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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amounts and estimated fair values of the Company’s debt are as follows (in millions):

			June 30, 2024												December 31, 2023
			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Secured debt:
Pre-delivery credit facility			$	300					$	304					$	312					$	316
Building note			6						6						16						16
Unsecured debt:
Affinity card advance purchase of miles			83						81						80						76
PSP promissory notes			66						60						66						57
Total debt			$	455					$	451					$	474					$	465

Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present disclosures about the fair value of assets and liabilities measured at fair value on a recurring basis on the Company’s condensed consolidated balance sheets (in millions):

												Fair Value Measurements as of June 30, 2024
Description						Balance Sheet Classification						Total						Level 1						Level 2						Level 3
Cash and cash equivalents						Cash and cash equivalents						$	658					$	658					$	—					$	—

												Fair Value Measurements as of December 31, 2023
Description						Balance Sheet Classification						Total						Level 1						Level 2						Level 3
Cash and cash equivalents						Cash and cash equivalents						$	609					$	609					$	—					$	—

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- References

No definition available.

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

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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

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