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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025, and December 31, 2024:
  Fair value measurements at reporting date using:
Quoted prices in active markets for identical assetsSignificant other observable inputs
DescriptionJune 30, 2025(Level 1)(Level 2)
Assets(in millions)
Cash equivalents:   
Cash equivalents (a)$3,295 $3,295 $— 
Commercial paper180 — 180 
Short-term investments: 
Certificates of deposit64 — 64 
Time deposits300 — 300 
Equity Securities394 394 — 
Total assets$4,233 $3,689 $544 
(a) Cash equivalents are primarily composed of money market investments and treasury bills.
  Fair value measurements at reporting date using:
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputs
DescriptionDecember 31, 2024(Level 1)(Level 2)(Level 3)
Assets(in millions)
Cash equivalents:   
Cash equivalents (a)$7,209 $7,209 $— $— 
Time deposits300 — 300 — 
Short-term investments:    
Treasury bills1,094 1,094 — — 
Certificates of deposit122 — 122 — 
Fuel derivatives:    
Option contracts (b)130 — — 130 
Equity Securities367 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 tables present the Company’s activity for items measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2025:
Fair value measurements using significant unobservable inputs (Level 3)
(in millions)Fuel derivatives
Balance as of March 31, 2025$92 
Total loss for the period
Included in other comprehensive income(52)
Proceeds from portfolio termination (40)
Balance as of June 30, 2025 $— 

Fair value measurements using significant unobservable inputs (Level 3)
(in millions)Fuel derivatives
Balance at December 31, 2024$130 
Total loss for the period
Included in other comprehensive income (90)
Proceeds from portfolio termination (40)
Balance at June 30, 2025$— 
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 June 30, 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 DateCarrying valueEstimated fair valueFair value level hierarchy
3.00% Notes
2026300 294 Level 2
7.375% Debentures
2027106 110 Level 2
3.45% Notes
2027300 293 Level 2
5.125% Notes
20271,727 1,743 Level 2
2.625% Notes
2030500 456 Level 2
1.000% Payroll Support Program Loan (a)
2031566 562 Level 3
1.000% Payroll Support Program Loan (a)
2031526 516 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 second and third tranches will occur in January and April 2026, respectively. See Note 10 for further information.