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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations The rates below vary by plan and related work group.
| 2024 |  | 2023
Discount rates | 5.62% to 5.71% |  | 5.14% to 5.16%
Rate of compensation increases | 2.01% to 2.34% |  | 2.01% to 2.34%
Weighted average assumptions used to determine net periodic benefit cost The rates below vary by plan and related work group.
| 2024 |  | 2023 |  | 2022
Discount rates | 5.14% to 5.21% |  | 5.41% to 5.42% |  | 2.82% to 2.90%
Expected return on plan assets | 5.00% to 7.10% |  | 5.00% to 6.50% |  | 3.00% to 5.25%
Rate of compensation increases | 2.01% to 2.34% |  | 2.01% to 2.35% |  | 2.02% to 2.38%
Schedule of Allocation of Plan Assets | The target and actual asset allocation of the funds in Alaska's qualified defined-benefit plans, by asset category, are as follows:
| Salaried Plan |  | All Other Plans
| Target |  | 2024 |  | 2023 |  | Target |  | 2024 |  | 2023
Asset category: |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities | 0% |  | — | % |  | 7 | % |  | 6%-44% |  | 34 | % |  | 36 | %
Non-U.S. equity securities | 0% |  | — | % |  | 3 | % |  | 0%-22% |  | 13 | % |  | 15 | %
Fixed income securities | 100% |  | 100 | % |  | 90 | % |  | 35%-85% |  | 50 | % |  | 45 | %
Real estate | 0% |  | — | % |  | — | % |  | 0%-10% |  | 3 | % |  | 4 | %
Plan assets |  |  | 100 | % |  | 100 | % |  |  |  | 100 | % |  | 100 | %
The target and actual asset allocation of the funds in Hawaiian's qualified defined-benefit plan, by asset category, are as follows:
| Target |  | 2024 |  |
Asset category: |  |  |  |  |
Equity securities | 60 | % |  | 52 | % |  |
Fixed income securities | 35 | % |  | 44 | % |  |
Real estate | 5 | % |  | 4 | % |  |
Plan assets | 100 | % |  | 100 | % |  |
Plan assets by fund category:
(in millions) | 2024 |  | 2023 |  | Fair Value Hierarchy
Fund type: |  |  |  |  |
Equity securities | $ | 944 |  |  | $ | 895 |  |  | 2
Credit bond index fund | 1,293 |  |  | 1,061 |  |  | 2
Plan assets in common commingled trusts | $ | 2,237 |  |  | $ | 1,956 |  |  |
Real estate | 64 |  |  | 60 |  |  | (a)
Cash equivalents | 6 |  |  | 7 |  |  | 1
Total plan assets | $ | 2,307 |  |  | $ | 2,023 |  |  |
(a) In accordance with Subtopic 820-10, certain investments that are measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | The following table sets forth the status of the qualified defined-benefit pension plans:
(in millions) | 2024 |  | 2023
Projected benefit obligation (PBO) |  |  |
Beginning of year | $ | 2,183 |  |  | $ | 2,079 |
Acquisition impact | 333 |  |  | — |
Service cost | 28 |  |  | 29 |
Interest cost | 113 |  |  | 108 |
Actuarial (gain)/loss | (86) |  |  | 83 |
Benefits paid | (109) |  |  | (116) |
End of year | $ | 2,462 |  |  | $ | 2,183 |
Plan assets at fair value |  |  |
Beginning of year | $ | 2,023 |  |  | $ | 1,894 |
Acquisition impact | 290 |  |  | — |
Actual return on plan assets | 72 |  |  | 245 |
Employer contributions | 31 |  |  | — |
Benefits paid | (109) |  |  | (116) |
End of year | $ | 2,307 |  |  | $ | 2,023 |
Unfunded status | $ | (155) |  |  | $ | (160) |
Percent funded | 94 | % |  | 93 | %
Schedule of Amounts Recognized in Balance Sheet | The amounts recognized in the consolidated balance sheets:
(in millions) | 2024 |  | 2023
Accrued benefit liability-long term | $ | (235) |  |  | $ | (245) |
Plan assets-long term (within Other noncurrent assets) | 80 |  |  | 85 |
Total liability recognized | $ | (155) |  |  | $ | (160) |
The amounts not yet reflected in net periodic benefit cost and included in AOCL:
(in millions) | 2024 |  | 2023
Prior service cost (credit) | $ | 7 |  |  | $ | 6 |
Net loss | 323 |  |  | 367 |
Amount recognized in AOCL (pretax) | $ | 330 |  |  | $ | 373 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets | Defined benefit plans with projected benefit obligations and accumulated benefit obligations exceeding fair value of plan assets are as follows:
(in millions) | 2024 |  | 2023
Projected benefit obligation | $ | 1,716 |  |  | $ | 1,403 |
Accumulated benefit obligation | 1,654 |  |  | 1,327 |
Fair value of plan assets | 1,480 |  |  | 1,158 |
Schedule of Net Benefit Costs | Net pension expense for the qualified defined-benefit plans included the following components:
(in millions) | 2024 |  | 2023 |  | 2022
Service cost | $ | 28 |  |  | $ | 29 |  |  | $ | 45 |
Interest cost | 113 |  |  | 108 |  |  | 65 |
Expected return on assets | (134) |  |  | (114) |  |  | (128) |
Amortization of prior service credit | — |  |  | — |  |  | (1) |
Recognized actuarial loss | 19 |  |  | 23 |  |  | 8 |
Net pension expense (benefit) | $ | 26 |  |  | $ | 46 |  |  | $ | (11) |
Schedule of Expected Benefit Payments | Future benefits expected to be paid over the next ten years under the qualified defined-benefit pension plans from the assets of those plans:
(in millions) | Total
2025 | $ | 161 |
2026 | 170 |
2027 | 185 |
2028 | 195 |
2029 | 195 |
2030-2034 | 1,015 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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