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SHAREHOLDER'S EQUITY | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
SHAREHOLDER'S EQUITY | SHAREHOLDERS' EQUITY Common Stock Repurchase In August 2015, the Board of Directors authorized a $1 billion share repurchase program. In March 2020, the Company suspended the share repurchase program as required by the CARES Act. These restrictions ended on October 1, 2022. The Company restarted the share repurchase program in February 2023, pursuant to the existing repurchase program. As of December 31, 2023, the Company has repurchased 11.1 million shares for $688 million under this program. The program has remaining authorization of $312 million. No shares were repurchased in 2022. Share purchase activity (in millions, except share amounts):
| Twelve Months Ended December 31, 2023 |  |  |  |
| Shares |  | Amount(a) |  |  |  |  |  |  |  |  |  |  |  |
2015 Repurchase Program—$1 billion | 3,520,533 |  |  | $ | 145 |  |  |  |  |  |  |  |  |  |  |  |  |
(a) Due to the timing difference between trade date and settlement date, certain repurchases had not settled in cash as of December 31, 2023, and may not agree directly to the consolidated statements of cash flows. CARES Act Warrant Issuance As taxpayer protection required under the Payroll Support Program (PSP) under the CARES Act, the Company granted the U.S. government a total of 1,455,437 warrants to purchase ALK common stock in 2020 and 2021. An additional 427,080 warrants were issued in conjunction with a draw on the CARES Act Loan in 2020. These warrants are non-voting, freely transferable, may be settled as net shares or in cash at the Company's option, and have a five-year term. As of December 31, 2023, there are 1,882,517 total warrants outstanding, with a weighted average strike price of 39.06. The value of the warrants was estimated using a Black-Scholes option pricing model. The total fair value of the warrants of $30 million, recorded in stockholders' equity at issuance.

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