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SHAREHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Common Stock Repurchase In August 2015, the Board of Directors authorized a $1 billion share repurchase program. As of March 31, 2024, the Company has repurchased 11.7 million shares for $709 million under this program. Share purchase activity (in millions, except share amounts):
| Three Months Ended March 31,
| 2024 |  | 2023
| Shares |  | Amount |  | Shares |  | Amount
2015 Repurchase Program—$1 billion | 561,086 |  |  | $ | 21 |  |  | 413,554 |  |  | $ | 18 |
CARES Act Warrant Issuances 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 March 31, 2024, 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 all outstanding warrants was $30 million, recorded in stockholders' equity at issuance.

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