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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025, and December 31, 2024:
|  |  |  | Fair value measurements at reporting date using:
|  |  |  | Quoted prices in active markets for identical assets |  | Significant other observable inputs |  | Significant unobservable inputs
Description |  | March 31, 2025 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  | (in millions)
Cash equivalents: |  |  |  |  |  |  |  |
Cash equivalents (a) |  | $ | 7,789 |  |  | $ | 7,789 |  |  | $ | — |  |  | $ | — |
Commercial paper |  | 45 |  |  | — |  |  | 45 |  |  | — |
Time deposits |  | 300 |  |  | — |  |  | 300 |  |  | — |
Short-term investments: |  |  |  |  |  |  |  |
Certificates of deposit |  | 118 |  |  | — |  |  | 118 |  |  | — |
Fuel derivatives: |  |  |  |  |  |  |  |
Option contracts (b) |  | 92 |  |  | — |  |  | — |  |  | 92 |
Equity Securities |  | 352 |  |  | 352 |  |  | — |  |  | — |
Total assets |  | $ | 8,696 |  |  | $ | 8,141 |  |  | $ | 463 |  |  | $ | 92 |
(a) Cash equivalents are primarily composed of money market investments and treasury bills. (b) In the unaudited Condensed Consolidated Balance Sheet amounts are presented as an asset. See Note 3.
|  |  |  | 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 unaudited Condensed Consolidated Balance Sheet amounts are presented as an asset. See Note 3.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the Company’s activity for items measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2025:
Fair value measurements using significant unobservable inputs (Level 3) |  |  |
(in millions) | Fuel derivatives |  |  |  |
Balance as of December 31, 2024 | $ | 130 |  |  |  |  |
Total loss for the period |  |  |  |  |
Included in other comprehensive loss | (38) |  |  |  |  |
Balance as of March 31, 2025 | $ | 92 |  |  |  |  |
The amount of total losses for the period included in other comprehensive loss attributable to the change in unrealized gains or losses relating to assets still held as of March 31, 2025 | $ | 36 |  |  |  |  |
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 March 31, 2025:
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 |  | Second quarter 2025 |  | 17-32% |  | 28 | %
|  |  |  |  |  | Third quarter 2025 |  | 24-30% |  | 28 | %
|  |  |  |  |  | Fourth quarter 2025 |  | 24-27% |  | 26 | %
|  |  |  |  |  | 2026 |  | 22-31% |  | 24 | %
|  |  |  |  |  | 2027 |  | 21-25% |  | 23 | %
(a) Implied volatility weighted by the notional amount (barrels of underlying commodity) that will settle in each 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 March 31, 2025, are presented in the table below. The fair values of the Company’s publicly held 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 (a) | 2025 | 1,611 |  |  | 1,606 |  |  | Level 2
3.00% Notes | 2026 | 300 |  |  | 292 |  |  | Level 2
7.375% Debentures | 2027 | 106 |  |  | 111 |  |  | Level 2
3.45% Notes | 2027 | 300 |  |  | 291 |  |  | Level 2
5.125% Notes | 2027 | 1,727 |  |  | 1,741 |  |  | Level 2
2.625% Notes | 2030 | 500 |  |  | 449 |  |  | Level 2
1.000% Payroll Support Program Loan (b) | 2030 | 976 |  |  | 994 |  |  | Level 3
1.000% Payroll Support Program Loan (b) | 2031 | 566 |  |  | 554 |  |  | Level 3
1.000% Payroll Support Program Loan (b) | 2031 | 526 |  |  | 509 |  |  | Level 3
(a) The maturity date for the convertible notes occurs in May 2025. (b) 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 would have occurred on April 20, 2025; however, the Company prepaid this tranche in full on April 17, 2025. See Note 10 for further information.

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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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