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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (795) $ (310) $ (362)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Deferred income taxes (110) (27) (73)
Depreciation and amortization 655 621 585
Special items, non-cash 450 0 52
Gain on debt extinguishments (22) 0 0
Stock-based compensation 39 39 30
Gain on sale-leaseback transactions (17) 0 0
Unrealized (gains) losses on investments 21 0 12
Changes in certain operating assets and liabilities:      
Decrease (increase) in receivables 4 (3) (111)
Decrease in inventories, prepaid and other 2 67 201
Increase (decrease) in air traffic liability (10) (145) 30
Increase (decrease) in accounts payable and other accrued liabilities (28) 141 26
Other, net (45) 17 (11)
Net cash provided by operating activities 144 400 379
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures (1,478) (1,128) (767)
Pre-delivery deposits for flight equipment (141) (78) (156)
Purchase of held-to-maturity investments (752) (69) (142)
Proceeds from the maturities of held-to-maturity investments 582 12 2
Purchase of available-for-sale securities (1,778) (474) (473)
Proceeds from the sale of available-for-sale securities 487 489 934
Payment for Spirit Airlines acquisition (22) (131) (297)
Proceeds from the sale of assets and sale-leaseback transactions 30 12 0
Other, net (8) (11) (9)
Net cash used in investing activities (3,080) (1,378) (908)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of long-term debt, net of issuance costs 3,793 78 0
Proceeds from failed sale-leaseback transactions 668 1,331 0
Proceeds from issuance of common stock 60 53 52
Repayment of long-term debt and finance lease obligations (748) (347) (369)
Acquisition of treasury stock (6) (4) (6)
Other, net 0 (4) (37)
Net cash provided by (used in) financing activities 3,767 1,107 (360)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS 831 129 (889)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 1,317 [1] 1,188 [1] 2,077
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period [1] 2,148 1,317 1,188
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash payments for interest, net (230) (80) (124)
Cash proceeds (payments) for income taxes, net (2) 49 45
NON-CASH TRANSACTIONS      
Operating lease assets acquired under operating leases 58 46 31
Flight equipment acquired under finance leases 122 0 0
Cash and cash equivalents 1,921 1,166 1,042
Restricted cash and cash equivalents [2] 227 151 146
Total cash, cash equivalents, restricted cash, and restricted cash equivalents [1] $ 2,148 $ 1,317 $ 1,188
[1]
(1) Refer to the table below for a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents.
[2] Restricted cash and cash equivalents primarily consists of principal and interest payments held as a reserve associated with the financing of the TrueBlue® program, and letters of credit.