Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | FALSE |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | DELTA AIR LINES INC /DE/ |
Entity Central Index Key | 27904 |
Current Fiscal Year End Date | -19 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 855,545,884 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets [Abstract] | ||
Cash and cash equivalents | $3,018 | $2,416 |
Short-term investments | 959 | 958 |
Restricted cash, cash equivalents and short-term investments | 213 | 375 |
Accounts receivable, net of an allowance for uncollectible accounts | 1,969 | 1,693 |
Fuel inventory | 679 | 619 |
Expendable parts and supplies inventories, net of an allowance for obsolescence | 353 | 404 |
Deferred income taxes, net | 405 | 463 |
Prepaid expenses and other | 1,355 | 1,344 |
Total current assets | 8,951 | 8,272 |
Property and Equipment, Net [Abstract] | ||
Property and equipment, net of accumulated depreciation and amortization | 21,297 | 20,713 |
Other Assets [Abstract] | ||
Goodwill | 9,794 | 9,794 |
Identifiable intangibles, net of accumulated amortization | 4,675 | 4,679 |
Other noncurrent assets | 1,280 | 1,092 |
Total other assets | 15,749 | 15,565 |
Total assets | 45,997 | 44,550 |
Current Liabilities [Abstract] | ||
Current maturities of long-term debt and capital leases | 1,823 | 1,627 |
Air traffic liability | 4,583 | 3,696 |
Accounts payable | 2,592 | 2,293 |
Accrued salaries and related benefits | 1,769 | 1,680 |
Frequent flyer deferred revenue | 1,554 | 1,806 |
Taxes payable | 697 | 585 |
Fuel card obligation | 545 | 455 |
Other accrued liabilities | 571 | 1,128 |
Total current liabilities | 14,134 | 13,270 |
Noncurrent liabilities | ||
Long-term debt and capital leases | 10,077 | 11,082 |
Pension, postretirement and related benefits | 15,379 | 16,005 |
Frequent flyer deferred revenue | 2,568 | 2,628 |
Deferred Income Taxes, Net | 1,993 | 2,047 |
Other noncurrent liabilities | 1,709 | 1,649 |
Total noncurrent liabilities | 31,726 | 33,411 |
Commitments and Contingencies | ||
Stockholders' Equity (Deficit) | ||
Common Stock | 0 | 0 |
Additional paid-in capital | 14,096 | 14,069 |
Accumulated deficit | -5,379 | -7,389 |
Accumulated Other Comprehensive Loss | -8,324 | -8,577 |
Treasury stock, at cost | -256 | -234 |
Total stockholders' equity (deficit) | 137 | -2,131 |
Total liabilities and stockholders' equity (deficit) | $45,997 | $44,550 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Current Assets [Abstract] | ||
Allowance for Uncollectible Accounts | $23 | $36 |
Allowance for Obsolescence | 126 | 127 |
Property, Plant and Equipment [Abstract] | ||
Accumulated Depreciation and Amortization | 7,478 | 6,656 |
Other Assets [Abstract] | ||
Accumulated Amortization | $719 | $670 |
Stockholders' Equity (Deficit) | ||
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 1,500,000,000 | 1,500,000,000 |
Common Stock, Shares, Issued | 873,523,221 | 867,866,505 |
Treasury Stock, Shares | 17,977,337 | 16,464,472 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Passenger Revenue [Abstract] | ||||
Passenger Revenue, Mainline | $7,566 | $6,994 | $20,222 | $19,276 |
Passenger Revenue, Regional carriers | 1,688 | 1,679 | 4,846 | 5,055 |
Total passenger revenue | 9,254 | 8,673 | 25,068 | 24,331 |
Cargo Revenue | 229 | 244 | 699 | 749 |
Other Revenue | 1,007 | 1,006 | 2,930 | 2,988 |
Total operating revenue | 10,490 | 9,923 | 28,697 | 28,068 |
Operating Expense [Abstract] | ||||
Aircraft fuel and related taxes | 2,291 | 2,221 | 7,175 | 7,759 |
Salaries and related costs | 1,976 | 1,850 | 5,809 | 5,438 |
Regional carrier expense | 1,459 | 1,447 | 4,302 | 4,238 |
Aircraft maintenance materials and outside repairs | 474 | 493 | 1,437 | 1,602 |
Contracted services | 429 | 402 | 1,239 | 1,177 |
Depreciation and amortization | 418 | 392 | 1,238 | 1,166 |
Passenger commissions and other selling expenses | 447 | 440 | 1,212 | 1,213 |
Landing fees and other rents | 378 | 360 | 1,060 | 1,012 |
Passenger service | 214 | 201 | 575 | 559 |
Profit sharing | 249 | 174 | 387 | 309 |
Aircraft rent | 47 | 65 | 162 | 208 |
Restructuring and other items | 106 | 149 | 242 | 330 |
Other Operating Expense | 439 | 421 | 1,160 | 1,233 |
Total operating expense | 8,927 | 8,615 | 25,998 | 26,244 |
Operating Income (Loss) | 1,563 | 1,308 | 2,699 | 1,824 |
Other (Expense) Income [Abstract] | ||||
Interest expense, net | -176 | -195 | -526 | -623 |
Amortization of debt discount, net | -37 | -48 | -120 | -148 |
Loss on Extinguishment of Debt | 0 | -12 | 0 | -12 |
Miscellaneous, net | 13 | -1 | -1 | -27 |
Total other expense, net | -200 | -256 | -647 | -810 |
Income Before Income Taxes | 1,363 | 1,052 | 2,052 | 1,014 |
Income Tax Benefit (Provision) | 6 | -5 | 9 | -11 |
Net income | 1,369 | 1,047 | 2,061 | 1,003 |
Basic earnings per share | $1.61 | $1.24 | $2.42 | $1.19 |
Diluted earnings per share | $1.59 | $1.23 | $2.40 | $1.18 |
Comprehensive Income | ||||
Comprehensive Income | $1,376 | $1,073 | $2,314 | $1,305 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net Cash Provided by (Used in) Operating Activities | $3,373 | $1,926 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Flight Equipment, Including Advance Payments | -1,276 | -885 |
Ground Property and Equipment, Including Technology | -340 | -545 |
Purchase of Virgin Atlantic shares | -360 | 0 |
Purchase of Short-Term Investments | -719 | -719 |
Redemption of Short-Term Investments | 869 | 757 |
Other Investing Activities, Net | 18 | -37 |
Net Cash Used in Investing Activities | -1,808 | -1,429 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Payments on Long-term Debt and Capital Lease Obligations | -968 | -1,410 |
Cash Dividends | -51 | 0 |
Proceeds from Long-term Obligations | 68 | 480 |
Repurchase of Common Stock | -93 | 0 |
Fuel Card Obligation | 90 | 73 |
Other Financing Activities, net | -9 | -23 |
Net Cash Used in Financing Activities | -963 | -880 |
Net Increase (Decrease) in Cash and Cash Equivalents | 602 | -383 |
Cash and cash equivalents at beginning of period | 2,416 | 2,657 |
Cash and cash equivalents at end of period | 3,018 | 2,274 |
Other Noncash Investing and Financing Items [Abstract] | ||
SkyMiles Used Pursuant to Advance Purchase Under American Express Agreements | 250 | 250 |
Build-to-Suit Leased Facilities | $103 | $141 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation | |
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our wholly-owned subsidiaries. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K. We reclassified certain prior period amounts, none of which were material individually or in total, to conform to the current period presentation. | |
Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items and restructuring and other items, considered necessary for a fair statement of results for the interim periods presented. | |
Due to seasonal variations in the demand for air travel, the volatility of aircraft fuel prices, changes in global economic conditions and other factors, operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of operating results for the entire year. | |
As described in Note 13, we became the sole owner of Endeavor Air, Inc. ("Endeavor"), formerly Pinnacle Airlines, Inc., on May 1, 2013, pursuant to a confirmed plan of reorganization in the bankruptcy cases of Endeavor and its affiliates. Prior to this acquisition, Endeavor served as a Delta Connection carrier under a capacity purchase agreement where we purchased all of Endeavor's seat inventory and marketed it under the Delta tradename. Accordingly, Endeavor's passenger revenue was included in regional carriers passenger revenue in Delta's Consolidated Statements of Operations and Comprehensive Income. All of the expenses Delta incurred under this arrangement were included in contract carrier arrangements expense. Subsequent to this acquisition, we have maintained this presentation and have re-titled contract carrier arrangements expense as regional carrier expense to reflect the inclusion of a wholly-owned regional carrier. This presentation aligns with the regional revenue presentation on the Consolidated Statements of Operations and Comprehensive Income. | |
Accounting for Refinery Related Buy/Sell Agreements | |
To the extent that we receive jet fuel for non-jet fuel products (as defined in Note 2) exchanged under buy/sell agreements, we account for these transactions as non-monetary exchanges. We have recorded these non-monetary exchanges at the carrying amount of the non-jet fuel products transferred within aircraft fuel and related taxes on the Consolidated Statement of Operations and Comprehensive Income. | |
Recent Accounting Standards | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
Recently issued accounting guidance revises the reporting of items reclassified out of accumulated other comprehensive income and is effective for fiscal years beginning after December 15, 2012. We adopted this guidance in the March 2013 quarter and have presented amounts reclassified out of accumulated other comprehensive income in a note to the financial statements. For more information about accumulated other comprehensive income (loss), see Note 11. |
Oil_Refinery_Notes
Oil Refinery (Notes) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Business Combinations [Abstract] | |||||||||||||||
Business Combination Disclosure [Text Block] | OIL REFINERY | ||||||||||||||
Fuel expense is our single largest expense. Prior to our acquisition of an oil refinery, global demand for jet fuel and related products had increased while jet fuel refining capacity had decreased in the U.S. (particularly in the Northeast), resulting in increases in the refining margin reflected in the prices we paid for jet fuel. In June 2012, we purchased an oil refinery as part of our strategy to mitigate the increasing cost of the refining margin we pay. | |||||||||||||||
Refinery Operations and Strategic Agreements | |||||||||||||||
The refinery's production consists of jet fuel, as well as gasoline, diesel and other refined products ("non-jet fuel products"). Under a multi-year agreement, we are exchanging a significant portion of the non-jet fuel products with Phillips 66 for jet fuel to be used in our airline operations. In addition, we are selling most of the remaining production of non-jet fuel products to BP under a long-term buy/sell agreement, effectively exchanging those non-jet fuel products for jet fuel. Substantially all of the refinery's production of non-jet fuel products is included in these agreements. The gross fair value of the products exchanged under these agreements during the three and nine months ended September 30, 2013 was $1.5 billion and $4.2 billion, respectively. | |||||||||||||||
Segment Reporting | |||||||||||||||
Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis. | |||||||||||||||
(in millions) | Airline | Refinery | Intersegment Sales/ Other | Consolidated | |||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||
Operating revenue: | $ | 10,490 | $ | 1,892 | $ | 10,490 | |||||||||
Sales to airline segment | $ | (320 | ) | (1) | |||||||||||
Exchanged products | (1,504 | ) | (2) | ||||||||||||
Sales of refined products to third parties | (68 | ) | (3) | ||||||||||||
Operating income(4) | 1,560 | 3 | 1,563 | ||||||||||||
Interest expense, net | 176 | — | 176 | ||||||||||||
Depreciation and amortization expense | 413 | 5 | 418 | ||||||||||||
Total assets, end of period | 44,823 | 1,174 | 45,997 | ||||||||||||
Capital expenditures | 618 | 13 | 631 | ||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||
Operating revenue: | $ | 28,697 | $ | 5,487 | $ | 28,697 | |||||||||
Sales to airline segment | $ | (927 | ) | (1) | |||||||||||
Exchanged products | (4,172 | ) | (2) | ||||||||||||
Sales of refined products to third parties | (388 | ) | (3) | ||||||||||||
Operating income (loss)(4) | 2,769 | (70 | ) | 2,699 | |||||||||||
Interest expense, net | 526 | — | 526 | ||||||||||||
Depreciation and amortization expense | 1,225 | 13 | 1,238 | ||||||||||||
Capital expenditures | 1,591 | 25 | 1,616 | ||||||||||||
(1) | Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price by reference to the market index for the primary delivery location for jet fuel from the refinery, which is New York Harbor. | ||||||||||||||
(2) | Represents value of products exchanged under our buy/sell agreements, as discussed above, determined on a market price basis. | ||||||||||||||
(3) | Represents sales of refined products to third parties. These sales were at or near cost; accordingly, the margin on these sales is de minimis. | ||||||||||||||
(4) | Includes allocations of $36 million of gains in the three months ended September 30, 2013 and $8 million of losses for the nine months ended September 30, 2013 from the refinery segment to the airline segment, representing a portion of the refinery's inventory price risk. |
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS | ||||||||||||
Assets (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||
(in millions) | September 30, | Level 1 | Level 2 | Level 3 | |||||||||
2013 | |||||||||||||
Cash equivalents | $ | 2,702 | $ | 2,702 | $ | — | $ | — | |||||
Short-term investments | 959 | 959 | — | — | |||||||||
Restricted cash equivalents and investments | 209 | 209 | — | — | |||||||||
Long-term investments | 112 | 84 | 28 | — | |||||||||
Hedge derivatives, net | |||||||||||||
Fuel contracts | 333 | 57 | 276 | — | |||||||||
Interest rate contracts | (66 | ) | — | (66 | ) | — | |||||||
Foreign currency exchange contracts | 193 | — | 193 | — | |||||||||
(in millions) | December 31, | Level 1 | Level 2 | Level 3 | |||||||||
2012 | |||||||||||||
Cash equivalents | $ | 2,176 | $ | 2,176 | $ | — | $ | — | |||||
Short-term investments | 958 | 958 | — | — | |||||||||
Restricted cash equivalents and investments | 344 | 344 | — | — | |||||||||
Long-term investments | 208 | 100 | 27 | 81 | |||||||||
Hedge derivatives, net | |||||||||||||
Fuel contracts | 249 | 27 | 222 | — | |||||||||
Interest rate contracts | (66 | ) | — | (66 | ) | — | |||||||
Foreign currency exchange contracts | 123 | — | 123 | — | |||||||||
Cash Equivalents, Short-term Investments and Restricted Cash Equivalents and Investments. Cash equivalents and short-term investments generally consist of money market funds and treasury bills. Restricted cash equivalents and investments are primarily held to meet certain projected self-insurance obligations and generally consist of money market funds and time deposits. These investments are recorded at cost, which approximates fair value. Fair value is based on a market approach using prices and other relevant information generated by market transactions involving identical or comparable assets. | |||||||||||||
Long-term Investments. Our long-term investments that are measured at fair value primarily consist of equity investments in Grupo Aeroméxico, S.A.B. de C.V., the parent company of Aeroméxico, and GOL Linhas Aéreas Inteligentes, S.A, the parent company of GOL. Shares of the parent companies of Aeroméxico and GOL are traded on public exchanges and we have valued our investments based on quoted market prices. The investments are classified in other noncurrent assets. In 2013, we sold our remaining auction rate securities, which were previously classified as Level 3 instruments. | |||||||||||||
Hedge Derivatives. Our derivative contracts are generally negotiated with counterparties without going through a public exchange. Accordingly, our fair value assessments give consideration to the risk of counterparty default (as well as our own credit risk). | |||||||||||||
• | Fuel Derivatives. Our fuel hedge portfolio consists of call options; put options; combinations of two or more call options and put options; swap contracts; and futures contracts. The products underlying the hedge contracts include crude oil, diesel fuel and jet fuel as these commodities are highly correlated with the price of jet fuel that we consume. Option contracts are valued under an income approach using option pricing models based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets. Volatilities used in these valuations ranged from 12% to 28% depending on the maturity dates, underlying commodities and strike prices of the option contracts. Swap contracts are valued under an income approach using a discounted cash flow model based on data either readily observable or derived from public markets. Discount rates used in these valuations vary with the maturity dates of the respective contracts and are based on LIBOR. Futures contracts and options on futures contracts are traded on a public exchange and valued based on quoted market prices. | ||||||||||||
• | Interest Rate Derivatives. Our interest rate derivatives consist primarily of swap contracts and are valued primarily based on data readily observable in public markets. | ||||||||||||
• | Foreign Currency Derivatives. Our foreign currency derivatives consist of Japanese yen and Canadian dollar forward contracts and are valued based on data readily observable in public markets. |
Derivatives_Notes
Derivatives (Notes) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Derivatives [Text Block] | DERIVATIVES | ||||||||||||||||||||
Changes in aircraft fuel prices, interest rates and foreign currency exchange rates impact our results of operations. In an effort to manage our exposure to these risks, we enter into derivative contracts and adjust our derivative portfolio as market conditions change. | |||||||||||||||||||||
Aircraft Fuel Price Risk | |||||||||||||||||||||
Changes in aircraft fuel prices materially impact our results of operations. We actively manage our fuel price risk through a hedging program intended to reduce the financial impact on us from changes in the price of jet fuel. This fuel hedging program utilizes several different contract and commodity types. The economic effectiveness of this hedge portfolio is frequently tested against our financial targets. The hedge portfolio is rebalanced from time to time according to market conditions, which may result in locking in gains or losses on hedge contracts prior to their settlement dates. | |||||||||||||||||||||
We generally do not designate our fuel derivative contracts as accounting hedges.We record changes in the fair value of our fuel hedges in aircraft fuel and related taxes. These changes in fair value include settled gains and losses as well as mark to market adjustments ("MTM adjustments"). MTM adjustments are based on market prices as of the end of the reporting period for contracts settling in future periods. During the three months ended September 30, 2013 and 2012, we recorded $337 million and $414 million in fuel hedge gains, respectively. During the nine months ended September 30, 2013 and 2012, we recorded $336 million in fuel hedge gains and $106 million in fuel hedge losses, respectively. | |||||||||||||||||||||
Hedge Position as of September 30, 2013 | |||||||||||||||||||||
(in millions) | Notional Balance | Final Maturity Date | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, Net | ||||||||||||||
Designated as hedges | |||||||||||||||||||||
Interest rate contracts (cash flow hedges) | $ | 588 | U.S. dollars | May-19 | $ | — | $ | — | $ | (18 | ) | $ | (30 | ) | $ | (48 | ) | ||||
Interest rate contracts (fair value hedges) | $ | 445 | U.S. dollars | Aug-22 | 5 | — | — | (23 | ) | (18 | ) | ||||||||||
Foreign currency exchange contracts | 128,713 | Japanese yen | Aug-16 | 118 | 76 | — | (1 | ) | 193 | ||||||||||||
508 | Canadian dollars | ||||||||||||||||||||
Not designated as hedges | |||||||||||||||||||||
Fuel contracts | 4,110 | gallons - crude oil, diesel and jet fuel | Dec-14 | 487 | 10 | (160 | ) | (4 | ) | 333 | |||||||||||
Total derivative contracts | $ | 610 | $ | 86 | $ | (178 | ) | $ | (58 | ) | $ | 460 | |||||||||
Hedge Position as of December 31, 2012 | |||||||||||||||||||||
(in millions) | Notional Balance | Final Maturity Date | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, Net | ||||||||||||||
Designated as hedges | |||||||||||||||||||||
Interest rate contracts (cash flow hedges) | $ | 740 | U.S. dollars | May-19 | $ | — | $ | — | $ | (22 | ) | $ | (48 | ) | $ | (70 | ) | ||||
Interest rate contracts (fair value hedges) | $ | 469 | U.S. dollars | Aug-22 | — | 6 | (2 | ) | — | 4 | |||||||||||
Foreign currency exchange contracts | 119,277 | Japanese yen | Dec-15 | 62 | 63 | (1 | ) | (1 | ) | 123 | |||||||||||
430 | Canadian dollars | ||||||||||||||||||||
Not designated as hedges | |||||||||||||||||||||
Fuel contracts | 1,792 | gallons - heating oil, crude oil and jet fuel | Dec-13 | 511 | — | (262 | ) | — | 249 | ||||||||||||
Total derivative contracts | $ | 573 | $ | 69 | $ | (287 | ) | $ | (49 | ) | $ | 306 | |||||||||
Offsetting Assets and Liabilities | |||||||||||||||||||||
We have master netting arrangements with all of our counterparties giving us the right of setoff. We have elected not to offset the fair value positions recorded on our Consolidated Balance Sheets. The following table shows the potential net fair value positions had we elected to offset. | |||||||||||||||||||||
(in millions) | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, Net | ||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Net derivative contracts | $ | 457 | $ | 84 | $ | (28 | ) | $ | (53 | ) | $ | 460 | |||||||||
December 31, 2012 | |||||||||||||||||||||
Net derivative contracts | $ | 320 | $ | 69 | $ | (34 | ) | $ | (49 | ) | $ | 306 | |||||||||
Designated Hedge Gains (Losses) | |||||||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, gains (losses) related to our designated hedge contracts are as follows: | |||||||||||||||||||||
Effective Portion Reclassified from AOCI to Earnings | Effective Portion Recognized in Other Comprehensive Income | ||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||
Foreign currency exchange contracts | $ | 55 | $ | (8 | ) | $ | (70 | ) | $ | (27 | ) | ||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||
Foreign currency exchange contracts | $ | 100 | $ | (21 | ) | $ | 70 | $ | 56 | ||||||||||||
As of September 30, 2013, we have recorded $118 million of net gains on cash flow hedge contracts in accumulated other comprehensive loss, which are scheduled to settle and be reclassified into earnings within the next 12 months. | |||||||||||||||||||||
Credit Risk | |||||||||||||||||||||
To manage credit risk associated with our aircraft fuel price, interest rate and foreign currency hedging programs, we select counterparties based on their credit ratings and limit our exposure to any one counterparty. | |||||||||||||||||||||
Our hedge contracts contain margin funding requirements. The margin funding requirements may cause us to post margin to counterparties or may cause counterparties to post margin to us as market prices in the underlying hedged items change. Due to the fair value position of our hedge contracts, we received net margin of $75 million and $62 million as of September 30, 2013 and December 31, 2012, respectively. Margin received is recorded in accounts payable and margin posted is recorded in prepaid expenses and other. |
LongTerm_Debt_Notes
Long-Term Debt (Notes) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Debt Disclosure [Abstract] | |||||||
Debt Disclosure [Text Block] | LONG-TERM DEBT | ||||||
Fair Value of Debt | |||||||
Market risk associated with our fixed and variable rate long-term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. In the table below, the aggregate fair value of debt is based primarily on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral and is classified primarily as Level 2 within the fair value hierarchy. | |||||||
(in millions) | September 30, | December 31, | |||||
2013 | 2012 | ||||||
Total debt at par value | $ | 11,820 | $ | 12,633 | |||
Unamortized discount, net | (429 | ) | (527 | ) | |||
Net carrying amount | $ | 11,391 | $ | 12,106 | |||
Fair value | $ | 12,100 | $ | 13,000 | |||
Covenants | |||||||
We were in compliance with all covenants in our financing agreements at September 30, 2013. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES | |||
Aircraft Purchase and Lease Commitments | ||||
Future aircraft purchase commitments at September 30, 2013 total approximately $9.9 billion and include 99 B-737-900ER, 37 CRJ-900, 30 A321-200, 18 B-787-8 and 10 A330-300 aircraft. We have obtained long-term financing commitments for a substantial portion of the purchase price of all of these aircraft, except for the 18 B-787-8 aircraft. Our purchase commitment for 18 B-787-8 aircraft provides for certain aircraft substitution rights. | ||||
(in millions) | Total | |||
Three months ending December 31, 2013 | $ | 600 | ||
2014 | 1,695 | |||
2015 | 1,215 | |||
2016 | 1,700 | |||
2017 | 1,495 | |||
Thereafter | 3,150 | |||
Total | $ | 9,855 | ||
We also have agreements with Southwest Airlines and The Boeing Company to lease 88 B-717-200 aircraft. We took delivery of one B-717-200 aircraft in September 2013 and deliveries will continue through 2015. | ||||
Legal Contingencies | ||||
We are involved in various legal proceedings related to employment practices, environmental issues, antitrust matters and other matters concerning our business. We record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount of loss can be reasonably estimated. We cannot reasonably estimate the potential loss for certain legal proceedings because, for example, the litigation is in its early stages or the plaintiff does not specify the damages being sought. Although the outcome of the legal proceedings in which we are involved cannot be predicted with certainty, management believes that the resolution of these matters will not have a material adverse effect on our Condensed Consolidated Financial Statements. | ||||
Other Contingencies | ||||
General Indemnifications | ||||
We are the lessee under many commercial real estate leases. It is common in these transactions for us, as the lessee, to agree to indemnify the lessor and the lessor's related parties for tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased premises. This type of indemnity would typically make us responsible to indemnified parties for liabilities arising out of the conduct of, among others, contractors, licensees and invitees at, or in connection with, the use or occupancy of the leased premises. This indemnity often extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by either their sole or gross negligence or their willful misconduct. | ||||
Our aircraft and other equipment lease and financing agreements typically contain provisions requiring us, as the lessee or obligor, to indemnify the other parties to those agreements, including certain of those parties' related persons, against virtually any liabilities that might arise from the use or operation of the aircraft or such other equipment. | ||||
We believe that our insurance would cover most of our exposure to liabilities and related indemnities associated with the commercial real estate leases and aircraft and other equipment lease and financing agreements described above. While our insurance does not typically cover environmental liabilities, we have certain insurance policies in place as required by applicable environmental laws. | ||||
Certain of our aircraft and other financing transactions include provisions that require us to make payments to preserve an expected economic return to the lenders if that economic return is diminished due to certain changes in law or regulations. In certain of these financing transactions, we also bear the risk of certain changes in tax laws that would subject payments to non-U.S. lenders to withholding taxes. | ||||
We cannot reasonably estimate our potential future payments under the indemnities and related provisions described above because we cannot predict (1) when and under what circumstances these provisions may be triggered and (2) the amount that would be payable if the provisions were triggered because the amounts would be based on facts and circumstances existing at such time. | ||||
Employees Under Collective Bargaining Agreements | ||||
At September 30, 2013, we had approximately 77,900 full-time equivalent employees. Approximately 18% of these employees were represented by unions. | ||||
War-Risk Insurance Contingency | ||||
As a result of the terrorist attacks on September 11, 2001, aviation insurers significantly (1) reduced the maximum amount of insurance coverage available to commercial air carriers for liability to persons (other than employees or passengers) for claims from acts of terrorism, war or similar events and (2) increased the premiums for such coverage and for aviation insurance in general. Since September 24, 2001, the U.S. government has been providing U.S. airlines with war-risk insurance to cover losses, including those resulting from terrorism, to passengers, third parties (ground damage) and the aircraft hull. The U.S. Secretary of Transportation has extended coverage through December 31, 2013, and we expect the coverage to be further extended. The withdrawal of government support of airline war-risk insurance would require us to obtain war-risk insurance coverage commercially, if available. Such commercial insurance could have substantially less desirable coverage than currently provided by the U.S. government, may not be adequate to protect our risk of loss from future acts of terrorism, may result in a material increase to our operating expense or may not be obtainable at all, resulting in an interruption to our operations. | ||||
Other | ||||
We have certain contracts for goods and services that require us to pay a penalty, acquire inventory specific to us or purchase equipment specific to a contract, if we terminate these contracts without cause prior to its expiration date. Because these obligations are contingent on our termination of a contract without cause prior to its expiration date, no obligation would exist unless such a termination occurs. |
American_Express_Relationship_
American Express Relationship (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Revenue Recognition [Abstract] | |
American Express Relationship [Text Block] | AMERICAN EXPRESS RELATIONSHIP |
General. Our agreements with American Express provide for joint marketing, grant certain benefits to Delta-American Express co-branded credit card holders ("Cardholders") and American Express Membership Rewards Program participants and allow American Express to market using our customer database. Cardholders earn mileage credits for making purchases using co-branded cards, may check their first bag for free, are granted access to Delta SkyClub lounges and receive other benefits while traveling on Delta. These benefits that we provide in the form of separate products and services under the SkyMiles agreements are referred to as "deliverables." Additionally, participants in the American Express Membership Rewards program may exchange their points for mileage credits under the SkyMiles Program. As a result, we sell mileage credits at agreed upon rates to American Express for provision to their customers under the co-brand credit card program and the Membership Rewards program. | |
Revenue Recognition. In September 2013, we and American Express modified our SkyMiles agreements. This modification required that we use a different accounting standard for recording SkyMiles sold. Prior to the modifications, we allocated consideration we received from selling miles to American Express among two primary deliverables: credit redeemable for future travel and marketing deliverables. We defer revenue related to the portion of mileage credits redeemable for future travel based on the rate at which we sell mileage credits to other airlines. We recognize these amounts as passenger revenue when miles are redeemed and travel services are provided. We calculated the value of the marketing component based on the residual method and recognize it as other revenue as related marketing services are provided. | |
The September 2013 modifications introduced new deliverables and modified existing deliverables. We concluded that these modifications were material to the SkyMiles agreements. As a result of the material modifications, we are required to use a different accounting standard that allocates the consideration received from selling miles to all deliverables based on their relative standalone sales price. Accordingly, we determined our best estimate of selling prices by considering discounted cash flows analysis using multiple inputs and assumptions, including: (1) the expected number of miles awarded and number of miles redeemed, (2) the rate at which we sell mileage credits to other airlines, (3) published rates on our website for baggage fees, access to Delta SkyClub lounges and other benefits while traveling on Delta and (4) brand value. The effect of this change in accounting standard lowered the deferral rate we use to record miles sold under the agreements. Because we now defer less revenue per mile sold, we expect the revenue impact of the SkyMiles agreement modifications to be insignificant for 2013 and to increase 2014 revenue by less than $100 million. Additionally, upon application of this accounting standard, we were required to adjust the recorded value of miles currently deferred in our Frequent Flyer Liability that originated through the American Express programs. Accordingly, we adjusted the liability in the September 2013 quarter by less than $10 million. |
Restructuring_and_Other_Items_
Restructuring and Other Items (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND OTHER ITEMS | ||||||||||||
The following table shows amounts recorded in restructuring and other items on the Condensed Consolidated Statements of Operations and Comprehensive Income: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||
Severance and related costs | $ | — | $ | 66 | $ | — | $ | 237 | |||||
Facilities, fleet and other | 106 | 122 | 242 | 171 | |||||||||
Gain on slot exchange | — | (39 | ) | — | (78 | ) | |||||||
Total restructuring and other items | $ | 106 | $ | 149 | $ | 242 | $ | 330 | |||||
Facilities, Fleet and Other. We recorded charges of $106 million in the September 2013 quarter and $242 million in the nine months ended September 30, 2013, primarily related to our domestic fleet restructuring. Under the domestic fleet restructuring, we are focused on removing older, less efficient aircraft from our fleet and replacing them with aircraft that we have committed to acquire described in Note 6. These fleet restructuring charges include remaining lease payments for grounded aircraft, the acceleration of aircraft depreciation and lease return costs. | |||||||||||||
As we restructure our fleet and assess our fleet plans, we will continue to evaluate older, retiring aircraft and related equipment for changes in depreciable life, impairment and lease termination costs. The associated retirement of aircraft, when permanently removed from our fleet, will likely result in material lease termination and other charges over this period. The timing and amount of these charges will depend on a number of factors, including final negotiations with lessors, the timing of removing aircraft from service and ultimate disposition of aircraft included in the fleet restructuring program. We expect to benefit from reduced future maintenance cost and improved operational and fuel efficiency that we will experience over the life of the new aircraft. | |||||||||||||
Gain on Slot Exchange. During December 2011, we closed transactions with US Airways where we received takeoff and landing rights (each a "slot pair") at LaGuardia in exchange for slot pairs at Reagan National. In approving these transactions, the Department of Transportation restricted our use of the exchanged slots. We recorded a $78 million deferred gain in December 2011. We recognized $39 million of this deferred gain in the March 2012 quarter as half of the restrictions lapsed and recognized the remainder of the deferred gain in the September 2012 quarter as the remaining restrictions lapsed. | |||||||||||||
The following table shows the balances and activity for restructuring charges: | |||||||||||||
(in millions) | Severance and Related Costs | Lease Restructuring | |||||||||||
Balance as of December 31, 2012 | $ | 49 | $ | 77 | |||||||||
Additional costs and expenses | — | 7 | |||||||||||
Payments | (46 | ) | (11 | ) | |||||||||
Other | (3 | ) | (5 | ) | |||||||||
Balance as of September 30, 2013 | $ | — | $ | 68 | |||||||||
Employee_Benefit_Plans_Notes
Employee Benefit Plans (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | EMPLOYEE BENEFIT PLANS | ||||||||||||
The following table shows the components of net periodic cost: | |||||||||||||
Pension Benefits | Other Postretirement and | ||||||||||||
Postemployment Benefits | |||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||
Three Months Ended September 30, | |||||||||||||
Service cost | $ | — | $ | — | $ | 12 | $ | 14 | |||||
Interest cost | 215 | 232 | 36 | 41 | |||||||||
Expected return on plan assets | (184 | ) | (176 | ) | (21 | ) | (19 | ) | |||||
Amortization of prior service benefit | — | — | (7 | ) | (7 | ) | |||||||
Recognized net actuarial loss | 56 | 36 | 6 | 6 | |||||||||
Settlements | — | — | — | 6 | |||||||||
Net periodic cost | $ | 87 | $ | 92 | $ | 26 | $ | 41 | |||||
Nine Months Ended September 30, | |||||||||||||
Service cost | $ | — | $ | — | $ | 36 | $ | 43 | |||||
Interest cost | 645 | 696 | 108 | 123 | |||||||||
Expected return on plan assets | (552 | ) | (528 | ) | (63 | ) | (57 | ) | |||||
Amortization of prior service benefit | — | — | (21 | ) | (16 | ) | |||||||
Recognized net actuarial loss | 167 | 108 | 18 | 18 | |||||||||
Settlements | 6 | — | — | 110 | |||||||||
Net periodic cost | $ | 266 | $ | 276 | $ | 78 | $ | 221 | |||||
Income_Taxes_Notes
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES |
Valuation Allowance | |
We periodically assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred income tax assets. We establish valuation allowances if it is not likely we will realize our deferred income tax assets. In making this determination, we consider all available positive and negative evidence and make certain assumptions. We consider, among other things, our deferred tax liabilities, the overall business environment, our historical financial results, our industry's historically cyclical financial results and potential current and future tax planning strategies. | |
We recorded a full valuation allowance in 2004 due to our cumulative three year loss position at that time, compounded by the negative industry-wide business trends and outlook. At September 30, 2013, we had a $10.1 billion valuation allowance established against our deferred income tax assets, which represents a full valuation allowance against our net deferred income tax assets. | |
During 2012, we moved from a cumulative loss position over the previous three years to a cumulative income position for the first time since we established the full valuation allowance. While this is positive information, we have concluded as of September 30, 2013 that the valuation allowance was still needed on our net deferred tax assets based upon the weight of the factors described above, especially considering our history that included six consecutive years of losses. We continue to evaluate our cumulative income position and income trend as well as our future projections of sustained profitability. We evaluate whether this profitability trend constitutes sufficient positive evidence to support a reversal of our valuation allowance (in full or in part). If this profitability trend continues for the remainder of 2013 and this level of profitability is projected in the future, we anticipate that we may reverse substantially all of our valuation allowance as early as the end of 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||
The following tables show the components of accumulated other comprehensive loss: | |||||||||||||
(in millions) | Pension and Other Benefits Liabilities | Derivative Contracts(1) | Deferred Tax Impact | Total | |||||||||
Balance at December 31, 2012 | $ | (5,147 | ) | $ | (286 | ) | $ | (3,144 | ) | $ | (8,577 | ) | |
Changes in value | (9 | ) | 194 | — | 185 | ||||||||
Reclassifications into earnings: | |||||||||||||
Actuarial losses(2) | 168 | — | — | 168 | |||||||||
Foreign currency exchange contracts(3) | — | (100 | ) | — | (100 | ) | |||||||
Total reclassification into earnings | 168 | (100 | ) | — | 68 | ||||||||
Tax effect | (61 | ) | (35 | ) | 96 | — | |||||||
Balance at September 30, 2013 | $ | (5,049 | ) | $ | (227 | ) | $ | (3,048 | ) | $ | (8,324 | ) | |
(in millions) | Pension and Other Benefits Liabilities | Derivative Contracts(1) | Deferred Tax Impact | Total | |||||||||
Balance at December 31, 2011 | $ | (3,899 | ) | $ | (413 | ) | $ | (2,454 | ) | $ | (6,766 | ) | |
Changes in value | 140 | 38 | — | 178 | |||||||||
Reclassifications into earnings: | |||||||||||||
Actuarial losses(2) | 113 | — | — | 113 | |||||||||
Foreign currency exchange contracts(3) | — | 11 | — | 11 | |||||||||
Total reclassification into earnings | 113 | 11 | — | 124 | |||||||||
Tax effect | (93 | ) | (22 | ) | 115 | — | |||||||
Balance at September 30, 2012 | $ | (3,739 | ) | $ | (386 | ) | $ | (2,339 | ) | $ | (6,464 | ) | |
(1) | Includes $321 million of deferred income tax expense that will remain in AOCI until all amounts in AOCI that relate to fuel derivatives which are designated as accounting hedges are recognized in the Consolidated Statement of Operations. | ||||||||||||
(2) | Reclassified to salaries and related costs | ||||||||||||
(3) | Reclassified to passenger revenue |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | EARNINGS PER SHARE | ||||||||||||
We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding restricted shares. The following table shows the computation of basic and diluted earnings per share: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(in millions, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||
Net income | $ | 1,369 | $ | 1,047 | $ | 2,061 | $ | 1,003 | |||||
Basic weighted average shares outstanding | 851 | 846 | 850 | 845 | |||||||||
Dilutive effect of share based awards | 10 | 4 | 8 | 4 | |||||||||
Diluted weighted average shares outstanding | 861 | 850 | 858 | 849 | |||||||||
Basic earnings per share | $ | 1.61 | $ | 1.24 | $ | 2.42 | $ | 1.19 | |||||
Diluted earnings per share | $ | 1.59 | $ | 1.23 | $ | 2.4 | $ | 1.18 | |||||
Antidilutive common stock equivalents excluded from diluted earnings per share | 9 | 19 | 11 | 19 | |||||||||
Other_Investments_Notes
Other Investments (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Investments, All Other Investments [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | OTHER INVESTMENTS |
Endeavor Acquisition | |
In May 2013, Endeavor (formerly Pinnacle Airlines, Inc.) emerged from bankruptcy and we became its sole owner pursuant to a confirmed plan of reorganization. Consideration for our acquisition of Endeavor totaled $30 million, primarily consisting of previous loans and advances we made to Endeavor. The primary assets acquired and liabilities assumed related to 16 CRJ-900 aircraft with a fair value of $270 million and related debt of $240 million. These aircraft and 176 other aircraft currently operated by Endeavor were already in service to Delta; accordingly, our capacity was unaffected by the acquisition. | |
Transatlantic Joint Venture With Virgin Atlantic | |
In June 2013, we purchased 49% of Virgin Atlantic, a privately held London-based airline, from Singapore Airlines for $360 million, which we accounted for under the equity method. We also entered into an agreement with Virgin Atlantic with respect to operations on non-stop routes between the United Kingdom and North America. In September 2013, the U.S. Department of Transportation granted antitrust immunity on these routes. As a result of this relationship, our customers have increased access and frequencies to London's Heathrow airport from points in the U.S., primarily from our hub at New York's JFK airport. |
Dividend_and_Share_Repurchase_
Dividend and Share Repurchase (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Return of Capital to Shareholders [Abstract] | |
Return of Capital to Shareholders [Text Block] | DIVIDEND AND SHARE REPURCHASE |
In May 2013, we announced a plan to return more than $1 billion to shareholders over the next three years. As part of this plan, our Board of Directors initiated a quarterly dividend program and declared a $0.06 per share dividend for shareholders of record as of August 9, 2013. This dividend was paid in September 2013 and totaled $51 million. In addition, the Board of Directors authorized a $500 million share repurchase program, to be completed no later than June 30, 2016. During the three months ended September 30, 2013, we repurchased and retired approximately 5 million shares at a cost of approximately $100 million. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting [Policy Text Block] | These financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K. We reclassified certain prior period amounts, none of which were material individually or in total, to conform to the current period presentation. |
Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items and restructuring and other items, considered necessary for a fair statement of results for the interim periods presented. | |
Refinery related buy/sell agreements [Policy Text Block] | Accounting for Refinery Related Buy/Sell Agreements |
To the extent that we receive jet fuel for non-jet fuel products (as defined in Note 2) exchanged under buy/sell agreements, we account for these transactions as non-monetary exchanges. We have recorded these non-monetary exchanges at the carrying amount of the non-jet fuel products transferred within aircraft fuel and related taxes on the Consolidated Statement of Operations and Comprehensive Income. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
Recently issued accounting guidance revises the reporting of items reclassified out of accumulated other comprehensive income and is effective for fiscal years beginning after December 15, 2012. We adopted this guidance in the March 2013 quarter and have presented amounts reclassified out of accumulated other comprehensive income in a note to the financial statements. For more information about accumulated other comprehensive income (loss), see Note 11. |
Oil_Refinery_Tables
Oil Refinery (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment Reporting | ||||||||||||||
Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis. | |||||||||||||||
(in millions) | Airline | Refinery | Intersegment Sales/ Other | Consolidated | |||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||
Operating revenue: | $ | 10,490 | $ | 1,892 | $ | 10,490 | |||||||||
Sales to airline segment | $ | (320 | ) | (1) | |||||||||||
Exchanged products | (1,504 | ) | (2) | ||||||||||||
Sales of refined products to third parties | (68 | ) | (3) | ||||||||||||
Operating income(4) | 1,560 | 3 | 1,563 | ||||||||||||
Interest expense, net | 176 | — | 176 | ||||||||||||
Depreciation and amortization expense | 413 | 5 | 418 | ||||||||||||
Total assets, end of period | 44,823 | 1,174 | 45,997 | ||||||||||||
Capital expenditures | 618 | 13 | 631 | ||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||
Operating revenue: | $ | 28,697 | $ | 5,487 | $ | 28,697 | |||||||||
Sales to airline segment | $ | (927 | ) | (1) | |||||||||||
Exchanged products | (4,172 | ) | (2) | ||||||||||||
Sales of refined products to third parties | (388 | ) | (3) | ||||||||||||
Operating income (loss)(4) | 2,769 | (70 | ) | 2,699 | |||||||||||
Interest expense, net | 526 | — | 526 | ||||||||||||
Depreciation and amortization expense | 1,225 | 13 | 1,238 | ||||||||||||
Capital expenditures | 1,591 | 25 | 1,616 | ||||||||||||
(1) | Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price by reference to the market index for the primary delivery location for jet fuel from the refinery, which is New York Harbor. | ||||||||||||||
(2) | Represents value of products exchanged under our buy/sell agreements, as discussed above, determined on a market price basis. | ||||||||||||||
(3) | Represents sales of refined products to third parties. These sales were at or near cost; accordingly, the margin on these sales is de minimis. | ||||||||||||||
(4) | Includes allocations of $36 million of gains in the three months ended September 30, 2013 and $8 million of losses for the nine months ended September 30, 2013 from the refinery segment to the airline segment, representing a portion of the refinery's inventory price risk. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Assets (Liabilities) Measured at Fair Value on a Recurring Basis | Assets (Liabilities) Measured at Fair Value on a Recurring Basis | ||||||||||||
(in millions) | September 30, | Level 1 | Level 2 | Level 3 | |||||||||
2013 | |||||||||||||
Cash equivalents | $ | 2,702 | $ | 2,702 | $ | — | $ | — | |||||
Short-term investments | 959 | 959 | — | — | |||||||||
Restricted cash equivalents and investments | 209 | 209 | — | — | |||||||||
Long-term investments | 112 | 84 | 28 | — | |||||||||
Hedge derivatives, net | |||||||||||||
Fuel contracts | 333 | 57 | 276 | — | |||||||||
Interest rate contracts | (66 | ) | — | (66 | ) | — | |||||||
Foreign currency exchange contracts | 193 | — | 193 | — | |||||||||
(in millions) | December 31, | Level 1 | Level 2 | Level 3 | |||||||||
2012 | |||||||||||||
Cash equivalents | $ | 2,176 | $ | 2,176 | $ | — | $ | — | |||||
Short-term investments | 958 | 958 | — | — | |||||||||
Restricted cash equivalents and investments | 344 | 344 | — | — | |||||||||
Long-term investments | 208 | 100 | 27 | 81 | |||||||||
Hedge derivatives, net | |||||||||||||
Fuel contracts | 249 | 27 | 222 | — | |||||||||
Interest rate contracts | (66 | ) | — | (66 | ) | — | |||||||
Foreign currency exchange contracts | 123 | — | 123 | — | |||||||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ly. | ||||||||||||||||||||
Hedge Position as of September 30, 2013 | |||||||||||||||||||||
(in millions) | Notional Balance | Final Maturity Date | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, Net | ||||||||||||||
Designated as hedges | |||||||||||||||||||||
Interest rate contracts (cash flow hedges) | $ | 588 | U.S. dollars | May-19 | $ | — | $ | — | $ | (18 | ) | $ | (30 | ) | $ | (48 | ) | ||||
Interest rate contracts (fair value hedges) | $ | 445 | U.S. dollars | Aug-22 | 5 | — | — | (23 | ) | (18 | ) | ||||||||||
Foreign currency exchange contracts | 128,713 | Japanese yen | Aug-16 | 118 | 76 | — | (1 | ) | 193 | ||||||||||||
508 | Canadian dollars | ||||||||||||||||||||
Not designated as hedges | |||||||||||||||||||||
Fuel contracts | 4,110 | gallons - crude oil, diesel and jet fuel | Dec-14 | 487 | 10 | (160 | ) | (4 | ) | 333 | |||||||||||
Total derivative contracts | $ | 610 | $ | 86 | $ | (178 | ) | $ | (58 | ) | $ | 460 | |||||||||
Hedge Position as of December 31, 2012 | |||||||||||||||||||||
(in millions) | Notional Balance | Final Maturity Date | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, Net | ||||||||||||||
Designated as hedges | |||||||||||||||||||||
Interest rate contracts (cash flow hedges) | $ | 740 | U.S. dollars | May-19 | $ | — | $ | — | $ | (22 | ) | $ | (48 | ) | $ | (70 | ) | ||||
Interest rate contracts (fair value hedges) | $ | 469 | U.S. dollars | Aug-22 | — | 6 | (2 | ) | — | 4 | |||||||||||
Foreign currency exchange contracts | 119,277 | Japanese yen | Dec-15 | 62 | 63 | (1 | ) | (1 | ) | 123 | |||||||||||
430 | Canadian dollars | ||||||||||||||||||||
Not designated as hedges | |||||||||||||||||||||
Fuel contracts | 1,792 | gallons - heating oil, crude oil and jet fuel | Dec-13 | 511 | — | (262 | ) | — | 249 | ||||||||||||
Total derivative contracts | $ | 573 | $ | 69 | $ | (287 | ) | $ | (49 | ) | $ | 306 | |||||||||
Offsetting Assets and Liabilities | |||||||||||||||||||||
We have master netting arrangements with all of our counterparties giving us the right of setoff. We have elected not to offset the fair value positions recorded on our Consolidated Balance Sheets. The following table shows the potential net fair value positions had we elected to offset. | |||||||||||||||||||||
(in millions) | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, Net | ||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Net derivative contracts | $ | 457 | $ | 84 | $ | (28 | ) | $ | (53 | ) | $ | 460 | |||||||||
December 31, 2012 | |||||||||||||||||||||
Net derivative contracts | $ | 320 | $ | 69 | $ | (34 | ) | $ | (49 | ) | $ | 306 | |||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Designated Hedge Gains (Losses) | ||||||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, gains (losses) related to our designated hedge contracts are as follows: | |||||||||||||||||||||
Effective Portion Reclassified from AOCI to Earnings | Effective Portion Recognized in Other Comprehensive Income | ||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||
Foreign currency exchange contracts | $ | 55 | $ | (8 | ) | $ | (70 | ) | $ | (27 | ) | ||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||
Foreign currency exchange contracts | $ | 100 | $ | (21 | ) | $ | 70 | $ | 56 | ||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Debt Disclosure [Abstract] | |||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | |||||||
(in millions) | September 30, | December 31, | |||||
2013 | 2012 | ||||||
Total debt at par value | $ | 11,820 | $ | 12,633 | |||
Unamortized discount, net | (429 | ) | (527 | ) | |||
Net carrying amount | $ | 11,391 | $ | 12,106 | |||
Fair value | $ | 12,100 | $ | 13,000 | |||
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | Aircraft Purchase and Lease Commitments | |||
Future aircraft purchase commitments at September 30, 2013 total approximately $9.9 billion and include 99 B-737-900ER, 37 CRJ-900, 30 A321-200, 18 B-787-8 and 10 A330-300 aircraft. We have obtained long-term financing commitments for a substantial portion of the purchase price of all of these aircraft, except for the 18 B-787-8 aircraft. Our purchase commitment for 18 B-787-8 aircraft provides for certain aircraft substitution rights. | ||||
(in millions) | Total | |||
Three months ending December 31, 2013 | $ | 600 | ||
2014 | 1,695 | |||
2015 | 1,215 | |||
2016 | 1,700 | |||
2017 | 1,495 | |||
Thereafter | 3,150 | |||
Total | $ | 9,855 | ||
Restructuring_and_Other_Items_1
Restructuring and Other Items (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | The following table shows amounts recorded in restructuring and other items on the Condensed Consolidated Statements of Operations and Comprehensive Income: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||
Severance and related costs | $ | — | $ | 66 | $ | — | $ | 237 | |||||
Facilities, fleet and other | 106 | 122 | 242 | 171 | |||||||||
Gain on slot exchange | — | (39 | ) | — | (78 | ) | |||||||
Total restructuring and other items | $ | 106 | $ | 149 | $ | 242 | $ | 330 | |||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table shows the balances and activity for restructuring charges: | ||||||||||||
(in millions) | Severance and Related Costs | Lease Restructuring | |||||||||||
Balance as of December 31, 2012 | $ | 49 | $ | 77 | |||||||||
Additional costs and expenses | — | 7 | |||||||||||
Payments | (46 | ) | (11 | ) | |||||||||
Other | (3 | ) | (5 | ) | |||||||||
Balance as of September 30, 2013 | $ | — | $ | 68 | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The following table shows the components of net periodic cost: | ||||||||||||
Pension Benefits | Other Postretirement and | ||||||||||||
Postemployment Benefits | |||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||
Three Months Ended September 30, | |||||||||||||
Service cost | $ | — | $ | — | $ | 12 | $ | 14 | |||||
Interest cost | 215 | 232 | 36 | 41 | |||||||||
Expected return on plan assets | (184 | ) | (176 | ) | (21 | ) | (19 | ) | |||||
Amortization of prior service benefit | — | — | (7 | ) | (7 | ) | |||||||
Recognized net actuarial loss | 56 | 36 | 6 | 6 | |||||||||
Settlements | — | — | — | 6 | |||||||||
Net periodic cost | $ | 87 | $ | 92 | $ | 26 | $ | 41 | |||||
Nine Months Ended September 30, | |||||||||||||
Service cost | $ | — | $ | — | $ | 36 | $ | 43 | |||||
Interest cost | 645 | 696 | 108 | 123 | |||||||||
Expected return on plan assets | (552 | ) | (528 | ) | (63 | ) | (57 | ) | |||||
Amortization of prior service benefit | — | — | (21 | ) | (16 | ) | |||||||
Recognized net actuarial loss | 167 | 108 | 18 | 18 | |||||||||
Settlements | 6 | — | — | 110 | |||||||||
Net periodic cost | $ | 266 | $ | 276 | $ | 78 | $ | 221 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables show the components of accumulated other comprehensive loss: | ||||||||||||
(in millions) | Pension and Other Benefits Liabilities | Derivative Contracts(1) | Deferred Tax Impact | Total | |||||||||
Balance at December 31, 2012 | $ | (5,147 | ) | $ | (286 | ) | $ | (3,144 | ) | $ | (8,577 | ) | |
Changes in value | (9 | ) | 194 | — | 185 | ||||||||
Reclassifications into earnings: | |||||||||||||
Actuarial losses(2) | 168 | — | — | 168 | |||||||||
Foreign currency exchange contracts(3) | — | (100 | ) | — | (100 | ) | |||||||
Total reclassification into earnings | 168 | (100 | ) | — | 68 | ||||||||
Tax effect | (61 | ) | (35 | ) | 96 | — | |||||||
Balance at September 30, 2013 | $ | (5,049 | ) | $ | (227 | ) | $ | (3,048 | ) | $ | (8,324 | ) | |
(in millions) | Pension and Other Benefits Liabilities | Derivative Contracts(1) | Deferred Tax Impact | Total | |||||||||
Balance at December 31, 2011 | $ | (3,899 | ) | $ | (413 | ) | $ | (2,454 | ) | $ | (6,766 | ) | |
Changes in value | 140 | 38 | — | 178 | |||||||||
Reclassifications into earnings: | |||||||||||||
Actuarial losses(2) | 113 | — | — | 113 | |||||||||
Foreign currency exchange contracts(3) | — | 11 | — | 11 | |||||||||
Total reclassification into earnings | 113 | 11 | — | 124 | |||||||||
Tax effect | (93 | ) | (22 | ) | 115 | — | |||||||
Balance at September 30, 2012 | $ | (3,739 | ) | $ | (386 | ) | $ | (2,339 | ) | $ | (6,464 | ) | |
(1) | Includes $321 million of deferred income tax expense that will remain in AOCI until all amounts in AOCI that relate to fuel derivatives which are designated as accounting hedges are recognized in the Consolidated Statement of Operations. | ||||||||||||
(2) | Reclassified to salaries and related costs | ||||||||||||
(3) | Reclassified to passenger revenue |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table shows the computation of basic and diluted earnings per share: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(in millions, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||
Net income | $ | 1,369 | $ | 1,047 | $ | 2,061 | $ | 1,003 | |||||
Basic weighted average shares outstanding | 851 | 846 | 850 | 845 | |||||||||
Dilutive effect of share based awards | 10 | 4 | 8 | 4 | |||||||||
Diluted weighted average shares outstanding | 861 | 850 | 858 | 849 | |||||||||
Basic earnings per share | $ | 1.61 | $ | 1.24 | $ | 2.42 | $ | 1.19 | |||||
Diluted earnings per share | $ | 1.59 | $ | 1.23 | $ | 2.4 | $ | 1.18 | |||||
Antidilutive common stock equivalents excluded from diluted earnings per share | 9 | 19 | 11 | 19 | |||||||||
Oil_Refinery_Narrative_Details
Oil Refinery (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Business Acquisition, Date of Acquisition Agreement | 22-Jun-12 | |||
Operating Revenue | $10,490 | $9,923 | $28,697 | $28,068 |
Exchanged products [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | ($1,504) | ($4,172) |
Oil_Refinery_Details
Oil Refinery (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||
Operating Revenue | $10,490 | $9,923 | $28,697 | $28,068 | |
Operating Income (Loss) | 1,563 | 1,308 | 2,699 | 1,824 | |
Interest Expense, Net | 176 | 526 | |||
Depreciation and amortization | 418 | 392 | 1,238 | 1,166 | |
Total assets | 45,997 | 45,997 | 44,550 | ||
Capital Expenditures | 631 | 1,616 | |||
Airline [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 1,560 | 2,769 | |||
Interest Expense, Net | 176 | 526 | |||
Depreciation and amortization | 413 | 1,225 | |||
Total assets | 44,823 | 44,823 | |||
Capital Expenditures | 618 | 1,591 | |||
Refinery [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 1,892 | 5,487 | |||
Operating Income (Loss) | 3 | -70 | |||
Interest Expense, Net | 0 | 0 | |||
Depreciation and amortization | 5 | 13 | |||
Total assets | 1,174 | 1,174 | |||
Capital Expenditures | 13 | 25 | |||
Segment Allocations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 36 | 8 | |||
Sales to airline segment [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | -320 | -927 | |||
Exchanged products [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | -1,504 | -4,172 | |||
Sales of refined products to third parties [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | ($68) | ($388) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | $2,702 | $2,176 |
Restricted Cash Equivalents and Investments | 209 | 344 |
Fuel Contracts, Derivatives, Net | 333 | 249 |
Interest Rate Contracts, Hedge Derivatives, Net | -66 | -66 |
Foreign Currency Exchange Contracts, Hedge Derivatives, Net | 193 | 123 |
Short-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 959 | 958 |
Long-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 112 | 208 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 2,702 | 2,176 |
Restricted Cash Equivalents and Investments | 209 | 344 |
Fuel Contracts, Derivatives, Net | 57 | 27 |
Interest Rate Contracts, Hedge Derivatives, Net | 0 | 0 |
Foreign Currency Exchange Contracts, Hedge Derivatives, Net | 0 | 0 |
Level 1 | Short-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 959 | 958 |
Level 1 | Long-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 84 | 100 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Restricted Cash Equivalents and Investments | 0 | 0 |
Fuel Contracts, Derivatives, Net | 276 | 222 |
Interest Rate Contracts, Hedge Derivatives, Net | -66 | -66 |
Foreign Currency Exchange Contracts, Hedge Derivatives, Net | 193 | 123 |
Level 2 | Short-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 2 | Long-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 28 | 27 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Restricted Cash Equivalents and Investments | 0 | 0 |
Fuel Contracts, Derivatives, Net | 0 | 0 |
Interest Rate Contracts, Hedge Derivatives, Net | 0 | 0 |
Foreign Currency Exchange Contracts, Hedge Derivatives, Net | 0 | 0 |
Level 3 | Short-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | Long-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $0 | $81 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Significant Assumptions | Volatilities used in these valuations ranged from 12% to 28% depending on the maturity dates, underlying commodities and strike prices of the option contracts. |
Derivatives_Details
Derivatives (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Prepaid Expenses and Other [Member] | Prepaid Expenses and Other [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Accrued Liabilities [Member] | Other Accrued Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Fuel Contracts [Member] | Fuel Contracts [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Prepaid Expenses and Other [Member] | Prepaid Expenses and Other [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Accrued Liabilities [Member] | Other Accrued Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | USD ($) | USD ($) | Prepaid Expenses and Other [Member] | Prepaid Expenses and Other [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Accrued Liabilities [Member] | Other Accrued Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | gal | gal | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||
USD ($) | USD ($) | CAD | JPY (¥) | CAD | JPY (¥) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Derivative, Notional Amount | $588 | $740 | 508 | ¥ 128,713 | 430 | ¥ 119,277 | $445 | $469 | ||||||||||||||||||||||||||||||||
Derivative, Final Maturity Date | 31-Dec-14 | 31-Dec-13 | 31-May-19 | 31-May-19 | 31-Aug-16 | 31-Aug-16 | 31-Dec-15 | 31-Dec-15 | 31-Aug-22 | 31-Aug-22 | ||||||||||||||||||||||||||||||
Derivative, Nonmonetary Notional Amount | 4,110,000,000 | 1,792,000,000 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts (Cash Flow Hedges), Assets | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Interest Rate Contracts (Cash Flow Hedges), Liabilities | -18 | -22 | -30 | -48 | ||||||||||||||||||||||||||||||||||||
Interest Rate Contracts (Cash Flow Hedges), Hedge Derivatives, Net | -48 | -70 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts (Fair Value Hedges), Assets | 5 | 0 | 0 | 6 | ||||||||||||||||||||||||||||||||||||
Interest Rate Contracts (Fair Value Hedges), Liabilities | 0 | -2 | -23 | 0 | ||||||||||||||||||||||||||||||||||||
Interest Rate Contracts (Fair Value Hedges), Hedge Derivatives, Net | -18 | 4 | ||||||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Contracts, Assets | 118 | 62 | 76 | 63 | ||||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Contracts, Liabilities | 0 | -1 | -1 | -1 | ||||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Contracts, Hedge Derivatives, Net | 193 | 123 | 193 | 123 | ||||||||||||||||||||||||||||||||||||
Fuel Contracts, Assets | 487 | 511 | 10 | 0 | ||||||||||||||||||||||||||||||||||||
Fuel Contracts, Liabilities | -160 | -262 | -4 | 0 | ||||||||||||||||||||||||||||||||||||
Fuel Contracts, Derivatives, Net | 333 | 249 | 333 | 249 | ||||||||||||||||||||||||||||||||||||
Total Derivative Contracts, Assets | 610 | 573 | 86 | 69 | ||||||||||||||||||||||||||||||||||||
Total Derivative Contracts, Liabilities | -178 | -287 | -58 | -49 | ||||||||||||||||||||||||||||||||||||
Net Derivative Contracts, Assets | 457 | 320 | 84 | 69 | ||||||||||||||||||||||||||||||||||||
Net Derivative Contracts, Liabilities | -28 | -34 | -53 | -49 | ||||||||||||||||||||||||||||||||||||
Net Derivative Contracts, Hedge Derivatives, Net | $460 | $306 |
Derivatives_Details_1
Derivatives (Details 1) (Foreign Currency Exchange Contracts [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreign Currency Exchange Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign currency exchange contracts, Effective Portion Reclassified from AOCI to Earnings | $55 | ($8) | $100 | ($21) |
Foreign currency exchange contracts, Effective Portion Recognized in Other Comprehensive Income | ($70) | ($27) | $70 | $56 |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fuel Contracts [Member] | Fuel Contracts [Member] | Fuel Contracts [Member] | Fuel Contracts [Member] | |||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $337 | $414 | $336 | ($106) | ||
Cash Flow Hedge Gain to be Reclassified within Twelve Months | 118 | |||||
Derivative, Collateral, Obligation to Return Cash | ($75) | ($62) |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Total debt at par value | $11,820 | $12,633 |
Unamortized discount, net | -429 | -527 |
Net carrying amount | 11,391 | 12,106 |
Fair Value | $12,100 | $13,000 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | |
Debt Instrument, Covenant Compliance | We were in compliance with all covenants in our financing agreements at September 30, 2013. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (Capital Addition Purchase Commitments [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Capital Addition Purchase Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Aircraft Purchase Commitments, Due in Next Three Months ending December 31, 2013 | $600 |
Aircraft Purchase Commitments, Due in 2014 | 1,695 |
Aircraft Purchase Commitments, Due in 2015 | 1,215 |
Aircraft Purchase Commitments, Due in 2016 | 1,700 |
Aircraft Purchase Commitments, Due in 2017 | 1,495 |
Aircraft Purchase Commitments, Due after 2017 | 3,150 |
Aircraft Purchase Commitments, Total | $9,855 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Narrative) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Capital Addition Purchase Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Aircraft Purchase Commitments, Total | $9,855 |
B-737-900ER [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 99 |
B-787-8 [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 18 |
A330-300 [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 10 |
CRJ-900 [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 37 |
A321-200 [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 30 |
B-717-200 [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Other Aircraft Commitments | 88 |
Number of Aircraft Acquired | 1 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Narrative 1) (Details) | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | |
Entity Number of Employees | 77,900 |
Percentage Of Employees Represented By Unions Under Collective Bargaining Agreements | 18.00% |
American_Express_Relationship_1
American Express Relationship (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Future revenue increase [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Revenue Recognition, Multiple-deliverable Arrangements, Allocation to Specific Unit of Accounting, Effect of Changes, Selling Price | 100 |
Current period change [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Revenue Recognition, Multiple-deliverable Arrangements, Allocation to Specific Unit of Accounting, Effect of Changes, Selling Price | 10 |
Restructuring_and_Other_Items_2
Restructuring and Other Items (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other items | $106 | $149 | $242 | $330 |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other items | 0 | 66 | 0 | 237 |
Facilities and Fleet [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other items | 106 | 122 | 242 | 171 |
Gain on Slot Exchange [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other items | $0 | ($39) | $0 | ($78) |
Restructuring_and_Other_Items_3
Restructuring and Other Items (Details 1) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | $49 |
Restructuring Charges | 0 |
Restructuring Reserve, Settled with Cash | -46 |
Restructuring Reserve, Accrual Adjustment | -3 |
Restructuring Reserve | 0 |
Facilities and Fleet [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 77 |
Restructuring Charges | 7 |
Restructuring Reserve, Settled with Cash | -11 |
Restructuring Reserve, Accrual Adjustment | -5 |
Restructuring Reserve | $68 |
Restructuring_and_Other_Items_4
Restructuring and Other Items (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
Facilities and Fleet [Member] | Facilities and Fleet [Member] | Facilities and Fleet [Member] | Facilities and Fleet [Member] | Gain on slot exchange and divestiture [Member] | Gain on slot exchange and divestiture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Deferred Gain on Sale of Property | $78 | |||||||||
Restructuring and other items | $106 | $149 | $242 | $330 | $106 | $122 | $242 | $171 | ($39) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $0 | $0 | $0 | $0 |
Interest Cost | 215 | 232 | 645 | 696 |
Expected Return on Plan Assets | -184 | -176 | -552 | -528 |
Amortization of Prior Service Benefit | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 56 | 36 | 167 | 108 |
Settlements | 0 | 0 | 6 | 0 |
Net periodic cost | 87 | 92 | 266 | 276 |
Other Postretirement and Postemployment Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 12 | 14 | 36 | 43 |
Interest Cost | 36 | 41 | 108 | 123 |
Expected Return on Plan Assets | -21 | -19 | -63 | -57 |
Amortization of Prior Service Benefit | -7 | -7 | -21 | -16 |
Recognized net actuarial loss | 6 | 6 | 18 | 18 |
Settlements | 0 | 6 | 0 | 110 |
Net periodic cost | $26 | $41 | $78 | $221 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Sep. 30, 2013 |
In Billions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | |
Valuation Allowance, Amount | $10.10 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive Loss, Pension and Other Benefit Liabilities | ($5,049) | ($3,739) | ($5,147) | ($3,899) |
Accumulated Other Comprehensive Loss, Derivative Contracts | -227 | -386 | -286 | -413 |
Accumulated Other Comprehensive Loss, Deferred Tax Impact | -3,048 | -2,339 | -3,144 | -2,454 |
Accumulated Other Comprehensive Loss | -8,324 | -6,464 | -8,577 | -6,766 |
Changes in value, Pension and Other Benefit Liabilities | -9 | 140 | ||
Changes in value, Derivative contracts | 194 | 38 | ||
Changes in value, Deferred tax impact | 0 | 0 | ||
Changes In value, Accumulated Other Comprehensive Loss | 185 | 178 | ||
Actuarial losses, Pension and Other Benefits Liabilities related adjustments from AOCI to earnings | 168 | 113 | ||
Foreign currency exchange contracts, Derivatives Contracts related adjustments from AOCI to earnings | -100 | 11 | ||
Deferred tax impact, reclassification adjustments from AOCI to earnings | 0 | 0 | ||
Accumulated Other Comprehensive Loss, Reclassifications into earnings | 68 | 124 | ||
Tax effect, Pension and other benefit liabilities | -61 | -93 | ||
Tax effect, Derivative contracts | -35 | -22 | ||
Tax effect, Deferred tax impact | 96 | 115 | ||
Tax effect, Other Comprehensive Loss | $0 | $0 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2009 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Non Cash Income Tax Expense Recorded In Other Comprehensive Income | $321 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Net income | $1,369 | $1,047 | $2,061 | $1,003 |
Basic weighted average shares outstanding | 851 | 846 | 850 | 845 |
Dilutive effect of share based awards | 10 | 4 | 8 | 4 |
Diluted weighted average shares outstanding | 861 | 850 | 858 | 849 |
Basic earnings per share | $1.61 | $1.24 | $2.42 | $1.19 |
Diluted earnings per share | $1.59 | $1.23 | $2.40 | $1.18 |
Antidilutive common stock equivalents excluded from diluted earnings per share | 9 | 19 | 11 | 19 |
Other_Investments_Narrative_De
Other Investments (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Investments, All Other Investments [Abstract] | |
Business Combination, Consideration Transferred | $30 |
Number of Aircraft Acquired | 16 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 270 |
Noncash or Part Noncash Acquisition, Debt Assumed | 240 |
Number of Aircraft Operated | 176 |
Equity Method Investment, Ownership Percentage | 49.00% |
Equity Method Investments | $360 |
Dividend_and_Share_Repurchase_1
Dividend and Share Repurchase (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Supplemental Cash Flow Elements [Abstract] | ||
Return of capital to shareholders [Text Block] | $1,000,000,000 | |
Common Stock, Dividends, Per Share, Declared | $0.06 | |
Dividends Payable, Date of Record | 9-Aug-13 | |
Dividends Payable, Date to be Paid | 10-Sep-13 | |
Dividends, Common Stock, Cash | 51,000,000 | |
Stock Repurchase Program, Authorized Amount | 500,000,000 | |
Share repurchase program, completion date | 30-Jun-16 | |
Stock Repurchased and Retired During Period, Shares | 5 | |
Stock Repurchased and Retired During Period, Value | $100,000,000 |