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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of 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, 2024, and December 31, 2023:

												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, 2024						(Level 1)						(Level 2)						(Level 3)
Assets						(in millions)
Cash equivalents:
Cash equivalents (a)						$	7,209					$	7,209					$	—					$	—
Time deposits						300						—						300						—
Short-term investments:
Treasury bills						1,094						1,094						—						—
Certificates of deposit						122						—						122						—
Fuel derivatives:
Option contracts (b)						130						—						—						130
Equity securities						367						367						—						—
Total assets						$	9,222					$	8,670					$	422					$	130

(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 10.

												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 10.

Schedule of 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 2024 and 2023:

Fair value measurements using significant unobservable inputs (Level 3)
(in millions)			Fuel derivatives
Balance as of December 31, 2023			$	223
Total gains (losses) for the period
Included in earnings			(34)			(a)
Included in other comprehensive income			(130)
Purchases			123			(b)
Settlements			(52)
Balance as of December 31, 2024			$	130
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, 2024			$	131

(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, 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.

Schedule of 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, 2024:

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						2025						24-34%						27		%
																		2026						22-29%						24		%
																		2027						22-24%						23		%

(a) Implied volatility weighted by the notional amount (barrels of underlying commodity) that will settle in respective period.

Schedule of 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, 2024, 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)			Maturity date						Carrying value						Estimated fair value						Fair value level hierarchy
			1.25% Convertible Notes			2025						$	1,611					$	1,664					Level 2
			3.00% Notes			2026						300						290						Level 2
			7.375% Debentures			2027						107						112						Level 2
			3.45% Notes			2027						300						289						Level 2
			5.125% Notes			2027						1,727						1,736						Level 2
			2.625% Notes			2030						500						444						Level 2
			1.000% Payroll Support Program Loan (a)			2030						976						991						Level 3
			1.000% Payroll Support Program Loan (a)			2031						566						553						Level 3
			1.000% Payroll Support Program Loan (a)			2031						526						508						Level 3

(a) The interest rate will change to Secured Overnight Financing Rate plus two percent on the fifth anniversary of the loans. The fifth anniversary for the first tranche occurs in April 2025.

X

- 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.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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).

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