Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'DELTA AIR LINES INC /DE/ | ' |
Entity Central Index Key | '0000027904 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Common stock, par or stated value per share | $0.00 | $0.00 |
Entity Common Stock, Shares Outstanding | 836,941,362 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets [Abstract] | ' | ' |
Cash and cash equivalents | $2,510 | $2,844 |
Short-term investments | 1,852 | 959 |
Restricted cash, cash equivalents and short-term investments | 149 | 122 |
Accounts receivable, net of an allowance for uncollectible accounts | 2,135 | 1,609 |
Fuel inventory | 602 | 706 |
Expendable parts and supplies inventories, net of an allowance for obsolescence | 340 | 357 |
Deferred income taxes, net | 2,187 | 1,736 |
Prepaid expenses and other | 1,220 | 1,318 |
Total current assets | 10,995 | 9,651 |
Property and Equipment, Net [Abstract] | ' | ' |
Property and equipment, net of accumulated depreciation and amortization | 21,722 | 21,854 |
Other Assets [Abstract] | ' | ' |
Goodwill | 9,794 | 9,794 |
Identifiable intangibles, net of accumulated amortization | 4,614 | 4,658 |
Deferred income taxes, net | 3,696 | 4,992 |
Other noncurrent assets | 1,119 | 1,303 |
Total other assets | 19,223 | 20,747 |
Total assets | 51,940 | 52,252 |
Current Liabilities [Abstract] | ' | ' |
Current maturities of long-term debt and capital leases | 1,169 | 1,547 |
Air traffic liability | 4,992 | 4,122 |
Accounts payable | 2,577 | 2,300 |
Accrued salaries and related benefits | 2,299 | 1,926 |
Frequent flyer deferred revenue | 1,584 | 1,861 |
Taxes payable | 687 | 673 |
Fuel card obligation | 603 | 602 |
Other accrued liabilities | 902 | 1,121 |
Total current liabilities | 14,813 | 14,152 |
Noncurrent liabilities | ' | ' |
Long-term debt and capital leases | 8,970 | 9,795 |
Pension, postretirement and related benefits | 11,529 | 12,392 |
Frequent flyer deferred revenue | 2,386 | 2,559 |
Other noncurrent liabilities | 1,946 | 1,711 |
Total noncurrent liabilities | 24,831 | 26,457 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Common stock | 0 | 0 |
Additional paid-in capital | 13,464 | 13,982 |
Retained earnings | 4,244 | 3,049 |
Accumulated other comprehensive loss | -5,100 | -5,130 |
Treasury stock, at cost | -312 | -258 |
Total stockholders' equity | 12,296 | 11,643 |
Total liabilities and stockholders' equity | $51,940 | $52,252 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Current Assets [Abstract] | ' | ' |
Allowance for uncollectible accounts | $20 | $23 |
Allowance for obsolescence | 113 | 118 |
Property, Plant and Equipment [Abstract] | ' | ' |
Accumulated depreciation and amortization | 8,959 | 7,792 |
Other Assets [Abstract] | ' | ' |
Accumulated amortization | $782 | $738 |
Stockholders' Equity | ' | ' |
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 | 856,710,375 | 869,484,981 |
Treasury stock, shares | 19,769,013 | 18,041,848 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Revenue [Abstract] | ' | ' | ' | ' |
Passenger Revenue, Mainline | $8,144 | $7,566 | $21,950 | $20,222 |
Passenger Revenue, Regional carriers | 1,632 | 1,688 | 4,769 | 4,846 |
Total passenger revenue | 9,776 | 9,254 | 26,719 | 25,068 |
Cargo Revenue | 244 | 229 | 691 | 699 |
Other Revenue | 1,158 | 1,007 | 3,305 | 2,930 |
Total operating revenue | 11,178 | 10,490 | 30,715 | 28,697 |
Operating Expense [Abstract] | ' | ' | ' | ' |
Aircraft fuel and related taxes | 2,952 | 2,291 | 7,612 | 7,175 |
Salaries and related costs | 2,069 | 1,976 | 6,084 | 5,809 |
Regional carrier expense | 1,353 | 1,459 | 4,033 | 4,302 |
Aircraft maintenance materials and outside repairs | 440 | 474 | 1,354 | 1,437 |
Depreciation and amortization | 440 | 418 | 1,333 | 1,238 |
Contracted services | 459 | 429 | 1,326 | 1,239 |
Passenger commissions and other selling expenses | 476 | 447 | 1,289 | 1,212 |
Landing fees and other rents | 393 | 378 | 1,089 | 1,060 |
Profit sharing | 384 | 249 | 823 | 387 |
Passenger service | 227 | 214 | 615 | 575 |
Aircraft rent | 65 | 47 | 172 | 162 |
Restructuring and other items | 570 | 106 | 649 | 242 |
Other operating expense | 515 | 439 | 1,302 | 1,160 |
Total operating expense | 10,343 | 8,927 | 27,681 | 25,998 |
Operating Income | 835 | 1,563 | 3,034 | 2,699 |
Other (Expense) Income [Abstract] | ' | ' | ' | ' |
Interest expense, net | -140 | -176 | -460 | -526 |
Amortization of debt discount, net | -14 | -37 | -53 | -120 |
Loss on extinguishment of debt | -134 | 0 | -263 | 0 |
Miscellaneous, net | 32 | 13 | -46 | -1 |
Total other expense, net | -256 | -200 | -822 | -647 |
Income Before Income Taxes | 579 | 1,363 | 2,212 | 2,052 |
Income Tax (Provision) Benefit | -222 | 6 | -841 | 9 |
Net Income | 357 | 1,369 | 1,371 | 2,061 |
Basic Earnings Per Share | $0.43 | $1.61 | $1.63 | $2.42 |
Diluted Earnings Per Share | $0.42 | $1.59 | $1.61 | $2.40 |
Cash Dividends Declared Per Share | $0.09 | $0.06 | $0.21 | $0.06 |
Comprehensive Income | ' | ' | ' | ' |
Comprehensive Income | $394 | $1,376 | $1,401 | $2,314 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net Cash Provided by Operating Activities | $4,365 | $3,373 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Flight equipment, including advance payments | -1,179 | -1,276 |
Ground property and equipment, including technology | -410 | -340 |
Purchase of Virgin Atlantic shares | 0 | -360 |
Purchase of short-term investments | -1,642 | -719 |
Redemption of short-term investments | 748 | 869 |
Other Investing Activities, Net | 58 | 18 |
Net cash used in investing activities | -2,425 | -1,808 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ' | ' |
Payments on long-term debt and capital lease obligations | -2,485 | -968 |
Repurchase of common stock | -600 | -93 |
Cash dividends | -176 | -51 |
Proceeds from long-term obligations | 980 | 68 |
Fuel card obligation | 1 | 90 |
Other Financing Activities, net | 6 | -9 |
Net cash used in financing activities | -2,274 | -963 |
Net Increase in Cash and Cash Equivalents | -334 | 602 |
Cash and cash equivalents at beginning of period | 2,844 | 2,416 |
Cash and cash equivalents at end of period | 2,510 | 3,018 |
Other Noncash Investing and Financing Items [Abstract] | ' | ' |
Flight equipment under capital leases | 28 | 0 |
SkyMiles used pursuant to advance purchase under American Express Agreements | 0 | 250 |
Build-to-suit leased facilities | $6 | $103 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
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. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes. | |
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, 2014 and September 30, 2013 are not necessarily indicative of operating results for the entire year. | |
Recent Accounting Standards | |
Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers." While the standard supersedes existing revenue recognition guidance, it closely aligns with current GAAP. Under the new standard, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. It is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods, and early adoption is not permitted. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. We are currently evaluating the impact, if any, the adoption of this standard will have on our Consolidated Financial Statements. |
Oil_Refinery_Notes
Oil Refinery (Notes) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||
OIL REFINERY | |||||||||||||||
Fuel expense is our single largest expense. In recent years, global demand for jet fuel and related products has increased while jet fuel refining capacity has decreased in the United States (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"). We use several counterparties to exchange gas and diesel the refinery produces for jet fuel consumed in our airline operations. The gross fair value of the products exchanged under these agreements during the three and nine months ended September 30, 2014 was $1.4 billion and $3.9 billion, respectively, compared to $1.5 billion and $4.2 billion during the three and nine months ended September 30, 2013, respectively. A multi-year product exchange agreement with a significant counterparty, BP Products North America, Inc., was terminated early effective July 1, 2014, and replaced with another counterparty. | |||||||||||||||
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, 2014 | |||||||||||||||
Operating revenue: | $ | 11,114 | $ | 1,836 | $ | 11,178 | |||||||||
Sales to airline segment | $ | (345 | ) | (1) | |||||||||||
Exchanged products | (1,393 | ) | (2) | ||||||||||||
Sales of refined products to third parties | (34 | ) | (3) | ||||||||||||
Operating income(4) | 816 | 19 | — | 835 | |||||||||||
Interest expense, net | 140 | — | — | 140 | |||||||||||
Depreciation and amortization | 433 | 7 | — | 440 | |||||||||||
Total assets, end of period | 50,648 | 1,292 | — | 51,940 | |||||||||||
Capital expenditures | 449 | 8 | — | 457 | |||||||||||
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 | 413 | 5 | — | 418 | |||||||||||
Total assets, end of period | 44,823 | 1,174 | — | 45,997 | |||||||||||
Capital expenditures | 618 | 13 | — | 631 | |||||||||||
(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, which is New York Harbor, for jet fuel from the refinery. | ||||||||||||||
(2) | Represents value of products delivered under our strategic 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 the impact of pricing arrangements between the airline segment and refinery segment with respect to the refinery's inventory price risk. | ||||||||||||||
(in millions) | Airline | Refinery | Intersegment Sales/Other | Consolidated | |||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||
Operating revenue: | $ | 30,651 | $ | 5,317 | $ | 30,715 | |||||||||
Sales to airline segment | $ | (981 | ) | (1) | |||||||||||
Exchanged products | (3,920 | ) | (2) | ||||||||||||
Sales of refined products to third parties | (352 | ) | (3) | ||||||||||||
Operating income (loss)(4) | 3,043 | (9 | ) | — | 3,034 | ||||||||||
Interest expense, net | 460 | — | — | 460 | |||||||||||
Depreciation and amortization | 1,315 | 18 | — | 1,333 | |||||||||||
Capital expenditures | 1,552 | 37 | — | 1,589 | |||||||||||
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 | 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, which is New York Harbor, for jet fuel from the refinery. | ||||||||||||||
(2) | Represents value of products delivered under our strategic 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 the impact of pricing arrangements between the airline segment and refinery segment with respect to the refinery's inventory price risk. |
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
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 | |||||||
2014 | ||||||||||
Cash equivalents | $ | 1,700 | $ | 1,700 | $ | — | ||||
Short-term investments | ||||||||||
U.S. government and agency securities | 619 | 503 | 116 | |||||||
Asset- and mortgage-backed securities | 368 | — | 368 | |||||||
Corporate obligations | 841 | — | 841 | |||||||
Other fixed income securities | 24 | — | 24 | |||||||
Restricted cash equivalents and investments | 128 | 128 | — | |||||||
Long-term investments | 115 | 86 | 29 | |||||||
Hedge derivatives, net | ||||||||||
Fuel hedge contracts | (63 | ) | 67 | (130 | ) | |||||
Interest rate contracts | (14 | ) | — | (14 | ) | |||||
Foreign currency exchange contracts | 184 | — | 184 | |||||||
(in millions) | December 31, | Level 1 | Level 2 | |||||||
2013 | ||||||||||
Cash equivalents | $ | 2,487 | $ | 2,487 | $ | — | ||||
Short-term investments | ||||||||||
U.S. government securities | 959 | 959 | — | |||||||
Restricted cash equivalents and investments | 118 | 118 | — | |||||||
Long-term investments | 109 | 80 | 29 | |||||||
Hedge derivatives, net | ||||||||||
Fuel hedge contracts | 314 | 16 | 298 | |||||||
Interest rate contracts | (67 | ) | — | (67 | ) | |||||
Foreign currency exchange contracts | 257 | — | 257 | |||||||
Cash equivalents and restricted cash equivalents and investments. Cash equivalents generally consist of money market funds. Restricted cash equivalents and investments primarily support letters of credit that relate to certain projected self-insurance obligations and airport commitments 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. | ||||||||||
Short-term investments. Short-term investments generally consist of U.S. Treasury securities, U.S. government agency securities, asset and mortgage-backed securities, corporate obligations and other fixed income securities. The Treasury securities designated as held-to-maturity are recorded at cost, which approximates fair value, while those that are designated as available-for-sale are valued based on quoted market prices. The fair values of our U.S. government agency securities, asset- and mortgage-backed securities, corporate obligations, and other fixed term securities are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted interest rates, benchmark curves, credit ratings of the security and other observable information. | ||||||||||
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. | ||||||||||
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 contracts. Our fuel hedge portfolio consists of call options, put options, swaps and futures. 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 11% to 24% 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 contracts. Our interest rate derivatives consist of swap contracts and are valued primarily based on data readily observable in public markets. | |||||||||
• | Foreign currency exchange contracts. Our foreign currency derivatives consist of Japanese yen and Canadian dollar forward contracts and are valued based on data readily observable in public markets. |
ShortTerm_Investments_Notes
Short-Term Investments (Notes) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Short-term Investments [Abstract] | ' | ||||||||
Short-Term Investments [Text Block] | ' | ||||||||
SHORT-TERM INVESTMENTS | |||||||||
During the September quarter, we modified our approach to managing short-term investments by investing $1.5 billion of cash reserves in externally managed investment accounts. These new investments are comprised of U.S. government and agency securities, asset- and mortgage-backed securities, corporate obligations and other fixed term securities. The new approach is expected to generate a greater return on our liquidity with a low level of risk due to diversification. | |||||||||
Investments with maturities of greater than three months, but not in excess of one year, when purchased are classified as short-term investments. Investments with maturities beyond one year when purchased may be classified as short-term investments if they are expected to be used to support our short-term liquidity needs. All short-term investments are classified as either available-for-sale or held-to-maturity and realized gains and losses are recorded using the specific identification method. | |||||||||
Maturities for short-term investments | |||||||||
The estimated fair values of short-term investments, which approximate cost at September 30, 2014, are shown below by contractual maturity. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. | |||||||||
(in millions) | Available-For-Sale | Held-To-Maturity | |||||||
30-Sep-14 | |||||||||
Due in one year or less | $ | 198 | $ | 479 | |||||
Due after one year through three years | 900 | — | |||||||
Due after three years through five years | 199 | — | |||||||
Due after five years | 76 | — | |||||||
Total | $ | 1,373 | $ | 479 | |||||
Derivatives_Notes
Derivatives (Notes) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
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 from changes in the price of jet fuel. We utilize several different contract and commodity types in this program and frequently test their economic effectiveness against our financial targets. We rebalance the hedge portfolio 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 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, 2014 and 2013, we recorded a $238 million fuel hedge loss and a $337 million fuel hedge gain, respectively. During the nine months ended September 30, 2014 and 2013, we recorded a $63 million fuel hedge loss and a $336 million fuel hedge gain, respectively. | |||||||||||||||||||||
Hedge Position as of September 30, 2014 | |||||||||||||||||||||
(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 contract (fair value hedge) | $ | 416 | U.S. dollars | Aug-22 | 4 | — | — | (18 | ) | (14 | ) | ||||||||||
Foreign currency exchange contracts | 88,163 | Japanese yen | Apr-17 | 142 | 42 | — | — | 184 | |||||||||||||
426 | Canadian dollars | ||||||||||||||||||||
Not designated as hedges | |||||||||||||||||||||
Fuel hedge contracts | 5,500 | gallons - crude oil, diesel and jet fuel | Jan-16 | 378 | 9 | (426 | ) | (24 | ) | (63 | ) | ||||||||||
Total derivative contracts | $ | 524 | $ | 51 | $ | (426 | ) | $ | (42 | ) | $ | 107 | |||||||||
Hedge Position as of December 31, 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) | $ | 477 | U.S. dollars | May-19 | $ | — | $ | — | $ | (17 | ) | $ | (26 | ) | $ | (43 | ) | ||||
Interest rate contract (fair value hedge) | $ | 445 | U.S. dollars | Aug-22 | — | — | (2 | ) | (22 | ) | (24 | ) | |||||||||
Foreign currency exchange contracts | 120,915 | Japanese yen | Aug-16 | 157 | 100 | — | — | 257 | |||||||||||||
438 | Canadian dollars | ||||||||||||||||||||
Not designated as hedges | |||||||||||||||||||||
Fuel hedge contracts | 5,318 | gallons - crude oil, diesel and jet fuel | Mar-15 | 428 | 29 | (127 | ) | (16 | ) | 314 | |||||||||||
Total derivative contracts | $ | 585 | $ | 129 | $ | (146 | ) | $ | (64 | ) | $ | 504 | |||||||||
Interest Rate Risk | |||||||||||||||||||||
During the three months ended September 30, 2014, we terminated our remaining interest rate swap agreements designated as cash flow hedges in connection with the extinguishment of the underlying debt. These interest rate swap agreements had an aggregate notional amount of $231 million at the date of termination. | |||||||||||||||||||||
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, 2014 | |||||||||||||||||||||
Net derivative contracts | $ | 215 | $ | 46 | $ | (117 | ) | $ | (37 | ) | $ | 107 | |||||||||
December 31, 2013 | |||||||||||||||||||||
Net derivative contracts | $ | 456 | $ | 116 | $ | (19 | ) | $ | (49 | ) | $ | 504 | |||||||||
Designated Hedge Gains (Losses) | |||||||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||
Interest rates contracts | $ | (12 | ) | $ | — | $ | 15 | $ | 3 | ||||||||||||
Foreign currency exchange contracts | 47 | 55 | 38 | (71 | ) | ||||||||||||||||
Total designated | $ | 35 | $ | 55 | $ | 53 | $ | (68 | ) | ||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||
Interest rates contracts | $ | (31 | ) | $ | — | $ | 38 | $ | 24 | ||||||||||||
Foreign currency exchange contracts | 118 | 100 | (73 | ) | 70 | ||||||||||||||||
Total designated | $ | 87 | $ | 100 | $ | (35 | ) | $ | 94 | ||||||||||||
As of September 30, 2014, we have recorded $142 million of gains on cash flow hedge contracts in AOCI, 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 evaluate counterparties based on several criteria including 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 posted net margin of $2 million as of September 30, 2014 and received net margin of $65 million as of December 31, 2013, 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, 2014 | |||||||
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, | |||||
2014 | 2013 | ||||||
Total debt at par value | $ | 9,804 | $ | 11,228 | |||
Unamortized discount, net | (101 | ) | (383 | ) | |||
Net carrying amount | $ | 9,703 | $ | 10,845 | |||
Fair value | $ | 10,200 | $ | 11,600 | |||
Debt Extinguishment | |||||||
During the three and nine months ended September 30, 2014, we extinguished $725 million and $1.6 billion, respectively, of existing debt under our secured financing arrangements prior to scheduled maturity. We recorded losses on extinguishment of debt for the difference between the principal paid and the carrying value of the debt, which included unamortized discounts or premiums and unamortized issuance costs. The losses also included premiums paid to retire the debt. During the three and nine months ended September 30, 2014, we recorded losses of $134 million and $263 million, respectively, in connection with the early extinguishment of debt obligations. The losses primarily relate to unamortized debt discounts resulting from fair value adjustments recorded in the 2008 purchase accounting of Northwest Airlines. | |||||||
Aircraft Financings | |||||||
During the three months ended September 30, 2014, we entered into financing arrangements to borrow $707 million, which are secured by 20 aircraft. These loans bear interest at a variable rate equal to LIBOR plus a specified margin and mature between 2018 and 2026. | |||||||
Covenants | |||||||
We were in compliance with the covenants in our financing agreements at September 30, 2014. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies Disclosure [Text Block] | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
Aircraft Purchase and Lease Commitments | ||||
At September 30, 2014, future aircraft purchase commitments totaled approximately $8.5 billion and included 73 B-737-900ER, 45 A321-200, 18 B-787-8, 6 CRJ-900, and 10 A330-300 aircraft. We have obtained long-term financing commitments for a substantial portion of the purchase price of these aircraft, except for the 18 B-787-8 aircraft. Our purchase commitment for the 18 B-787-8 aircraft provides for certain aircraft substitution rights. | ||||
(in millions) | Total | |||
Three months ending December 31, 2014 | $ | 200 | ||
2015 | 1,355 | |||
2016 | 1,730 | |||
2017 | 1,500 | |||
2018 | 1,035 | |||
Thereafter | 2,700 | |||
Total | $ | 8,520 | ||
We also have agreements with Southwest Airlines and The Boeing Company to lease an additional 43 B-717-200 aircraft, and deliveries will continue through 2015. | ||||
Venezuelan Currency Devaluation | ||||
As of September 30, 2014, we had $108 million of unrestricted cash on our Consolidated Balance Sheets related to our 2013 and 2014 Venezuelan ticket sales for which repatriation has been requested, but not yet authorized. While the cash is available for use in Venezuela, our ability to repatriate these funds has been severely limited due to Venezuelan government controls. We have, however, been able to repatriate $74 million related to certain 2013 and 2014 sales during the nine months ended September 30, 2014. Cash related to 2013 sales of $106 million is stated at the official exchange rate of 6.3 bolivars per US dollar. The remaining $2 million is related to our 2014 sales and stated at the SICAD I reference rate of 11.7 bolivars per US dollar. The SICAD I reference rate is a complementary currency auction system that was created by the Venezuelan government in 2013 for purposes of exchanging currency. Until these funds can be repatriated, they are at risk of future devaluations. | ||||
In January 2014, the Venezuelan government affirmed the official exchange rate for 2013 sales and announced that some sectors of the economy, including airlines, will use the SICAD I reference rate for 2014 sales and repatriation requests. At the time of the announcement, we recorded a $23 million charge in miscellaneous, net within other (expense) income to reflect the devaluation of currency related to January 2014 sales that were denominated in bolivars. We are recording all sales subsequent to January 2014 at the then current SICAD I reference rate. | ||||
Part of the unrestricted cash balance is for advance ticket sales for which we have yet to provide services. Due to our repatriation concerns, we reduced service to Venezuela on August 1, 2014 from daily to weekly service. We have refunded 83%, or $22 million, of tickets previously sold for flights to and from Venezuela originally scheduled on or after August 1, 2014 that we did not or will not operate. These refunds are being made in local currency and result in a reduction to our cash balances in Venezuela. | ||||
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 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 laws 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, 2014, we had approximately 79,710 full-time equivalent employees. Approximately 18% of these employees were represented by unions. | ||||
Other | ||||
We have certain contracts for goods and services that require us to pay a penalty, acquire inventory specific to us or purchase contract-specific equipment, as defined by each respective contract, if we terminate the contract without cause prior to its expiration date. Because these obligations are contingent on our termination of the contract without cause prior to its expiration date, no obligation would exist unless such a termination occurs. |
Restructuring_and_Other_Items_
Restructuring and Other Items (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Fleet and other | $ | 574 | $ | 106 | $ | 653 | $ | 242 | |||||
Severance and related costs | 63 | — | 63 | — | |||||||||
Litigation settlement | (67 | ) | — | (67 | ) | — | |||||||
Total restructuring and other items | $ | 570 | $ | 106 | $ | 649 | $ | 242 | |||||
Fleet and other. The fleet and other charges for the September 2014 quarter primarily relate to the retirement of the B-747-400 aircraft fleet. During the quarter, we decided to retire the fleet of 16 aircraft over the next four years. As part of the accelerated retirement, we recorded an impairment charge for the owned and capital leased aircraft. This impairment charge was calculated using Level 3 fair value inputs based primarily upon recent market transactions and existing market conditions. Also, we recorded a lease restructuring charge for the three B-747-400 aircraft under operating leases that were retired during the quarter. As part of our ongoing initiative to reduce 50-seat CRJ aircraft, we retired certain CRJ aircraft under operating leases during the quarter and recognized a related lease restructuring charge. | |||||||||||||
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 retirement of aircraft, when permanently removed from our fleet, will likely result in lease termination and other charges. 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 over the life of the new aircraft. | |||||||||||||
Severance and related costs. In June 2014, we announced a voluntary retirement program for eligible U.S. employees. During the September 2014 quarter, voluntary commitments were finalized and we recorded a $63 million charge in connection with this program and other programs related to our restructuring of the Pacific network. | |||||||||||||
Litigation settlement. In July 2014, we settled outstanding litigation resulting in a favorable settlement of $67 million, which was received in September. | |||||||||||||
The following table shows the balances and activity for restructuring charges: | |||||||||||||
(in millions) | Severance and Related Costs | Lease Restructuring | |||||||||||
Liability as of December 31, 2013 | $ | — | $ | 168 | |||||||||
Additional costs and expenses | 63 | 272 | |||||||||||
Payments | — | (33 | ) | ||||||||||
Liability as of September 30, 2014 | $ | 63 | $ | 407 | |||||||||
Employee_Benefit_Plans_Notes
Employee Benefit Plans (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Three Months Ended September 30, | |||||||||||||
Service cost | $ | — | $ | — | $ | 13 | $ | 12 | |||||
Interest cost | 232 | 215 | 39 | 36 | |||||||||
Expected return on plan assets | (207 | ) | (184 | ) | (21 | ) | (21 | ) | |||||
Amortization of prior service credit | — | — | (6 | ) | (7 | ) | |||||||
Recognized net actuarial loss | 33 | 56 | 1 | 6 | |||||||||
Net periodic cost | $ | 58 | $ | 87 | $ | 26 | $ | 26 | |||||
Nine Months Ended September 30, | |||||||||||||
Service cost | $ | — | $ | — | $ | 39 | $ | 36 | |||||
Interest cost | 696 | 645 | 117 | 108 | |||||||||
Expected return on plan assets | (621 | ) | (552 | ) | (63 | ) | (63 | ) | |||||
Amortization of prior service credit | — | — | (20 | ) | (21 | ) | |||||||
Recognized net actuarial loss | 100 | 167 | 3 | 18 | |||||||||
Settlements | — | 6 | — | — | |||||||||
Net periodic cost | $ | 175 | $ | 266 | $ | 76 | $ | 78 | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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 | Investments | Total(1) | |||||||||
Balance at December 31, 2013 | $ | (5,323 | ) | $ | 219 | $ | (26 | ) | $ | (5,130 | ) | ||
Changes in value (net of tax effect of $20) | — | 33 | 4 | 37 | |||||||||
Reclassifications into earnings (net of tax effect of $4)(2) | 48 | (55 | ) | — | (7 | ) | |||||||
Balance at September 30, 2014 | $ | (5,275 | ) | $ | 197 | $ | (22 | ) | $ | (5,100 | ) | ||
(in millions) | Pension and Other Benefits Liabilities | Derivative Contracts(3) | Investments | Total | |||||||||
Balance at December 31, 2012 | $ | (8,304 | ) | $ | (263 | ) | $ | (10 | ) | $ | (8,577 | ) | |
Changes in value (net of tax effect of $0) | — | 194 | (9 | ) | 185 | ||||||||
Reclassifications into earnings (net of tax effect of $0)(2) | 168 | (100 | ) | — | 68 | ||||||||
Balance at September 30, 2013 | $ | (8,136 | ) | $ | (169 | ) | $ | (19 | ) | (8,324 | ) | ||
(1) | Includes $1.9 billion of deferred income tax expense, primarily related to pension obligations, that will not be recognized in net income until the pension obligations are fully extinguished, which is not expected to occur for at least 25 years. | ||||||||||||
(2) | Amounts reclassified from AOCI for pension and other benefits liabilities are recorded in salaries and related costs in the Condensed Consolidated Statements of Operations and Comprehensive Income. Amounts reclassified from AOCI for derivative contracts designated as foreign currency cash flow hedges and interest rate cash flow hedges are recorded in passenger revenue and interest expense, net, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive Income. Amounts reclassified from AOCI for investments are recorded in interest income in the Condensed Consolidated Statements of Operations and Comprehensive Income. | ||||||||||||
(3) | Includes $321 million of deferred income tax expense that remained in AOCI until December 2013 when all amounts in AOCI that related to derivative contracts designated as fuel cash flow hedges were recognized in the Consolidated Statement of Operations and Comprehensive Income. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. 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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Net income | $ | 357 | $ | 1,369 | $ | 1,371 | $ | 2,061 | |||||
Basic weighted average shares outstanding | 834 | 851 | 840 | 850 | |||||||||
Dilutive effect of share-based awards | 9 | 10 | 9 | 8 | |||||||||
Diluted weighted average shares outstanding | 843 | 861 | 849 | 858 | |||||||||
Basic earnings per share | $ | 0.43 | $ | 1.61 | $ | 1.63 | $ | 2.42 | |||||
Diluted earnings per share | $ | 0.42 | $ | 1.59 | $ | 1.61 | $ | 2.4 | |||||
Dividend_and_Share_Repurchase_
Dividend and Share Repurchase (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Dividend and Share Repurchase [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 a $500 million share repurchase program, which was to be completed no later than June 30, 2016. During the June 2014 quarter, we completed this share repurchase authorization. | |
In May 2014, we announced the next phase of capital returns to shareholders. As part of this phase, the Board of Directors approved a program to increase the quarterly dividend by 50% to $0.09 per share beginning in the September 2014 quarter. Additionally, the Board authorized a new $2 billion share repurchase program to be completed no later than December 31, 2016. Together, the increased dividend program and the new repurchase program are expected to return $2.75 billion to shareholders through 2016. During the three months ended September 30, 2014, we repurchased and retired 6.6 million shares at a cost of $250 million, bringing our total repurchases and retirements under the new program to 9.1 million shares at a cost of $350 million. Including the shares repurchased under the May 2013 share repurchase authorization, we have repurchased and retired 16.4 million shares at a cost of $600 million for the nine months ended September 30, 2014. | |
On July 25, 2014, the Board of Directors declared a $0.09 per share dividend for shareholders of record as of August 8, 2014. This dividend was paid in August 2014 and totaled $75 million. Including dividend payments in the March 2014 and June 2014 quarters, we have paid $176 million of dividends for the nine months ended September 30, 2014. On October 24, 2014, the Board of Directors declared a $0.09 per share dividend for shareholders of record as of November 7, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
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. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes. | |
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. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers." While the standard supersedes existing revenue recognition guidance, it closely aligns with current GAAP. Under the new standard, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. It is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods, and early adoption is not permitted. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. We are currently evaluating the impact, if any, the adoption of this standard will have on our Consolidated Financial Statements. |
Oil_Refinery_Tables
Oil Refinery (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
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, 2014 | |||||||||||||||
Operating revenue: | $ | 11,114 | $ | 1,836 | $ | 11,178 | |||||||||
Sales to airline segment | $ | (345 | ) | (1) | |||||||||||
Exchanged products | (1,393 | ) | (2) | ||||||||||||
Sales of refined products to third parties | (34 | ) | (3) | ||||||||||||
Operating income(4) | 816 | 19 | — | 835 | |||||||||||
Interest expense, net | 140 | — | — | 140 | |||||||||||
Depreciation and amortization | 433 | 7 | — | 440 | |||||||||||
Total assets, end of period | 50,648 | 1,292 | — | 51,940 | |||||||||||
Capital expenditures | 449 | 8 | — | 457 | |||||||||||
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 | 413 | 5 | — | 418 | |||||||||||
Total assets, end of period | 44,823 | 1,174 | — | 45,997 | |||||||||||
Capital expenditures | 618 | 13 | — | 631 | |||||||||||
(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, which is New York Harbor, for jet fuel from the refinery. | ||||||||||||||
(2) | Represents value of products delivered under our strategic 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 the impact of pricing arrangements between the airline segment and refinery segment with respect to the refinery's inventory price risk. | ||||||||||||||
(in millions) | Airline | Refinery | Intersegment Sales/Other | Consolidated | |||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||
Operating revenue: | $ | 30,651 | $ | 5,317 | $ | 30,715 | |||||||||
Sales to airline segment | $ | (981 | ) | (1) | |||||||||||
Exchanged products | (3,920 | ) | (2) | ||||||||||||
Sales of refined products to third parties | (352 | ) | (3) | ||||||||||||
Operating income (loss)(4) | 3,043 | (9 | ) | — | 3,034 | ||||||||||
Interest expense, net | 460 | — | — | 460 | |||||||||||
Depreciation and amortization | 1,315 | 18 | — | 1,333 | |||||||||||
Capital expenditures | 1,552 | 37 | — | 1,589 | |||||||||||
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 | 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, which is New York Harbor, for jet fuel from the refinery. | ||||||||||||||
(2) | Represents value of products delivered under our strategic 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 the impact of pricing arrangements between the airline segment and refinery segment with respect to the refinery's inventory price risk. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
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 | |||||||
2014 | ||||||||||
Cash equivalents | $ | 1,700 | $ | 1,700 | $ | — | ||||
Short-term investments | ||||||||||
U.S. government and agency securities | 619 | 503 | 116 | |||||||
Asset- and mortgage-backed securities | 368 | — | 368 | |||||||
Corporate obligations | 841 | — | 841 | |||||||
Other fixed income securities | 24 | — | 24 | |||||||
Restricted cash equivalents and investments | 128 | 128 | — | |||||||
Long-term investments | 115 | 86 | 29 | |||||||
Hedge derivatives, net | ||||||||||
Fuel hedge contracts | (63 | ) | 67 | (130 | ) | |||||
Interest rate contracts | (14 | ) | — | (14 | ) | |||||
Foreign currency exchange contracts | 184 | — | 184 | |||||||
(in millions) | December 31, | Level 1 | Level 2 | |||||||
2013 | ||||||||||
Cash equivalents | $ | 2,487 | $ | 2,487 | $ | — | ||||
Short-term investments | ||||||||||
U.S. government securities | 959 | 959 | — | |||||||
Restricted cash equivalents and investments | 118 | 118 | — | |||||||
Long-term investments | 109 | 80 | 29 | |||||||
Hedge derivatives, net | ||||||||||
Fuel hedge contracts | 314 | 16 | 298 | |||||||
Interest rate contracts | (67 | ) | — | (67 | ) | |||||
Foreign currency exchange contracts | 257 | — | 257 | |||||||
ShortTerm_Investments_Tables
Short-Term Investments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Short-term Investments [Abstract] | ' | ||||||||
Maturities for short-term investments [Table Text Block] | ' | ||||||||
Maturities for short-term investments | |||||||||
The estimated fair values of short-term investments, which approximate cost at September 30, 2014, are shown below by contractual maturity. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. | |||||||||
(in millions) | Available-For-Sale | Held-To-Maturity | |||||||
30-Sep-14 | |||||||||
Due in one year or less | $ | 198 | $ | 479 | |||||
Due after one year through three years | 900 | — | |||||||
Due after three years through five years | 199 | — | |||||||
Due after five years | 76 | — | |||||||
Total | $ | 1,373 | $ | 479 | |||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||||
Hedge Position as of September 30, 2014 | |||||||||||||||||||||
(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 contract (fair value hedge) | $ | 416 | U.S. dollars | Aug-22 | 4 | — | — | (18 | ) | (14 | ) | ||||||||||
Foreign currency exchange contracts | 88,163 | Japanese yen | Apr-17 | 142 | 42 | — | — | 184 | |||||||||||||
426 | Canadian dollars | ||||||||||||||||||||
Not designated as hedges | |||||||||||||||||||||
Fuel hedge contracts | 5,500 | gallons - crude oil, diesel and jet fuel | Jan-16 | 378 | 9 | (426 | ) | (24 | ) | (63 | ) | ||||||||||
Total derivative contracts | $ | 524 | $ | 51 | $ | (426 | ) | $ | (42 | ) | $ | 107 | |||||||||
Hedge Position as of December 31, 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) | $ | 477 | U.S. dollars | May-19 | $ | — | $ | — | $ | (17 | ) | $ | (26 | ) | $ | (43 | ) | ||||
Interest rate contract (fair value hedge) | $ | 445 | U.S. dollars | Aug-22 | — | — | (2 | ) | (22 | ) | (24 | ) | |||||||||
Foreign currency exchange contracts | 120,915 | Japanese yen | Aug-16 | 157 | 100 | — | — | 257 | |||||||||||||
438 | Canadian dollars | ||||||||||||||||||||
Not designated as hedges | |||||||||||||||||||||
Fuel hedge contracts | 5,318 | gallons - crude oil, diesel and jet fuel | Mar-15 | 428 | 29 | (127 | ) | (16 | ) | 314 | |||||||||||
Total derivative contracts | $ | 585 | $ | 129 | $ | (146 | ) | $ | (64 | ) | $ | 504 | |||||||||
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, 2014 | |||||||||||||||||||||
Net derivative contracts | $ | 215 | $ | 46 | $ | (117 | ) | $ | (37 | ) | $ | 107 | |||||||||
December 31, 2013 | |||||||||||||||||||||
Net derivative contracts | $ | 456 | $ | 116 | $ | (19 | ) | $ | (49 | ) | $ | 504 | |||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||||||||
Designated Hedge Gains (Losses) | |||||||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||
Interest rates contracts | $ | (12 | ) | $ | — | $ | 15 | $ | 3 | ||||||||||||
Foreign currency exchange contracts | 47 | 55 | 38 | (71 | ) | ||||||||||||||||
Total designated | $ | 35 | $ | 55 | $ | 53 | $ | (68 | ) | ||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||
Interest rates contracts | $ | (31 | ) | $ | — | $ | 38 | $ | 24 | ||||||||||||
Foreign currency exchange contracts | 118 | 100 | (73 | ) | 70 | ||||||||||||||||
Total designated | $ | 87 | $ | 100 | $ | (35 | ) | $ | 94 | ||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||
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, | |||||
2014 | 2013 | ||||||
Total debt at par value | $ | 9,804 | $ | 11,228 | |||
Unamortized discount, net | (101 | ) | (383 | ) | |||
Net carrying amount | $ | 9,703 | $ | 10,845 | |||
Fair value | $ | 10,200 | $ | 11,600 | |||
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | ' | |||
Aircraft Purchase and Lease Commitments | ||||
At September 30, 2014, future aircraft purchase commitments totaled approximately $8.5 billion and included 73 B-737-900ER, 45 A321-200, 18 B-787-8, 6 CRJ-900, and 10 A330-300 aircraft. We have obtained long-term financing commitments for a substantial portion of the purchase price of these aircraft, except for the 18 B-787-8 aircraft. Our purchase commitment for the 18 B-787-8 aircraft provides for certain aircraft substitution rights. | ||||
(in millions) | Total | |||
Three months ending December 31, 2014 | $ | 200 | ||
2015 | 1,355 | |||
2016 | 1,730 | |||
2017 | 1,500 | |||
2018 | 1,035 | |||
Thereafter | 2,700 | |||
Total | $ | 8,520 | ||
Restructuring_and_Other_Items_1
Restructuring and Other Items (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Fleet and other | $ | 574 | $ | 106 | $ | 653 | $ | 242 | |||||
Severance and related costs | 63 | — | 63 | — | |||||||||
Litigation settlement | (67 | ) | — | (67 | ) | — | |||||||
Total restructuring and other items | $ | 570 | $ | 106 | $ | 649 | $ | 242 | |||||
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 | |||||||||||
Liability as of December 31, 2013 | $ | — | $ | 168 | |||||||||
Additional costs and expenses | 63 | 272 | |||||||||||
Payments | — | (33 | ) | ||||||||||
Liability as of September 30, 2014 | $ | 63 | $ | 407 | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Three Months Ended September 30, | |||||||||||||
Service cost | $ | — | $ | — | $ | 13 | $ | 12 | |||||
Interest cost | 232 | 215 | 39 | 36 | |||||||||
Expected return on plan assets | (207 | ) | (184 | ) | (21 | ) | (21 | ) | |||||
Amortization of prior service credit | — | — | (6 | ) | (7 | ) | |||||||
Recognized net actuarial loss | 33 | 56 | 1 | 6 | |||||||||
Net periodic cost | $ | 58 | $ | 87 | $ | 26 | $ | 26 | |||||
Nine Months Ended September 30, | |||||||||||||
Service cost | $ | — | $ | — | $ | 39 | $ | 36 | |||||
Interest cost | 696 | 645 | 117 | 108 | |||||||||
Expected return on plan assets | (621 | ) | (552 | ) | (63 | ) | (63 | ) | |||||
Amortization of prior service credit | — | — | (20 | ) | (21 | ) | |||||||
Recognized net actuarial loss | 100 | 167 | 3 | 18 | |||||||||
Settlements | — | 6 | — | — | |||||||||
Net periodic cost | $ | 175 | $ | 266 | $ | 76 | $ | 78 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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 | Investments | Total(1) | |||||||||
Balance at December 31, 2013 | $ | (5,323 | ) | $ | 219 | $ | (26 | ) | $ | (5,130 | ) | ||
Changes in value (net of tax effect of $20) | — | 33 | 4 | 37 | |||||||||
Reclassifications into earnings (net of tax effect of $4)(2) | 48 | (55 | ) | — | (7 | ) | |||||||
Balance at September 30, 2014 | $ | (5,275 | ) | $ | 197 | $ | (22 | ) | $ | (5,100 | ) | ||
(in millions) | Pension and Other Benefits Liabilities | Derivative Contracts(3) | Investments | Total | |||||||||
Balance at December 31, 2012 | $ | (8,304 | ) | $ | (263 | ) | $ | (10 | ) | $ | (8,577 | ) | |
Changes in value (net of tax effect of $0) | — | 194 | (9 | ) | 185 | ||||||||
Reclassifications into earnings (net of tax effect of $0)(2) | 168 | (100 | ) | — | 68 | ||||||||
Balance at September 30, 2013 | $ | (8,136 | ) | $ | (169 | ) | $ | (19 | ) | (8,324 | ) | ||
(1) | Includes $1.9 billion of deferred income tax expense, primarily related to pension obligations, that will not be recognized in net income until the pension obligations are fully extinguished, which is not expected to occur for at least 25 years. | ||||||||||||
(2) | Amounts reclassified from AOCI for pension and other benefits liabilities are recorded in salaries and related costs in the Condensed Consolidated Statements of Operations and Comprehensive Income. Amounts reclassified from AOCI for derivative contracts designated as foreign currency cash flow hedges and interest rate cash flow hedges are recorded in passenger revenue and interest expense, net, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive Income. Amounts reclassified from AOCI for investments are recorded in interest income in the Condensed Consolidated Statements of Operations and Comprehensive Income. | ||||||||||||
(3) | Includes $321 million of deferred income tax expense that remained in AOCI until December 2013 when all amounts in AOCI that related to derivative contracts designated as fuel cash flow hedges were recognized in the Consolidated Statement of Operations and Comprehensive Income. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Net income | $ | 357 | $ | 1,369 | $ | 1,371 | $ | 2,061 | |||||
Basic weighted average shares outstanding | 834 | 851 | 840 | 850 | |||||||||
Dilutive effect of share-based awards | 9 | 10 | 9 | 8 | |||||||||
Diluted weighted average shares outstanding | 843 | 861 | 849 | 858 | |||||||||
Basic earnings per share | $ | 0.43 | $ | 1.61 | $ | 1.63 | $ | 2.42 | |||||
Diluted earnings per share | $ | 0.42 | $ | 1.59 | $ | 1.61 | $ | 2.4 | |||||
Oil_Refinery_Narrative_Details
Oil Refinery (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Business Acquisition, Date of Acquisition Agreement | ' | ' | 22-Jun-12 | ' |
Operating Revenue | $11,178 | $10,490 | $30,715 | $28,697 |
Exchanged Products [Member] | Intersegment Sales/Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Revenue | ($1,393) | ($1,504) | ($3,920) | ($4,172) |
Oil_Refinery_Details
Oil Refinery (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenue | $11,178 | $10,490 | $30,715 | $28,697 | ' |
Operating Income (Loss) | 835 | 1,563 | 3,034 | 2,699 | ' |
Interest Expense, Net | 140 | 176 | 460 | 526 | ' |
Depreciation and amortization | 440 | 418 | 1,333 | 1,238 | ' |
Total assets, end of period | 51,940 | 45,997 | 51,940 | 45,997 | 52,252 |
Capital Expenditures | 457 | 631 | 1,589 | 1,616 | ' |
Airline [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenue | 11,114 | 10,490 | 30,651 | 28,697 | ' |
Operating Income (Loss) | 816 | 1,560 | 3,043 | 2,769 | ' |
Interest Expense, Net | 140 | 176 | 460 | 526 | ' |
Depreciation and amortization | 433 | 413 | 1,315 | 1,225 | ' |
Total assets, end of period | 50,648 | 44,823 | 50,648 | 44,823 | ' |
Capital Expenditures | 449 | 618 | 1,552 | 1,591 | ' |
Refinery [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenue | 1,836 | 1,892 | 5,317 | 5,487 | ' |
Operating Income (Loss) | 19 | 3 | -9 | -70 | ' |
Interest Expense, Net | 0 | 0 | 0 | 0 | ' |
Depreciation and amortization | 7 | 5 | 18 | 13 | ' |
Total assets, end of period | 1,292 | 1,174 | 1,292 | 1,174 | ' |
Capital Expenditures | 8 | 13 | 37 | 25 | ' |
Sales to airline segment [Member] | Intersegment Sales/Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenue | -345 | -320 | -981 | -927 | ' |
Exchanged Products [Member] | Intersegment Sales/Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenue | -1,393 | -1,504 | -3,920 | -4,172 | ' |
Sales of refined products to third parties [Member] | Intersegment Sales/Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenue | ($34) | ($68) | ($352) | ($388) | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash Equivalents | $1,700 | $2,487 |
Restricted Cash Equivalents and Investments | 128 | 118 |
Fuel Hedge Contracts, Derivatives, Net | -63 | 314 |
Interest Rate Contracts, Hedge Derivatives, Net | -14 | -67 |
Foreign Currency Exchange Contracts, Hedge Derivatives, Net | 184 | 257 |
Short-Term Investments | U.S. government and agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 619 | 959 |
Short-Term Investments | Asset- and mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 368 | ' |
Short-Term Investments | Corporate obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 841 | ' |
Short-Term Investments | Other fixed income securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 24 | ' |
Long-Term Investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 115 | 109 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash Equivalents | 1,700 | 2,487 |
Restricted Cash Equivalents and Investments | 128 | 118 |
Fuel Hedge Contracts, Derivatives, Net | 67 | 16 |
Interest Rate Contracts, Hedge Derivatives, Net | 0 | 0 |
Foreign Currency Exchange Contracts, Hedge Derivatives, Net | 0 | 0 |
Level 1 | Short-Term Investments | U.S. government and agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 503 | 959 |
Level 1 | Short-Term Investments | Asset- and mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 0 | ' |
Level 1 | Short-Term Investments | Corporate obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 0 | ' |
Level 1 | Short-Term Investments | Other fixed income securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 0 | ' |
Level 1 | Long-Term Investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 86 | 80 |
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 Hedge Contracts, Derivatives, Net | -130 | 298 |
Interest Rate Contracts, Hedge Derivatives, Net | -14 | -67 |
Foreign Currency Exchange Contracts, Hedge Derivatives, Net | 184 | 257 |
Level 2 | Short-Term Investments | U.S. government and agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 116 | 0 |
Level 2 | Short-Term Investments | Asset- and mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 368 | ' |
Level 2 | Short-Term Investments | Corporate obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 841 | ' |
Level 2 | Short-Term Investments | Other fixed income securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 24 | ' |
Level 2 | Long-Term Investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | $29 | $29 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements, Significant Assumptions | 'Volatilities used in these valuations ranged from 11% to 24% depending on the maturity dates, underlying commodities and strike prices of the option contracts. |
ShortTerm_Investments_Details
Short-Term Investments (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Short-term Investments [Abstract] | ' |
Available-for-sale securities,due in one year or less, fair value | $198 |
Held-to-maturity securities, due in one year or less, fair value | 479 |
Available-for-sale securities, due after one year through three years, fair value | 900 |
Held-to-maturity securities, due after one year through three years, fair value | 0 |
Available-for-sale securities, due after three years through five years, fair value | 199 |
Held-to-maturity securities, due after three years through five years, fair value | 0 |
Available-for-sale securities, due after five years, fair value | 76 |
Held-to-maturity securities, due after five years, fair value | 0 |
Available-for-sale securities, total | 1,373 |
Held-to-maturity securities, total | $479 |
ShortTerm_Investments_Narrativ
Short-Term Investments (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term investments | $1,852 | $959 |
Externally Managed Investment Accounts [Member] | ' | ' |
Short-term investments | $1,500 | ' |
Derivatives_Details
Derivatives (Details) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Prepaid Expenses and Other [Member] | Prepaid Expenses and Other [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Accrued Liabilities [Member] | Other Accrued Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Fuel Contracts [Member] | Fuel Contracts [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] |
USD ($) | 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 ($) | Prepaid Expenses and Other [Member] | Prepaid Expenses and Other [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Accrued Liabilities [Member] | Other Accrued Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Foreign Currency Exchange Contracts [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | gal | gal | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||
USD ($) | CAD | JPY (¥) | CAD | JPY (¥) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $477 | 426 | ¥ 88,163 | 438 | ¥ 120,915 | $416 | $445 |
Derivative, Nonmonetary Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000,000 | 5,318,000,000 | ' | ' | ' | ' | ' | ' | ' |
Derivative, Final Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-16 | 31-Mar-15 | 31-May-19 | 5-Apr-17 | 5-Apr-17 | 31-Aug-16 | 31-Aug-16 | 31-Aug-22 | 31-Aug-22 |
Interest Rate Contracts (Fair Value Hedges), Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Contracts (Fair Value Hedges), Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2 | -18 | -22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Contracts (Fair Value Hedges), Hedge Derivatives, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14 | -24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Exchange Contracts, Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142 | 157 | 42 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Exchange Contracts, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Exchange Contracts, Hedge Derivatives, Net | 184 | 257 | ' | ' | ' | ' | ' | ' | ' | ' | 184 | 257 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fuel Hedge Contracts, Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 378 | 428 | 9 | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fuel Hedge Contracts, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -426 | -127 | -24 | -16 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fuel Hedge Contracts, Derivatives, Net | -63 | 314 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -63 | 314 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Derivative Contracts, Assets | ' | ' | 524 | 585 | 51 | 129 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Derivative Contracts, Liabilities | ' | ' | ' | ' | ' | ' | -426 | -146 | -42 | -64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Derivative Contracts, Hedge Derivatives, Net | 107 | 504 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Contracts (Cash Flow Hedges), Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Contracts (Cash Flow Hedges), Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17 | ' | -26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Contracts (Cash Flow Hedges), Hedge Derivatives, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Derivative Contracts, Assets | ' | ' | 215 | 456 | 46 | 116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Derivative Contracts, Liabilities | ' | ' | ' | ' | ' | ' | ($117) | ($19) | ($37) | ($49) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Details_1
Derivatives (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Effective Portion Reclassified from AOCI to Earnings | $35 | $55 | $87 | $100 |
Derivative Instruments, Effective Portion Recognized in Other Comprehensive Income | 53 | -68 | -35 | 94 |
Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Effective Portion Reclassified from AOCI to Earnings | -12 | 0 | -31 | 0 |
Derivative Instruments, Effective Portion Recognized in Other Comprehensive Income | 15 | 3 | 38 | 24 |
Foreign Currency Exchange Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Effective Portion Reclassified from AOCI to Earnings | 47 | 55 | 118 | 100 |
Derivative Instruments, Effective Portion Recognized in Other Comprehensive Income | $38 | ($71) | ($73) | $70 |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 |
Fuel Contracts [Member] | Fuel Contracts [Member] | Fuel Contracts [Member] | Fuel Contracts [Member] | Interest Rate Contract [Member] | Contract Termination [Member] | |||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||||||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||||||
Cash Flow Hedging [Member] | ||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ($238) | $337 | ($63) | $336 | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | 477 | 231 |
Cash Flow Hedge Gain to be Reclassified within Twelve Months | 142 | ' | ' | ' | ' | ' | ' | ' |
Derivative, Collateral, Right to Reclaim Cash | 2 | ' | ' | ' | ' | ' | ' | ' |
Derivative, Collateral, Obligation to Return Cash | ' | ($65) | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Total debt at par value | $9,804 | $11,228 |
Unamortized discount, net | -101 | -383 |
Net carrying amount | 9,703 | 10,845 |
Fair Value | $10,200 | $11,600 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Extinguishment of Debt, Amount | $725 | ' | $1,600 | ' |
Loss on extinguishment of debt | -134 | 0 | -263 | 0 |
Debt Instrument, Face Amount | $707 | ' | $707 | ' |
Debt Instrument, Collateral | '20 aircraft | ' | ' | ' |
Debt Instrument, Maturity Date Range, Start | 30-Sep-18 | ' | ' | ' |
Debt Instrument, Maturity Date Range, End | 11-Sep-26 | ' | ' | ' |
Debt Instrument, Covenant Compliance | ' | ' | 'We were in compliance with the covenants in our financing agreements at September 30, 2014 | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (Capital Addition Purchase Commitments [Member], USD $) | Sep. 30, 2014 |
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, 2014 | $200 |
Aircraft Purchase Commitments, Due in 2015 | 1,355 |
Aircraft Purchase Commitments, Due in 2016 | 1,730 |
Aircraft Purchase Commitments, Due in 2017 | 1,500 |
Aircraft Purchase Commitments, Due in 2018 | 1,035 |
Aircraft Purchase Commitments, Due after 2018 | 2,700 |
Aircraft Purchase Commitments, Total | $8,520 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Narrative) (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Capital Addition Purchase Commitments [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Aircraft Purchase Commitments, Total | $8,520 |
B-737-900ER [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 73 |
A321-200 [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 45 |
B-787-8 [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 18 |
CRJ-900 [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 6 |
A330-300 [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 10 |
B-717-200 [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Other Aircraft Commitments | 43 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Narrative 1) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Rate | |
Asset, Reporting Currency Denominated, Value | $108 |
Foreign Earnings Repatriated | 74 |
Official Exchange Rate Set By Government | 6.3 |
Foreign Currency Exchange Rate, Translation | 11.7 |
Foreign Currency Transaction Loss, Realized | -23 |
Percentage of Customer Refund Payments of Tickets Previously Sold | 83.00% |
Customer Refundable Fees, Refund Payments | 22 |
Entity Number of Employees | 79,710 |
Percentage Of Employees Represented By Unions Under Collective Bargaining Agreements | 18.00% |
2013 [Member] | ' |
Asset, Reporting Currency Denominated, Value | 106 |
2014 [Member] | ' |
Asset, Reporting Currency Denominated, Value | $2 |
Restructuring_and_Other_Items_2
Restructuring and Other Items (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and other items | $570 | $106 | $649 | $242 |
Fleet and other [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and other items | 574 | 106 | 653 | 242 |
Severance and related costs [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and other items | 63 | 0 | 63 | 0 |
Favorable litigation settlement [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and other items | ($67) | $0 | ($67) | $0 |
Restructuring_and_Other_Items_3
Restructuring and Other Items (Details 1) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Severance and related costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Liability | $63 | $0 |
Additional costs and expenses | 63 | ' |
Payments | 0 | ' |
Lease Agreements [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Liability | 407 | 168 |
Additional costs and expenses | 272 | ' |
Payments | ($33) | ' |
Restructuring_and_Other_Items_4
Restructuring and Other Items (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and other items | $570 | $106 | $649 | $242 |
Severance and related costs [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and other items | 63 | 0 | 63 | 0 |
Favorable litigation settlement [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and other items | ($67) | $0 | ($67) | $0 |
B-747-400 [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Number of Aircraft Operated | ' | ' | 16 | ' |
Number of Aircraft Retired | 3 | ' | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service Cost | $0 | $0 | $0 | $0 |
Interest Cost | 232 | 215 | 696 | 645 |
Expected Return on Plan Assets | -207 | -184 | -621 | -552 |
Amortization of Prior Service Benefit | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 33 | 56 | 100 | 167 |
Settlements | ' | ' | 0 | 6 |
Net periodic cost | 58 | 87 | 175 | 266 |
Other Postretirement and Postemployment Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service Cost | 13 | 12 | 39 | 36 |
Interest Cost | 39 | 36 | 117 | 108 |
Expected Return on Plan Assets | -21 | -21 | -63 | -63 |
Amortization of Prior Service Benefit | -6 | -7 | -20 | -21 |
Recognized net actuarial loss | 1 | 6 | 3 | 18 |
Settlements | ' | ' | 0 | 0 |
Net periodic cost | $26 | $26 | $76 | $78 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss, Pension and Other Benefit Liabilities | ($5,275) | ($8,136) | ($5,323) | ($8,304) |
Accumulated Other Comprehensive Income (Loss), Derivative Contracts | 197 | -169 | 219 | -263 |
Accumulated Other Comprehensive Loss, Investments, Net of Tax | -22 | -19 | -26 | -10 |
Accumulated other comprehensive loss | -5,100 | -8,324 | -5,130 | -8,577 |
Changes in value, Pension and Other Benefit Liabilities, Net of Tax | 0 | 0 | ' | ' |
Changes in value, Derivative contracts, Net of Tax | 33 | 194 | ' | ' |
Changes in value, Investments, Net of Tax | 4 | -9 | ' | ' |
Changes in value, Accumulated Other Comprehensive Loss, Net of Tax | 37 | 185 | ' | ' |
Reclassification into earnings, Pension and Other Benefit Liabilities, Net of Tax | 48 | 168 | ' | ' |
Reclassification into earnings, Derivative contracts, Net of Tax | -55 | -100 | ' | ' |
Reclassification into earnings, Investments, Net of Tax | 0 | 0 | ' | ' |
Reclassification into earnings, Accumulated Other Comprehensive Loss, Net of Tax | ($7) | $68 | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss Narrative (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2009 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' |
Deferred Income Tax Expense | $1,900,000,000 | ' |
Non Cash Income Tax Expense Recorded In Other Comprehensive Income | ' | $321,000,000 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss (Parentheticals)(Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Change in value tax accumulated other comprehensive income [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Other Comprehensive Income (Loss), Tax | $20 | $0 |
Reclassification into earnings, Tax Effect[Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Other Comprehensive Income (Loss), Tax | $4 | $0 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Income | $357 | $1,369 | $1,371 | $2,061 |
Basic weighted average shares outstanding | 834 | 851 | 840 | 850 |
Dilutive effect of share-based awards | 9 | 10 | 9 | 8 |
Diluted weighted average shares outstanding | 843 | 861 | 849 | 858 |
Basic Earnings Per Share | $0.43 | $1.61 | $1.63 | $2.42 |
Diluted Earnings Per Share | $0.42 | $1.59 | $1.61 | $2.40 |
Dividend_and_Share_Repurchase_1
Dividend and Share Repurchase (Narrative)(Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 |
May 2013 Share Repurchase Program [Member] | May 2014 Share Repurchase Program [Member] | May 2014 Share Repurchase Program [Member] | May 2013 Return of Capital Plan [Member] | May 2014 Return of Capital Plan [Member] | Subsequent Event [Member] | |||||
Return of capital to shareholders | ' | ' | ' | ' | ' | ' | ' | $1,000 | $2,750 | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | 500 | 2,000 | 2,000 | ' | ' | ' |
Stock Repurchase Program Expiration Date | ' | ' | ' | ' | ' | ' | 31-Dec-16 | 30-Jun-16 | ' | ' |
Share repurchase program, completion date | ' | ' | ' | ' | 30-Jun-14 | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Approved | ' | ' | $0.09 | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased and Retired During Period, Shares | ' | ' | 16.4 | ' | ' | 6.6 | 9.1 | ' | ' | ' |
Stock Repurchased and Retired During Period, Value | ' | ' | 600 | ' | ' | 250 | 350 | ' | ' | ' |
Dividends Payable, Date Declared | 25-Jul-14 | ' | ' | ' | ' | ' | ' | ' | ' | 24-Oct-14 |
Cash Dividends Declared Per Share | $0.09 | $0.06 | $0.21 | $0.06 | ' | ' | ' | ' | ' | $0.09 |
Dividends Payable, Date of Record | 8-Aug-14 | ' | ' | ' | ' | ' | ' | ' | ' | 7-Nov-14 |
Dividends, Cash | $75 | ' | $176 | ' | ' | ' | ' | ' | ' | ' |