $ | — |
Commercial paper |  | 135 |  |  | — |  |  | 135 |  |  | — |
Certificates of deposit |  | 21 |  |  | — |  |  | 21 |  |  | — |
Time deposits |  | 100 |  |  | — |  |  | 100 |  |  | — |
Short-term investments: |  |  |  |  |  |  |  |
Treasury bills |  | 1,983 |  |  | 1,983 |  |  | — |  |  | — |
Certificates of deposit |  | 203 |  |  | — |  |  | 203 |  |  | — |
Fuel derivatives: |  |  |  |  |  |  |  |
Option contracts (b) |  | 223 |  |  | — |  |  | — |  |  | 223 |
Equity Securities |  | 280 |  |  | 280 |  |  | — |  |  | — |
Total assets |  | $ | 11,977 |  |  | $ | 11,295 |  |  | $ | 459 |  |  | $ | 223 |
(a) Cash equivalents are primarily composed of money market investments and treasury bills. (b) In the Consolidated Balance Sheet amounts are presented as an asset. See Note 11.
|  |  |  | Fair value measurements at reporting date using:
|  |  |  | Quoted prices in active markets for identical assets |  | Significant other observable inputs |  | Significant unobservable inputs
Description |  | December 31, 2022 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  | (in millions)
Cash equivalents: |  |  |  |  |  |  |  |
Cash equivalents (a) |  | $ | 9,040 |  |  | $ | 9,040 |  |  | $ | — |  |  | $ | — |
Commercial paper |  | 179 |  |  | — |  |  | 179 |  |  | — |
Certificates of deposit |  | 23 |  |  | — |  |  | 23 |  |  | — |
Time deposits |  | 250 |  | — |  |  | 250 |  | — |
Short-term investments: |  |  |  |  |  |  |  |
Treasury bills |  | 2,226 |  |  | 2,226 |  |  | — |  |  | — |
Certificates of deposit |  | 124 |  |  | — |  |  | 124 |  |  | — |
Time deposits |  | 450 |  |  | — |  |  | 450 |  |  | — |
Fuel derivatives: |  |  |  |  |  |  |  |
Option contracts (b) |  | 512 |  |  | — |  |  | — |  |  | 512 |
Interest rate derivatives (see Note 11) |  | $ | 14 |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |
Equity Securities |  | 235 |  |  | 235 |  |  | — |  |  | — |
Total assets |  | $ | 13,053 |  |  | $ | 11,501 |  |  | $ | 1,040 |  |  | $ | 512 |
(a) Cash equivalents are primarily composed of money market investments. (b) In the Consolidated Balance Sheet amounts are presented as an asset. See Note 11.
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation | The following tables present the Company’s activity for items measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for 2023 and 2022:
Fair value measurements using significant unobservable inputs (Level 3)
(in millions) | Fuel derivatives |  |  |  |
Balance as of December 31, 2022 | $ | 512 |  |  |  |  |
Total gains (losses) for the period |  |  |  |  |
Included in earnings | 17 |  | (a) |  |  |
Included in other comprehensive income | (312) |  |  |  |  |
Purchases | 273 |  | (b) |  |  |
Settlements | (267) |  |  |  |  |
Balance as of December 31, 2023 | $ | 223 |  |  |  |  |
The amount of total losses for the period included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held as of December 31, 2023 | $ | 209 |  |  |  |  |
(a) Included in Other (gains) losses, net, within the Consolidated Statement of Income. (b) The purchase of fuel derivatives is recorded on a gross basis based on the structure of the derivative instrument and whether a contract with multiple derivatives was purchased as a single instrument or separate instruments.
Fair value measurements using significant unobservable inputs (Level 3) |  |  |
(in millions) | Fuel derivatives |  |  |  |
Balance as of December 31, 2021 | $ | 696 |  |  |  |  |
Total gains for the period |  |  |  |  |
Included in earnings | 41 |  | (a) |  |  |
Included in other comprehensive income | 645 |  |  |  |  |
Purchases | 79 |  | (b) |  |  |
Settlements | (949) |  |  |  |  |
Balance as of December 31, 2022 | $ | 512 |  |  |  |  |
The amount of total gains for the period included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held as of December 31, 2022 | $ | 122 |  |  |  |  |
(a) Included in Other (gains) losses, net, within the Consolidated Statement of Income. (b) The purchase and sale of fuel derivatives is recorded on a gross basis based on the structure of the derivative instrument and whether a contract with multiple derivatives was purchased as a single instrument or separate instruments.
Fair Value Valuation Techniques | The following table presents a range and weighted average of the unobservable inputs utilized in the fair value measurements of the Company’s fuel derivatives classified as Level 3 as of December 31, 2023:
Quantitative information about Level 3 fair value measurements |  |
|  | Valuation technique |  | Unobservable input |  | Period (by year) |  | Range |  | Weighted Average (a)
Fuel derivatives |  | Option model |  | Implied volatility |  | 2024 |  | 20-41% |  | 31 | %
|  |  |  |  |  | 2025 |  | 26-28% |  | 27 | %
|  |  |  |  |  | 2026 |  | 26-27% |  | 26 | %
(a) Implied volatility weighted by the notional amount (barrels of underlying commodity) that will settle in respective period.
Fair value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of the Company’s short-term and long-term debt (including current maturities), as well as the applicable fair value hierarchy tier, as of December 31, 2023, are presented in the table below. The fair values of the Company’s publicly held long-term debt are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized these agreements as Level 2. All privately held debt agreements are categorized as Level 3. The Company has determined the estimated fair value of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable. The Company utilizes indicative pricing from counterparties and a discounted cash flow method to estimate the fair value of the Level 3 items.
| (in millions) | Carrying value |  | Estimated fair value |  | Fair value level hierarchy
| 5.25% Notes due 2025 | 1,302 |  |  | 1,303 |  |  | Level 2
| 1.25% Convertible Notes due 2025 | 1,611 |  |  | 1,640 |  |  | Level 2
| 3.00% Notes due 2026 | 300 |  |  | 285 |  |  | Level 2
| 7.375% Debentures due 2027 | 111 |  |  | 117 |  |  | Level 2
| 3.45% Notes due 2027 | 300 |  |  | 284 |  |  | Level 2
| 5.125% Notes due 2027 | 1,727 |  |  | 1,737 |  |  | Level 2
| 2.625% Notes due 2030 | 500 |  |  | 438 |  |  | Level 2
| 1.000% Payroll Support Program Loan due 2030 (a) | 976 |  |  | 932 |  |  | Level 3
| 1.000% Payroll Support Program Loan due 2031 (a) | 566 |  |  | 522 |  |  | Level 3
| 1.000% Payroll Support Program Loan due 2031 (a) | 526 |  |  | 481 |  |  | Level 3
(a) The interest rate will change to Secured Overnight Financing Rate plus two percent on the fifth anniversary of the loans.

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- Definition This element represents, for the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating gains or losses included in earnings (or changes in net assets) (2) purchases, sales, issuances, and settlements (net); and (3) transfers in and out of Level 3. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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