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v3.25.2

Financial Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the location of all assets and liabilities associated with the Company’s derivative instruments within the unaudited Condensed Consolidated Balance Sheet:
|  |  |  | Asset derivatives |  |
|  | Balance Sheet |  | Fair value at |  | Fair value at |  |  |  |
(in millions) |  | location |  | 6/30/2025 |  | 12/31/2024 |  |  |  |
Derivatives designated as hedges (a) |  |  |  |  |  |  |  |  |  |
Fuel derivative contracts (gross) |  | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 22 |  |  |  |  |
Fuel derivative contracts (gross) |  | Other assets |  | — |  |  | 108 |  |  |  |  |
Total derivatives designated as hedges |  | $ | — |  |  | $ | 130 |  |  |  |  |
(a) Represents the position of each trade before consideration of offsetting positions with each counterparty and does not include the impact of cash collateral deposits provided to or received from counterparties.
Schedule of Offsetting Assets | In addition, the Company had the following amounts associated with fuel derivative instruments and hedging activities in its unaudited Condensed Consolidated Balance Sheet:
|  | Balance Sheet |  | June 30, |  | December 31,
(in millions) |  | location |  | 2025 |  | 2024
Cash collateral deposits held from counterparties for fuel contracts - current |  | Offset against Prepaid expenses and other current assets |  | $ | — |  |  | $ | 4 |
Cash collateral deposits held from counterparties for fuel contracts - noncurrent |  | Offset against Other assets |  | — |  |  | 18 |
Receivable from third parties for fuel contracts |  | Accounts and other receivables |  | — |  |  | 1 |
Offsetting of derivative assets |
(in millions) |
|  |  |  | (i) |  | (ii) |  | (iii) = (i) + (ii) |  | (i) |  | (ii) |  | (iii) = (i) + (ii) |
|  |  |  | June 30, 2025 |  | December 31, 2024 |
Description |  | Balance Sheet location |  | Gross amounts of recognized assets |  | Gross amounts offset in the Balance Sheet |  | Net amounts of assets presented in the Balance Sheet |  | Gross amounts of recognized assets |  | Gross amounts offset in the Balance Sheet |  | Net amounts of assets presented in the Balance Sheet |
Fuel derivative contracts |  | Prepaid expenses and other current assets |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |  |  | $ | (4) |  |  | $ | 18 |  |
Fuel derivative contracts |  | Other assets |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 108 |  |  | $ | (18) |  |  | $ | 90 |  | (a)
(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the unaudited Condensed Consolidated Balance Sheet in Note 8.
Schedule of Offsetting Liabilities |
Offsetting of derivative liabilities |
(in millions) |
|  |  |  | (i) |  | (ii) |  | (iii) = (i) + (ii) |  | (i) |  | (ii) |  | (iii) = (i) + (ii) |
|  |  |  | June 30, 2025 |  | December 31, 2024 |
Description |  | Balance Sheet location |  | Gross amounts of recognized liabilities |  | Gross amounts offset in the Balance Sheet |  | Net amounts of liabilities presented in the Balance Sheet |  | Gross amounts of recognized liabilities |  | Gross amounts offset in the Balance Sheet |  | Net amounts of liabilities presented in the Balance Sheet |
Fuel derivative contracts |  | Prepaid expenses and other current assets |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | (4) |  |  | $ | — |  |
Fuel derivative contracts |  | Other assets |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | (18) |  |  | $ | — |  | (a)
(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the unaudited Condensed Consolidated Balance Sheet in Note 8.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following tables present the impact of derivative instruments, including terminations, within the unaudited Condensed Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2025 and 2024:
Location and amount recognized in income on cash flow hedging relationships
|  | Three months ended June 30, 2025 |  | Three months ended June 30, 2024
(in millions) |  | Fuel and oil |  |  |  | Other operating expenses |  | Fuel and oil |  |  |  | Other operating expenses
Total |  | $ | 36 |  |  |  |  | $ | 2 |  |  | $ | 17 |  |  |  |  | $ | 2 |
Loss on cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from AOCI into income |  | 36 |  | (a) |  |  |  |  | 17 |  |  |  |  |
Other: |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from AOCI into income |  | — |  |  |  |  | 2 |  |  | — |  |  |  |  | 2 |
(a) Includes amounts reclassified from Accumulated Other Comprehensive Income associated with hedges previously terminated.
Location and amount recognized in income on cash flow hedging relationships
|  | Six months ended June 30, 2025 |  | Six months ended June 30, 2024
(in millions) |  | Fuel and oil |  |  |  | Other operating expenses |  | Fuel and oil |  |  |  | Other operating expenses
Total |  | $ | 73 |  |  |  |  | $ | 3 |  |  | $ | 39 |  |  |  |  | $ | 4 |
Loss on cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from AOCI into income |  | 73 |  | (a) |  |  | — |  |  | 39 |  |  |  |  | — |
Other: |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from AOCI into income |  | — |  |  |  |  | 3 |  |  | — |  |  |  |  | 4 |
(a) Includes amounts reclassified from Accumulated Other Comprehensive Income associated with hedges previously terminated.
Derivatives designated and qualified in cash flow hedging relationships |  |  |
| (Gain) loss recognized in AOCI on derivatives, net of tax
| Three months ended
| June 30,
(in millions) | 2025 |  | 2024
Fuel derivative contracts | $ | 40 |  |  | $ | 23 |
Derivatives designated and qualified in cash flow hedging relationships |  |  |  |  |  |
| (Gain) loss recognized in AOCI on derivatives, net of tax |
| Six months ended |
| June 30, |
(in millions) | 2025 |  | 2024 |  |  |
Fuel derivative contracts | $ | 69 |  |  | $ | 22 |  |  |  |
Schedule of Derivative Instruments, Gain (Loss) |
Derivatives not designated as hedges
| (Gain) loss recognized in income on derivatives |  |
| Three months ended |  | Location of (gain) loss recognized in income on derivatives
| June 30, |
(in millions) | 2025 |  | 2024 |
Fuel derivative contracts | $ | — |  |  | $ | 2 |  |  | Other (gains) losses, net
Derivatives not designated as hedges
| (Gain) loss recognized in income on derivatives |  |
| Six months ended |  | Location of (gain) loss recognized in income on derivatives
| June 30, |
(in millions) | 2025 |  | 2024 |
Fuel derivative contracts | $ | — |  |  | $ | 3 |  |  | Other (gains) losses, net
Schedule of Premiums Paid for Fuel Derivative Contracts | The following tables present the expense impacts and their locations within the unaudited Condensed Consolidated Statement of Comprehensive Income during the periods the contracts settled or were scheduled to settle:
| Expense (benefit) recognized in income on derivatives |  |
| Three months ended |  | Location of expense (benefit) recognized in income on derivatives
| June 30, |
(in millions) | 2025 |  | 2024 |
Fuel derivative contracts designated as hedges | $ | 36 |  |  | $ | 40 |  |  | Fuel and oil
Fuel derivative contracts not designated as hedges | — |  |  | (1) |  |  | Other (gains) losses, net
| Expense (benefit) recognized in income on derivatives |  |
| Six months ended |  | Location of expense (benefit) recognized in income on derivatives
| June 30, |
(in millions) | 2025 |  | 2024 |
Fuel derivative contracts designated as hedges | $ | 73 |  |  | $ | 79 |  |  | Fuel and oil
Fuel derivative contracts not designated as hedges | — |  |  | (1) |  |  | Other (gains) losses, net

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