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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025, and December 31, 2024:
|  |  |  | Fair value measurements at reporting date using:
|  |  |  | Quoted prices in active markets for identical assets |  | Significant other observable inputs |  |
Description |  | September 30, 2025 |  | (Level 1) |  | (Level 2) |  |
Assets |  | (in millions)
Cash equivalents: |  |  |  |  |  |  |  |
Cash equivalents (a) |  | $ | 2,552 |  |  | $ | 2,552 |  |  | $ | — |  |  |
Time deposits |  | 350 |  |  | — |  |  | 350 |  |  |
Short-term investments: |  |  |  |  |  |  |  |
Certificates of deposit |  | 16 |  |  | — |  |  | 16 |  |  |
Time deposits |  | 100 |  |  | — |  |  | 100 |  |  |
Equity Securities |  | 433 |  |  | 433 |  |  | — |  |  |
Total assets |  | $ | 3,451 |  |  | $ | 2,985 |  |  | $ | 466 |  |  |
(a) Cash equivalents are primarily composed of money market investments.
|  |  |  | 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 nine months ended September 30, 2025. There was no activity for the three months ended September 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 September 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 September 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 Date | Carrying value |  | Estimated fair value |  | Fair value level hierarchy
3.00% Notes | 2026 | $ | 300 |  |  | $ | 296 |  |  | Level 2
7.375% Debentures | 2027 | 105 |  |  | 109 |  |  | Level 2
3.45% Notes | 2027 | 300 |  |  | 295 |  |  | Level 2
5.125% Notes | 2027 | 1,727 |  |  | 1,749 |  |  | Level 2
2.625% Notes | 2030 | 500 |  |  | 461 |  |  | Level 2
1.000% Payroll Support Program Loan (a) | 2031 | 566 |  |  | 573 |  |  | Level 3
1.000% Payroll Support Program Loan (b) | 2031 | 526 |  |  | 524 |  |  | Level 3
(a) The interest rate will change to Secured Overnight Financing Rate plus two percent in January 2026. See Note 10 for further information. (b) The interest rate will change to Secured Overnight Financing Rate plus two percent in April 2026. See Note 10 for further information.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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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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