Delta Air Lines (DAL) 10-Q 13 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2016shares
Document and Entity Information [Abstract]
Document type	10-Q
Amendment flag	false
Document period end date	Sep. 30, 2016
Document fiscal year focus	2,016
Document fiscal period focus	Q3
Entity registrant name	DELTA AIR LINES INC /DE/
Entity central index key	27,904
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Entity common stock, shares outstanding	736,384,650

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 1,638	$ 1,972
Short-term investments	1,514	1,465
Accounts receivable, net of an allowance for uncollectible accounts of $13 and $9 at September 30, 2016 and December 31, 2015, respectively	1,996	2,020
Fuel inventory	424	379
Expendable parts and supplies inventories, net of an allowance for obsolescence of $108 and $114 at September 30, 2016 and December 31, 2015, respectively	351	318
Hedge derivatives asset	496	1,987
Prepaid expenses and other	910	915
Total current assets	7,329	9,056
Property and Equipment, Net:
Property and equipment, net of accumulated depreciation and amortization of $12,106 and $10,871 at September 30, 2016 and December 31, 2015, respectively	24,105	23,039
Other Assets:
Goodwill	9,794	9,794
Identifiable intangibles, net of accumulated amortization of $824 and $811 at September 30, 2016 and December 31, 2015, respectively	4,848	4,861
Deferred income taxes, net	3,150	4,956
Other noncurrent assets	1,722	1,428
Total other assets	19,514	21,039
Total assets	50,948	53,134
Current Liabilities:
Current maturities of long-term debt and capital leases	1,092	1,563
Air traffic liability	5,142	4,503
Accounts payable	2,567	2,743
Accrued salaries and related benefits	2,628	3,195
Hedge derivatives liability	724	2,581
Frequent flyer deferred revenue	1,628	1,635
Other accrued liabilities	1,366	1,306
Total current liabilities	15,147	17,526
Noncurrent Liabilities:
Long-term debt and capital leases	6,473	6,766
Pension, postretirement and related benefits	12,587	13,855
Frequent flyer deferred revenue	2,275	2,246
Other noncurrent liabilities	1,956	1,891
Total noncurrent liabilities	23,291	24,758
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 750,515,601 and 799,850,675 shares issued at September 30, 2016 and December 31, 2015, respectively	0	0
Additional paid-in capital	8,887	10,875
Retained earnings	11,109	7,623
Accumulated other comprehensive loss	(7,212)	(7,275)
Treasury stock, at cost, 14,130,951 and 21,066,684 shares at September 30, 2016 and December 31, 2015, respectively	(274)	(373)
Total stockholders' equity	12,510	10,850
Total liabilities and stockholders' equity	$ 50,948	$ 53,134

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current Assets:
Allowance for uncollectible accounts	$ 13	$ 9
Allowance for obsolescence	108	114
Property and equipment additions:
Accumulated depreciation and amortization	12,106	10,871
Other Assets:
Accumulated amortization of identifiable intangible assets	$ 824	$ 811
Stockholders' Equity:
Common stock, par value per share (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	750,515,601	799,850,675
Treasury stock, at cost, shares	14,130,951	21,066,684

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating Revenue:
Mainline	$ 7,615	$ 8,059	$ 21,530	$ 22,195
Regional carriers	1,456	1,536	4,273	4,462
Total passenger revenue	9,071	9,595	25,803	26,657
Cargo	167	196	494	620
Other	1,245	1,316	3,884	3,925
Total operating revenue	10,483	11,107	30,181	31,202
Operating Expense:
Salaries and related costs	2,463	2,276	7,165	6,563
Aircraft fuel and related taxes	1,422	1,819	3,877	5,111
Regional carriers expense	1,119	1,073	3,221	3,223
Contracted services	520	477	1,480	1,375
Depreciation and amortization	474	466	1,430	1,384
Aircraft maintenance materials and outside repairs	462	479	1,357	1,430
Passenger commissions and other selling expenses	466	463	1,291	1,270
Landing fees and other rents	399	403	1,123	1,164
Profit sharing	326	563	922	1,110
Passenger service	264	247	674	664
Aircraft rent	72	63	204	183
Other	527	565	1,505	1,640
Total operating expense	8,514	8,894	24,249	25,117
Operating Income	1,969	2,213	5,932	6,085
Non-Operating Expense:
Interest expense, net	(95)	(121)	(295)	(379)
Miscellaneous, net	26	(20)	47	(82)
Total non-operating expense, net	(69)	(141)	(248)	(461)
Income Before Income Taxes	1,900	2,072	5,684	5,624
Income Tax Provision	(641)	(757)	(1,933)	(2,078)
Net Income	$ 1,259	$ 1,315	$ 3,751	$ 3,546
Basic earnings per share (in USD per share)	$ 1.70	$ 1.67	$ 4.95	$ 4.42
Diluted earnings per share (in USD per share)	1.69	1.65	4.92	4.37
Cash dividends declared per share (in USD per share)	$ 0.2025	$ 0.135	$ 0.4725	$ 0.315
Comprehensive Income	$ 1,326	$ 1,287	$ 3,814	$ 3,541

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Net Cash Provided by Operating Activities
Net Cash Provided by Operating Activities	$ 6,080	$ 6,448
Property and equipment additions:
Flight equipment, including advance payments	(2,149)	(1,583)
Ground property and equipment, including technology	(448)	(484)
Purchase of equity investments	0	(500)
Purchase of short-term investments	(1,480)	(740)
Redemption of short-term investments	1,436	510
Other, net	41	21
Net cash used in investing activities	(2,600)	(2,776)
Cash Flows from Financing Activities:
Payments on long-term debt and capital lease obligations	(1,403)	(2,151)
Repurchase of common stock	(2,301)	(1,775)
Cash dividends	(360)	(254)
Fuel card obligation	(14)	(343)
Payments on hedge derivative contracts	(401)	(17)
Proceeds from hedge derivative contracts	166	145
Proceeds from short-term obligations	68	0
Proceeds from long-term obligations	450	1,038
Other, net	(19)	(34)
Net cash used in financing activities	(3,814)	(3,391)
Net (Decrease) Increase in Cash and Cash Equivalents	(334)	281
Cash and cash equivalents at beginning of period	1,972	2,088
Cash and cash equivalents at end of period	1,638	2,369
Non-Cash Transactions:
Treasury stock contributed to our qualified defined benefit pension plans	350	0
Flight equipment acquired under capital leases	$ 55	$ 104

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	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 and 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 for the year ended December 31, 2015 . Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring 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 and other factors, operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of operating results for the entire year. We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes. Recent Accounting Standards Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." Under this ASU and subsequently issued amendments, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. The standard is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption of the standard is permitted, but not before December 15, 2016. We are currently evaluating how the adoption of the revenue recognition standard will impact our Consolidated Financial Statements. Leases In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." This standard will require all leases with durations greater than twelve months to be recognized on the balance sheet and is effective for interim and annual reporting periods beginning after December 15, 2018, although early adoption is permitted. Although we have not completed our assessment, we believe adoption of this standard will have a significant impact on our Consolidated Balance Sheets. However, we do not expect the adoption to change the recognition, measurement or presentation of lease expenses within the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. Information about our undiscounted future lease payments and the timing of those payments is in Note 7, "Lease Obligations," in our Form 10-K. Equity Method Investments In March 2016, the FASB issued ASU No. 2016-07, "Investments—Equity Method and Joint Ventures (Topic 323)." This standard eliminates the requirement that when an existing cost method investment qualifies for use of the equity method, an investor must restate its historical financial statements, as if the equity method had been used since the investment was acquired. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive income/(loss) ("AOCI") will be recognized through earnings. We early adopted this standard during the March 2016 quarter. Although none of our available-for-sale or cost investments qualified for use of the equity method during 2016, we expect the tender offer for additional capital stock of Grupo Aeroméxico to be completed in the next six months, at which point our investment will qualify for the equity method of accounting. As of September 30, 2016, the unrealized gain recorded in AOCI related to our investment in Grupo Aeroméxico was $4 million . Share-Based Compensation In March 2016, the FASB issued ASU No. 2016-09, "Compensation—Stock Compensation (Topic 718)." This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. We early adopted this standard during the June 2016 quarter. The adoption of this standard resulted in the recognition of $95 million of previously unrecognized excess tax benefits in deferred income taxes, net and an increase to retained earnings on our Consolidated Balance Sheet as of the beginning of the current year and the recognition of $31 million of excess tax benefits to our income tax provision for the nine months ended September 30, 2016

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Assets (Liabilities) Measured at Fair Value on a Recurring Basis (in millions) September 30, Level 1 Level 2 Cash equivalents $ 1,080 $ 1,080 $ — Short-term investments U.S. government and agency securities 250 170 80 Asset- and mortgage-backed securities 265 — 265 Corporate obligations 880 — 880 Other fixed income securities 119 — 119 Restricted cash equivalents and investments 69 69 — Long-term investments 161 135 26 Hedge derivatives, net Fuel hedge contracts (271 ) (4 ) (267 ) Interest rate contract 8 — 8 Foreign currency exchange contracts (64 ) — (64 ) (in millions) December 31, Level 1 Level 2 Cash equivalents $ 1,543 $ 1,543 $ — Short-term investments U.S. government and agency securities 151 74 77 Asset- and mortgage-backed securities 380 — 380 Corporate obligations 896 — 896 Other fixed income securities 38 — 38 Restricted cash equivalents and investments 49 49 — Long-term investments 155 130 25 Hedge derivatives, net Fuel hedge contracts (672 ) 65 (737 ) Interest rate contract (3 ) — (3 ) Foreign currency exchange contracts 94 — 94 Cash Equivalents and Restricted Cash Equivalents and Investments. Cash equivalents generally consist of money market funds. Restricted cash equivalents and investments generally consist of money market funds and time deposits, which relate to certain self-insurance obligations and facility lease commitments. The fair value of these investments is based on a market approach using prices and other relevant information generated by market transactions involving identical or comparable assets. Short-Term Investments. The fair values of short-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, 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, the parent company of Aeroméxico, and GOL Linhas Aéreas Inteligentes, the parent company of VRG Linhas Aéreas (operating as GOL). Shares of the parent companies of Aeroméxico and GOL are traded on public exchanges and have been valued based on quoted market prices. The investments are classified in other noncurrent assets. Hedge Derivatives. A portion of our derivative contracts are negotiated over-the-counter 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). Such contracts are classified as Level 2 within the fair value hierarchy. The remainder of our hedge contracts are comprised of futures contracts, which are traded on a public exchange. These contracts are classified within Level 1 of the fair value hierarchy. • Fuel Contracts. Our fuel hedge portfolio consists of options, swaps and futures. 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 21% to 46% 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 provided by counterparties who regularly trade in public markets. Discount rates used in these valuations vary with the maturity dates of the respective contracts and are based on the London interbank offered rate ("LIBOR"). Futures contracts and options on futures contracts are traded on a public exchange and valued based on quoted market prices. • Interest Rate Contract. Our interest rate derivative is a swap contract, which is valued based on data readily observable in public markets. • Foreign Currency Exchange Contracts.

Investments

Investments	9 Months Ended
	Sep. 30, 2016
Short-term Investments [Abstract]
Investments	INVESTMENTS Short-Term Investments The estimated fair values of short-term investments, which approximate cost at September 30, 2016 , are shown below by contractual maturity. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to retire our investments without prepayment penalties. Investments with maturities beyond one year when purchased may be classified as short-term investments if they are expected to be available to support our short-term liquidity needs. (in millions) Available-For-Sale Due in one year or less $ 341 Due after one year through three years 940 Due after three years through five years 169 Due after five years 64 Total $ 1,514 Long-Term Investments We have developed strategic relationships with certain international airlines through equity investments or other forms of cooperation and support. Strategic relationships improve our coordination with these airlines and enable our customers to seamlessly connect to more places while enjoying a consistent, high-quality travel experience. • Aeroméxico . We own 4.2% of the outstanding shares of Grupo Aeroméxico, and we have derivative contracts that may be settled for shares of Grupo Aeroméxico, including one obtained in the September 2016 quarter. Our total derivative contract holdings represent 12.9% of Grupo Aeroméxico's shares. During 2015, we announced our intention to acquire additional shares of the capital stock of Grupo Aeroméxico through a cash tender offer, subject to regulatory approvals. If approved, the tender offer is expected to be completed in the next six months. As a result of this tender offer, when combined with our current holdings, we would own up to 49% of the outstanding capital stock of Grupo Aeroméxico. Based on current exchange rates, the total amount to be paid for the additional shares and the shares underlying the derivatives would be approximately $710 million . • GOL. During 2015, we acquired preferred shares of GOL's parent company , increasing our ownership to 9.5% of GOL's outstanding capital stock. Additionally, GOL entered into a $300 million five -year term loan facility with third parties, which we have guaranteed. Our entire guaranty is secured by GOL's ownership interest in Smiles, GOL's publicly traded loyalty program. Because GOL remains in compliance with the terms of its loan facility, we have not recorded a liability on our Consolidated Balance Sheet as of September 30, 2016 . Challenges in the Brazilian economy and GOL’s recent financial performance have caused the fair value of our equity investment in GOL’s parent company to decline to $64 million with a $42 million loss recorded in AOCI at September 30, 2016 . The loss recorded in AOCI as of December 31, 2015 was $84 million . As GOL’s shares have traded below our cost basis for longer than a year, we evaluated whether the investment was other-than-temporarily impaired. We determined the investment was not impaired as GOL’s management is executing measures to maximize operational and network efficiency and control costs, which we anticipate will improve GOL’s financial performance and the fair value of our investment. The market price of GOL's shares has more than doubled since December 31, 2015. In addition, we currently have the intent and ability to maintain our investment in GOL to allow for the recovery of its market value as GOL is a strategic investment for us and operates as an extension of our global network. • China Eastern. During 2015, we acquired shares of China Eastern , which provide us with a 3.2% stake in the airline . In conjunction with this transaction, we and China Eastern entered into a new commercial agreement to expand our relationship and better connect the networks of the two airlines. As the investment agreement restricts our sale or transfer of these shares for a period of three years after acquisition, we are accounting for the investment at cost during this period. Although China Eastern shares are actively traded on a public exchange, it is not practicable to estimate the fair value of the investment due to the restriction on our ability to sell or transfer the shares.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	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 have historically managed our fuel price risk through a hedging program intended to reduce the financial impact from changes in the price of jet fuel as jet fuel prices are subject to potential volatility. In response to this volatility, during the March 2015 quarter, we entered into transactions that effectively deferred settlement of a portion of our hedge portfolio. These deferral transactions, excluding market movements from the date of inception, provided approximately $300 million in cash receipts during the second half of 2015 and require approximately $300 million in cash payments in 2016. We early terminated certain of the March 2015 quarter deferral transactions in the second half of 2015. During the March 2016 quarter, we entered into transactions to further defer settlement of a portion of our hedge portfolio until 2017. These deferral transactions, excluding market movements from the date of inception, would provide approximately $300 million in cash receipts during the second half of 2016 and require approximately $300 million in cash payments in 2017. Subsequently, to better participate in the low fuel price environment, we entered into derivatives designed to offset and effectively neutralize our existing airline segment hedge positions , which include the deferral transactions discussed above. As a result, we locked in the amount of the net hedge settlements for the remainder of 2016 and 2017. During the June 2016 quarter, we early settled $455 million of our airline segment's 2016 positions. During the three and nine months ended September 30, 2016 , we recorded fuel hedge losses of $11 million and $326 million , respectively. During the three and nine months ended September 30, 2015, we recorded fuel hedge losses of $250 million and $563 million , respectively. Cash flows associated with the deferral transactions are reported as cash flows from financing activities within our Condensed Consolidated Statements of Cash Flows. Hedge Position as of September 30, 2016 (in millions) Volume Final Maturity Date Hedge Derivatives Asset Other Noncurrent Assets Hedge Derivatives Liability Other Noncurrent Liabilities Hedge Derivatives, net Designated as hedges Interest rate contract (fair value hedge) 349 U.S. dollars August 2022 $ 3 $ 5 $ — $ — $ 8 Foreign currency exchange contracts 60,509 Japanese yen February 2019 10 2 (44 ) (32 ) (64 ) 396 Canadian dollars Not designated as hedges Fuel hedge contracts (1) 179 gallons - crude oil, diesel and jet fuel December 2017 483 39 (680 ) (113 ) (271 ) Total derivative contracts $ 496 $ 46 $ (724 ) $ (145 ) $ (327 ) (1) As discussed above, we have early settled $455 million of our airline segment's 2016 hedge positions and entered into hedges designed to offset and effectively terminate our 2017 airline segment hedge positions. The dollar amounts shown above primarily represent the offsetting derivatives that were used to neutralize the 2016 and 2017 airline segment hedge portfolio. Hedge Position as of December 31, 2015 (in millions) Volume Final Maturity Date Hedge Derivatives Asset Other Noncurrent Assets Hedge Derivatives Liability Other Noncurrent Liabilities Hedge Derivatives, net Designated as hedges Interest rate contract (fair value hedge) 384 U.S. dollars August 2022 $ 4 $ — $ — $ (7 ) $ (3 ) Foreign currency exchange contracts 46,920 Japanese yen July 2018 76 20 (1 ) (1 ) 94 395 Canadian dollars Not designated as hedges Fuel hedge contracts 887 gallons - crude oil, diesel and jet fuel November 2017 1,907 4 (2,580 ) (3 ) (672 ) Total derivative contracts $ 1,987 $ 24 $ (2,581 ) $ (11 ) $ (581 ) Offsetting Assets and Liabilities We have master netting arrangements with our counterparties giving us the right to offset hedge assets and liabilities. However, we have elected not to offset the fair value positions recorded on our Consolidated Balance Sheets. The following table shows the net fair value positions by counterparty had we elected to offset. (in millions) Hedge Derivatives Asset Other Noncurrent Assets Hedge Derivatives Liability Other Noncurrent Liabilities Hedge Derivatives, net September 30, 2016 Net derivative contracts $ 10 $ 7 $ (238 ) $ (106 ) $ (327 ) December 31, 2015 Net derivative contracts $ 143 $ 21 $ (737 ) $ (8 ) $ (581 ) 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) 2016 2015 2016 2015 Three Months Ended September 30, Foreign currency exchange contracts $ (2 ) $ 69 $ (2 ) $ (53 ) Nine Months Ended September 30, Foreign currency exchange contracts $ 34 $ 161 $ (147 ) $ (105 ) As of September 30, 2016 , we have recorded $24 million of losses 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 margin of $20 million and $119 million as of September 30, 2016 and December 31, 2015

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	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. The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Long-term debt is primarily classified as Level 2 within the fair value hierarchy. (in millions) September 30, December 31, Total debt at par value $ 7,402 $ 8,098 Unamortized discount and debt issue cost, net (110 ) (152 ) Net carrying amount $ 7,292 $ 7,946 Fair value $ 7,700 $ 8,400 Aircraft Financings During the March 2016 quarter, we entered into financing arrangements to borrow $450 million , which are secured by 26 aircraft. These loans bear interest at a variable rate equal to LIBOR plus a specified margin and mature between 2019 and 2021 . Covenants We were in compliance with the covenants in our financing agreements at September 30, 2016

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The following table shows the components of net periodic cost: Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2016 2015 2016 2015 Three Months Ended September 30, Service cost $ — $ — $ 17 $ 16 Interest cost 229 221 37 35 Expected return on plan assets (226 ) (220 ) (18 ) (20 ) Amortization of prior service credit — — (7 ) (7 ) Recognized net actuarial loss 59 61 6 6 Net periodic cost $ 62 $ 62 $ 35 $ 30 Nine Months Ended September 30, Service cost $ — $ — $ 51 $ 48 Interest cost 687 663 111 105 Expected return on plan assets (678 ) (660 ) (54 ) (60 ) Amortization of prior service credit — — (21 ) (21 ) Recognized net actuarial loss 177 177 18 18 Net periodic cost $ 186 $ 180 $ 105 $ 90

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Aircraft Purchase and Lease Commitments Our future aircraft purchase commitments totaled approximately $15.4 billion at September 30, 2016 : (in millions) Total Three months ending December 31, 2016 $ 450 2017 2,690 2018 2,880 2019 3,380 2020 2,540 Thereafter 3,480 Total $ 15,420 Our future aircraft purchase commitments included the following aircraft at September 30, 2016 : Aircraft Type Purchase Commitments B-737-900ER 55 B-787-8 18 A321-200 71 A330-300 2 A330-900neo 25 A350-900 25 CS100 75 E190-100 8 Total 279 We have obtained, but are under no obligation to use, long-term financing commitments for a substantial portion of the purchase price of a significant number of these aircraft. Our purchase commitment for the 18 B-787-8 aircraft provides for certain aircraft substitution rights, including for our current orders of B-737-900ER aircraft. During the June 2016 quarter, we reached an agreement with Bombardier to acquire 75 CS100 aircraft with deliveries beginning in 2018 and continuing through 2022. We have flexibility under the purchase agreement with respect to deferral, acceleration, conversion and a limited number of cancellation rights. The agreement also includes options to purchase 50 additional aircraft. Following the CS100 purchase agreement, we entered into an agreement to sell the E190-100 fleet following their delivery to us. Also during the June 2016 quarter, we entered into firm commitments with Airbus for the delivery of 37 additional A321-200 aircraft. Deliveries will begin in November 2017 and continue through 2019. 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. 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 effect on our Condensed Consolidated Financial Statements. Shuttle America Shuttle America and its parent, Republic Airways Holdings (collectively, Republic Airways), filed for bankruptcy in February 2016. In connection with agreements to settle litigation currently pending between Republic Airways and Delta, wind-down 50 -seat aircraft operations, return to full capacity of contracted operations for Embraer 170/175 aircraft and lease certain takeoff and landing slots at New York-LaGuardia, we entered into a debtor-in-possession credit agreement to provide up to $75 million in liquidity to Republic Airways. The debtor-in-possession credit agreement remained undrawn as of September 30, 2016. We do not believe that Republic Airways' bankruptcy filing will have a material effect on our operations or 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, 2016 , we had approximately 84,000 full-time equivalent employees. Approximately 18% of these employees were represented by unions. O n September 30, 2016, we reached a comprehensive agreement in principle with the Air Line Pilots Association (“ALPA”) for a new Pilot Working Agreement. From this agreement in principle, a tentative agreement will be finalized and presented to ALPA’s Master Executive Council ("MEC") . If the MEC approves the tentative agreement, the agreement will be presented to our pilots for ratification. This process could take several months. If this new agreement is ratified, the pilots will receive an 18% pay increase retroactive to January 1, 2016. Other

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables show the components of accumulated other comprehensive loss: (in millions) Pension and Other Benefits Liabilities (2) Derivative Contracts Investments Total Balance at January 1, 2016 (net of tax effect of $1,222) $ (7,354 ) $ 140 $ (61 ) $ (7,275 ) Changes in value (net of tax effect of $43) — (72 ) 46 (26 ) Reclassifications into earnings (net of tax effect of $51) (1) 111 (22 ) — 89 Balance at September 30, 2016 (net of tax effect of $1,214) $ (7,243 ) $ 46 $ (15 ) $ (7,212 ) (in millions) Pension and Other Benefits Liabilities (2) Derivative Contracts Investments Total Balance at January 1, 2015 (net of tax effect of $1,279) $ (7,517 ) $ 222 $ (16 ) $ (7,311 ) Changes in value (net of tax effect of $21) — 35 (52 ) (17 ) Reclassifications into earnings (net of tax effect of $7) (1) 114 (102 ) — 12 Balance at September 30, 2015 (net of tax effect of $1,251) $ (7,403 ) $ 155 $ (68 ) $ (7,316 ) (1) 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 are recorded in passenger revenue in the Condensed Consolidated Statements of Operations and Comprehensive Income. (2) Includes $ 1.9 billion

Segments

Segments	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segments	SEGMENTS Refinery Operations Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and through jet fuel obtained through agreements with third parties. 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 the non-jet fuel products produced by the refinery 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, 2016 was $734 million and $2.0 billion , respectively, compared to $761 million and $2.4 billion during the three and nine months ended September 30, 2015 , respectively. Segment Reporting Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis. (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended September 30, 2016 Operating revenue: $ 10,473 $ 971 $ 10,483 Sales to airline segment $ (173 ) (1) Exchanged products (734 ) (2) Sales of refined products to third parties (54 ) (3) Operating income (loss) (4) 2,014 (45 ) — 1,969 Interest expense, net 94 1 — 95 Depreciation and amortization 464 10 — 474 Total assets, end of period 49,748 1,200 — 50,948 Capital expenditures 652 28 — 680 Three Months Ended September 30, 2015 Operating revenue: $ 10,994 $ 1,258 $ 11,107 Sales to airline segment $ (267 ) (1) Exchanged products (761 ) (2) Sales of refined products to third parties (117 ) (3) Operating income (4) 2,107 106 — 2,213 Interest expense, net 121 — — 121 Depreciation and amortization 458 8 — 466 Total assets, end of period 52,287 1,258 — 53,545 Capital expenditures 536 26 — 562 (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 exchange 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 and refinery segments with respect to the refinery's inventory price risk. (in millions) Airline Refinery Intersegment Sales/Other Consolidated Nine Months Ended September 30, 2016 Operating revenue: $ 30,043 $ 2,763 $ 30,181 Sales to airline segment $ (495 ) (1) Exchanged products (2,005 ) (2) Sales of refined products to third parties (125 ) (3) Operating income (loss) (4) 6,015 (83 ) — 5,932 Interest expense, net 293 2 — 295 Depreciation and amortization 1,402 28 — 1,430 Capital expenditures 2,536 61 — 2,597 Nine Months Ended September 30, 2015 Operating revenue: $ 30,900 $ 3,755 $ 31,202 Sales to airline segment $ (792 ) (1) Exchanged products (2,401 ) (2) Sales of refined products to third parties (260 ) (3) Operating income (4) 5,803 282 — 6,085 Interest expense, net 379 — — 379 Depreciation and amortization 1,361 23 — 1,384 Capital expenditures 2,021 46 — 2,067 (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 exchange 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 and refinery segments with respect to the refinery's inventory price risk.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring	RESTRUCTURING The following table shows the balances and activity for restructuring charges: (in millions) Severance and Related Costs Lease Restructuring Liability as of January 1, 2016 $ 52 $ 415 Additional costs and expenses 15 — Payments (48 ) (63 ) Liability as of September 30, 2016 $ 19 $ 352 Lease restructuring charges include remaining lease payments for permanently grounded aircraft related to domestic and Pacific fleet restructurings. Our domestic fleet restructuring initiative is replacing 50

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	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. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including stock options and restricted stock awards. 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) 2016 2015 2016 2015 Net income $ 1,259 $ 1,315 $ 3,751 $ 3,546 Basic weighted average shares outstanding 740 788 758 803 Dilutive effect of share-based awards 4 7 4 8 Diluted weighted average shares outstanding 744 795 762 811 Basic earnings per share $ 1.70 $ 1.67 $ 4.95 $ 4.42 Diluted earnings per share $ 1.69 $ 1.65 $ 4.92 $ 4.37

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our wholly owned subsidiaries and 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 for the year ended December 31, 2015 . Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring 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 and other factors, operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of operating results for the entire year.
Recent accounting standards	Recent Accounting Standards Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." Under this ASU and subsequently issued amendments, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. The standard is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption of the standard is permitted, but not before December 15, 2016. We are currently evaluating how the adoption of the revenue recognition standard will impact our Consolidated Financial Statements. Leases In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." This standard will require all leases with durations greater than twelve months to be recognized on the balance sheet and is effective for interim and annual reporting periods beginning after December 15, 2018, although early adoption is permitted. Although we have not completed our assessment, we believe adoption of this standard will have a significant impact on our Consolidated Balance Sheets. However, we do not expect the adoption to change the recognition, measurement or presentation of lease expenses within the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. Information about our undiscounted future lease payments and the timing of those payments is in Note 7, "Lease Obligations," in our Form 10-K. Equity Method Investments In March 2016, the FASB issued ASU No. 2016-07, "Investments—Equity Method and Joint Ventures (Topic 323)." This standard eliminates the requirement that when an existing cost method investment qualifies for use of the equity method, an investor must restate its historical financial statements, as if the equity method had been used since the investment was acquired. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive income/(loss) ("AOCI") will be recognized through earnings. We early adopted this standard during the March 2016 quarter. Although none of our available-for-sale or cost investments qualified for use of the equity method during 2016, we expect the tender offer for additional capital stock of Grupo Aeroméxico to be completed in the next six months, at which point our investment will qualify for the equity method of accounting. As of September 30, 2016, the unrealized gain recorded in AOCI related to our investment in Grupo Aeroméxico was $4 million . Share-Based Compensation In March 2016, the FASB issued ASU No. 2016-09, "Compensation—Stock Compensation (Topic 718)." This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. We early adopted this standard during the June 2016 quarter. The adoption of this standard resulted in the recognition of $95 million of previously unrecognized excess tax benefits in deferred income taxes, net and an increase to retained earnings on our Consolidated Balance Sheet as of the beginning of the current year and the recognition of $31 million of excess tax benefits to our income tax provision for the nine months ended September 30, 2016

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
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 Cash equivalents $ 1,080 $ 1,080 $ — Short-term investments U.S. government and agency securities 250 170 80 Asset- and mortgage-backed securities 265 — 265 Corporate obligations 880 — 880 Other fixed income securities 119 — 119 Restricted cash equivalents and investments 69 69 — Long-term investments 161 135 26 Hedge derivatives, net Fuel hedge contracts (271 ) (4 ) (267 ) Interest rate contract 8 — 8 Foreign currency exchange contracts (64 ) — (64 ) (in millions) December 31, Level 1 Level 2 Cash equivalents $ 1,543 $ 1,543 $ — Short-term investments U.S. government and agency securities 151 74 77 Asset- and mortgage-backed securities 380 — 380 Corporate obligations 896 — 896 Other fixed income securities 38 — 38 Restricted cash equivalents and investments 49 49 — Long-term investments 155 130 25 Hedge derivatives, net Fuel hedge contracts (672 ) 65 (737 ) Interest rate contract (3 ) — (3 ) Foreign currency exchange contracts 94 — 94

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Short-term Investments [Abstract]
Maturities for short-term investments	The estimated fair values of short-term investments, which approximate cost at September 30, 2016 , are shown below by contractual maturity. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to retire our investments without prepayment penalties. Investments with maturities beyond one year when purchased may be classified as short-term investments if they are expected to be available to support our short-term liquidity needs. (in millions) Available-For-Sale Due in one year or less $ 341 Due after one year through three years 940 Due after three years through five years 169 Due after five years 64 Total $ 1,514

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Hedge Position	Hedge Position as of September 30, 2016 (in millions) Volume Final Maturity Date Hedge Derivatives Asset Other Noncurrent Assets Hedge Derivatives Liability Other Noncurrent Liabilities Hedge Derivatives, net Designated as hedges Interest rate contract (fair value hedge) 349 U.S. dollars August 2022 $ 3 $ 5 $ — $ — $ 8 Foreign currency exchange contracts 60,509 Japanese yen February 2019 10 2 (44 ) (32 ) (64 ) 396 Canadian dollars Not designated as hedges Fuel hedge contracts (1) 179 gallons - crude oil, diesel and jet fuel December 2017 483 39 (680 ) (113 ) (271 ) Total derivative contracts $ 496 $ 46 $ (724 ) $ (145 ) $ (327 ) (1) As discussed above, we have early settled $455 million of our airline segment's 2016 hedge positions and entered into hedges designed to offset and effectively terminate our 2017 airline segment hedge positions. The dollar amounts shown above primarily represent the offsetting derivatives that were used to neutralize the 2016 and 2017 airline segment hedge portfolio. Hedge Position as of December 31, 2015 (in millions) Volume Final Maturity Date Hedge Derivatives Asset Other Noncurrent Assets Hedge Derivatives Liability Other Noncurrent Liabilities Hedge Derivatives, net Designated as hedges Interest rate contract (fair value hedge) 384 U.S. dollars August 2022 $ 4 $ — $ — $ (7 ) $ (3 ) Foreign currency exchange contracts 46,920 Japanese yen July 2018 76 20 (1 ) (1 ) 94 395 Canadian dollars Not designated as hedges Fuel hedge contracts 887 gallons - crude oil, diesel and jet fuel November 2017 1,907 4 (2,580 ) (3 ) (672 ) Total derivative contracts $ 1,987 $ 24 $ (2,581 ) $ (11 ) $ (581 ) Offsetting Assets and Liabilities We have master netting arrangements with our counterparties giving us the right to offset hedge assets and liabilities. However, we have elected not to offset the fair value positions recorded on our Consolidated Balance Sheets. The following table shows the net fair value positions by counterparty had we elected to offset. (in millions) Hedge Derivatives Asset Other Noncurrent Assets Hedge Derivatives Liability Other Noncurrent Liabilities Hedge Derivatives, net September 30, 2016 Net derivative contracts $ 10 $ 7 $ (238 ) $ (106 ) $ (327 ) December 31, 2015 Net derivative contracts $ 143 $ 21 $ (737 ) $ (8 ) $ (581 )
Schedule of Designated Hedge Gains (Losses)	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) 2016 2015 2016 2015 Three Months Ended September 30, Foreign currency exchange contracts $ (2 ) $ 69 $ (2 ) $ (53 ) Nine Months Ended September 30, Foreign currency exchange contracts $ 34 $ 161 $ (147 ) $ (105 )

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of estimated fair value of debt instruments	The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Long-term debt is primarily classified as Level 2 within the fair value hierarchy. (in millions) September 30, December 31, Total debt at par value $ 7,402 $ 8,098 Unamortized discount and debt issue cost, net (110 ) (152 ) Net carrying amount $ 7,292 $ 7,946 Fair value $ 7,700 $ 8,400

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of net benefit costs	The following table shows the components of net periodic cost: Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2016 2015 2016 2015 Three Months Ended September 30, Service cost $ — $ — $ 17 $ 16 Interest cost 229 221 37 35 Expected return on plan assets (226 ) (220 ) (18 ) (20 ) Amortization of prior service credit — — (7 ) (7 ) Recognized net actuarial loss 59 61 6 6 Net periodic cost $ 62 $ 62 $ 35 $ 30 Nine Months Ended September 30, Service cost $ — $ — $ 51 $ 48 Interest cost 687 663 111 105 Expected return on plan assets (678 ) (660 ) (54 ) (60 ) Amortization of prior service credit — — (21 ) (21 ) Recognized net actuarial loss 177 177 18 18 Net periodic cost $ 186 $ 180 $ 105 $ 90

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Future aircraft purchase commitments	Our future aircraft purchase commitments totaled approximately $15.4 billion at September 30, 2016 : (in millions) Total Three months ending December 31, 2016 $ 450 2017 2,690 2018 2,880 2019 3,380 2020 2,540 Thereafter 3,480 Total $ 15,420
Aircraft Purchase and Lease Commitments	Our future aircraft purchase commitments included the following aircraft at September 30, 2016 : Aircraft Type Purchase Commitments B-737-900ER 55 B-787-8 18 A321-200 71 A330-300 2 A330-900neo 25 A350-900 25 CS100 75 E190-100 8 Total 279

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following tables show the components of accumulated other comprehensive loss: (in millions) Pension and Other Benefits Liabilities (2) Derivative Contracts Investments Total Balance at January 1, 2016 (net of tax effect of $1,222) $ (7,354 ) $ 140 $ (61 ) $ (7,275 ) Changes in value (net of tax effect of $43) — (72 ) 46 (26 ) Reclassifications into earnings (net of tax effect of $51) (1) 111 (22 ) — 89 Balance at September 30, 2016 (net of tax effect of $1,214) $ (7,243 ) $ 46 $ (15 ) $ (7,212 ) (in millions) Pension and Other Benefits Liabilities (2) Derivative Contracts Investments Total Balance at January 1, 2015 (net of tax effect of $1,279) $ (7,517 ) $ 222 $ (16 ) $ (7,311 ) Changes in value (net of tax effect of $21) — 35 (52 ) (17 ) Reclassifications into earnings (net of tax effect of $7) (1) 114 (102 ) — 12 Balance at September 30, 2015 (net of tax effect of $1,251) $ (7,403 ) $ 155 $ (68 ) $ (7,316 ) (1) 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 are recorded in passenger revenue in the Condensed Consolidated Statements of Operations and Comprehensive Income. (2) Includes $ 1.9 billion

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	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, 2016 Operating revenue: $ 10,473 $ 971 $ 10,483 Sales to airline segment $ (173 ) (1) Exchanged products (734 ) (2) Sales of refined products to third parties (54 ) (3) Operating income (loss) (4) 2,014 (45 ) — 1,969 Interest expense, net 94 1 — 95 Depreciation and amortization 464 10 — 474 Total assets, end of period 49,748 1,200 — 50,948 Capital expenditures 652 28 — 680 Three Months Ended September 30, 2015 Operating revenue: $ 10,994 $ 1,258 $ 11,107 Sales to airline segment $ (267 ) (1) Exchanged products (761 ) (2) Sales of refined products to third parties (117 ) (3) Operating income (4) 2,107 106 — 2,213 Interest expense, net 121 — — 121 Depreciation and amortization 458 8 — 466 Total assets, end of period 52,287 1,258 — 53,545 Capital expenditures 536 26 — 562 (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 exchange 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 and refinery segments with respect to the refinery's inventory price risk. (in millions) Airline Refinery Intersegment Sales/Other Consolidated Nine Months Ended September 30, 2016 Operating revenue: $ 30,043 $ 2,763 $ 30,181 Sales to airline segment $ (495 ) (1) Exchanged products (2,005 ) (2) Sales of refined products to third parties (125 ) (3) Operating income (loss) (4) 6,015 (83 ) — 5,932 Interest expense, net 293 2 — 295 Depreciation and amortization 1,402 28 — 1,430 Capital expenditures 2,536 61 — 2,597 Nine Months Ended September 30, 2015 Operating revenue: $ 30,900 $ 3,755 $ 31,202 Sales to airline segment $ (792 ) (1) Exchanged products (2,401 ) (2) Sales of refined products to third parties (260 ) (3) Operating income (4) 5,803 282 — 6,085 Interest expense, net 379 — — 379 Depreciation and amortization 1,361 23 — 1,384 Capital expenditures 2,021 46 — 2,067 (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 exchange 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 and refinery segments with respect to the refinery's inventory price risk.

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Schedule of restructuring reserve by type of cost	The following table shows the balances and activity for restructuring charges: (in millions) Severance and Related Costs Lease Restructuring Liability as of January 1, 2016 $ 52 $ 415 Additional costs and expenses 15 — Payments (48 ) (63 ) Liability as of September 30, 2016 $ 19 $ 352

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	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) 2016 2015 2016 2015 Net income $ 1,259 $ 1,315 $ 3,751 $ 3,546 Basic weighted average shares outstanding 740 788 758 803 Dilutive effect of share-based awards 4 7 4 8 Diluted weighted average shares outstanding 744 795 762 811 Basic earnings per share $ 1.70 $ 1.67 $ 4.95 $ 4.42 Diluted earnings per share $ 1.69 $ 1.65 $ 4.92 $ 4.37

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
ASU 2016-09 | Adjustments for New Accounting Principle, Early Adoption
Schedule of Equity Method Investments
Excess tax benefits	$ 31
ASU 2016-09 | Adjustments for New Accounting Principle, Early Adoption | Other assets
Schedule of Equity Method Investments
Unrecognized tax benefits		$ (95)
ASU 2016-09 | Adjustments for New Accounting Principle, Early Adoption | Retained earnings
Schedule of Equity Method Investments
Unrecognized tax benefits		$ 95
Grupo Aeromexico
Schedule of Equity Method Investments
Unrealized gain	$ 4

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Assets, Fair Value Disclosure
Cash equivalents	$ 1,080	$ 1,543
Restricted cash equivalents and investments	69	49
Fuel hedge contracts	(271)	(672)
Interest rate contract	8	(3)
Foreign currency exchange contracts	(64)	94
U.S. government and agency securities
Assets, Fair Value Disclosure
Investments	250	151
Asset- and mortgage-backed securities
Assets, Fair Value Disclosure
Investments	265	380
Corporate obligations
Assets, Fair Value Disclosure
Investments	880	896
Other fixed income securities
Assets, Fair Value Disclosure
Investments	119	38
Long-Term Investments
Assets, Fair Value Disclosure
Investments	161	155
Level 1
Assets, Fair Value Disclosure
Cash equivalents	1,080	1,543
Restricted cash equivalents and investments	69	49
Fuel hedge contracts	(4)	65
Level 1 | U.S. government and agency securities
Assets, Fair Value Disclosure
Investments	170	74
Level 1 | Long-Term Investments
Assets, Fair Value Disclosure
Investments	135	130
Level 2
Assets, Fair Value Disclosure
Fuel hedge contracts	(267)	(737)
Interest rate contract	8	(3)
Foreign currency exchange contracts	(64)	94
Level 2 | U.S. government and agency securities
Assets, Fair Value Disclosure
Investments	80	77
Level 2 | Asset- and mortgage-backed securities
Assets, Fair Value Disclosure
Investments	265	380
Level 2 | Corporate obligations
Assets, Fair Value Disclosure
Investments	880	896
Level 2 | Other fixed income securities
Assets, Fair Value Disclosure
Investments	119	38
Level 2 | Long-Term Investments
Assets, Fair Value Disclosure
Investments	$ 26	$ 25

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	9 Months Ended
	Sep. 30, 2016
Minimum
Fair Value Assumptions and Methodology for Assets and Liabilities
Expected volatility rate (percent)	21.00%
Maximum
Fair Value Assumptions and Methodology for Assets and Liabilities
Expected volatility rate (percent)	46.00%

Investments - Schedule of matur

Investments - Schedule of maturities for short-term investments (Details) $ in Millions	Sep. 30, 2016USD ($)
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity
Due in one year or less	$ 341
Due after one year through three years	940
Due after three years through five years	169
Due after five years	64
Total	$ 1,514

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Grupo Aeromexico
Schedule of Available-for-sale Securities
Ownership percentage	4.20%	4.20%
Potential change in ownership percentage based on settlement of derivative	12.90%
Potential change ownership percentage		49.00%
Maximum settlement value for additional shares	$ 710,000,000	$ 710,000,000
GOL
Schedule of Available-for-sale Securities
Ownership percentage			9.50%
GOL | Preferred stock
Schedule of Available-for-sale Securities
Fair value of investment	$ 64,000,000	64,000,000
Loss on Investments		$ 42,000,000	$ 84,000,000
GOL | Term loan facility
Schedule of Available-for-sale Securities
Guarantee borrowings on third party debt			$ 300,000,000
Guarantee borrowings on third party debt, term			5 years
China Eastern
Schedule of Available-for-sale Securities
Ownership percentage in cost method investment			3.20%
Restriction of sale or transfer of shares period			3 years

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2017
Derivative
Proceeds from hedge derivative contracts					$ 166	$ 145
Payments on hedge derivative contracts					401	17
Loss on cash flow hedge contracts in AOCI to be reclassified into earnings within 12 months					24
Margin posted due to fair value position of hedge contracts	$ 20			$ 119	20
Airline
Derivative
Settlement of derivative contract					455
Fuel Derivative
Derivative
Expected proceeds from derivative instruments				$ 300
Expected payments for derivative instruments					300
Scenario, Forecast
Derivative
Expected proceeds from derivative instruments			$ 300
Expected payments for derivative instruments							$ 300
Fuel hedge contracts
Derivative
Derivative losses	$ 11	$ 250			$ 326	$ 563

Derivatives - Hedge Position (D

Derivatives - Hedge Position (Details) ¥ in Millions, gal in Millions, CAD in Millions, $ in Millions	Sep. 30, 2016JPY (¥)gal	Sep. 30, 2016CADgal	Sep. 30, 2016USD ($)gal	Dec. 31, 2015JPY (¥)gal	Dec. 31, 2015CADgal	Dec. 31, 2015USD ($)gal
Derivatives, Fair Value
Foreign currency exchange contracts, hedge derivatives, net			$ (64)			$ 94
Fuel hedge contracts, derivatives, net			(271)			(672)
Net derivative contracts, hedge derivatives, net			(327)			(581)
Hedge Derivatives Asset
Derivatives, Fair Value
Total derivative contracts, assets			496			1,987
Other Noncurrent Assets
Derivatives, Fair Value
Total derivative contracts, assets			46			24
Hedge Derivatives Liability
Derivatives, Fair Value
Total derivative contracts, liabilities			(724)			(2,581)
Other Noncurrent Liabilities
Derivatives, Fair Value
Total derivative contracts, liabilities			(145)			(11)
Designated as hedging instrument
Derivatives, Fair Value
Interest rate contract (fair value hedge), hedge derivatives, net			8			(3)
Foreign currency exchange contracts, hedge derivatives, net			(64)			94
Not designated as hedging instrument
Derivatives, Fair Value
Fuel hedge contracts, derivatives, net			(271)			(672)
Interest rate contract (fair value hedge) | Designated as hedging instrument | Hedge Derivatives Asset
Derivatives, Fair Value
Interest rate contract (fair value hedge), assets			3			4
Interest rate contract (fair value hedge) | Designated as hedging instrument | Other Noncurrent Assets
Derivatives, Fair Value
Interest rate contract (fair value hedge), assets			5			0
Interest rate contract (fair value hedge) | Designated as hedging instrument | Hedge Derivatives Liability
Derivatives, Fair Value
Interest rate contract (fair value hedge), liabilities			0			0
Interest rate contract (fair value hedge) | Designated as hedging instrument | Other Noncurrent Liabilities
Derivatives, Fair Value
Interest rate contract (fair value hedge), liabilities			0			(7)
Foreign currency exchange contracts | Designated as hedging instrument | Hedge Derivatives Asset
Derivatives, Fair Value
Foreign currency exchange contracts, assets			10			76
Foreign currency exchange contracts | Designated as hedging instrument | Other Noncurrent Assets
Derivatives, Fair Value
Foreign currency exchange contracts, assets			2			20
Foreign currency exchange contracts | Designated as hedging instrument | Hedge Derivatives Liability
Derivatives, Fair Value
Foreign currency exchange contracts, liabilities			(44)			(1)
Foreign currency exchange contracts | Designated as hedging instrument | Other Noncurrent Liabilities
Derivatives, Fair Value
Foreign currency exchange contracts, liabilities			$ (32)			$ (1)
Fuel hedge contracts | Not designated as hedging instrument
Derivatives, Fair Value
Derivative, nonmonetary notional amount | gal	179	179	179	887	887	887
Fuel hedge contracts | Not designated as hedging instrument | Hedge Derivatives Asset
Derivatives, Fair Value
Fuel hedge contracts, assets			$ 483			$ 1,907
Fuel hedge contracts | Not designated as hedging instrument | Other Noncurrent Assets
Derivatives, Fair Value
Fuel hedge contracts, assets			39			4
Fuel hedge contracts | Not designated as hedging instrument | Hedge Derivatives Liability
Derivatives, Fair Value
Fuel hedge contracts, liabilities			(680)			(2,580)
Fuel hedge contracts | Not designated as hedging instrument | Other Noncurrent Liabilities
Derivatives, Fair Value
Fuel hedge contracts, liabilities			(113)			(3)
Fair value hedging | Interest rate contract (fair value hedge) | Designated as hedging instrument
Derivatives, Fair Value
Derivative, notional amount			$ 349			$ 384
Cash flow hedging | Foreign currency exchange contracts | Designated as hedging instrument
Derivatives, Fair Value
Derivative, notional amount	¥ 60,509	CAD 396		¥ 46,920	CAD 395

Derivatives Derivatives - Offse

Derivatives Derivatives - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Derivative
Net derivative contracts, hedge derivatives, net	$ (327)	$ (581)
Hedge Derivatives Asset
Derivative
Net derivative contracts, assets	10	143
Other assets
Derivative
Net derivative contracts, assets	7	21
Hedge Derivatives Liability
Derivative
Net derivative contracts, liabilities	(238)	(737)
Other Noncurrent Liabilities
Derivative
Net derivative contracts, liabilities	$ (106)	$ (8)

Derivatives - Designated Hedge

Derivatives - Designated Hedge Gain (Loss) (Details) - Foreign currency exchange contracts - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
Effective Portion Reclassified from AOCI to Earnings	$ (2)	$ 69	$ 34	$ 161
Effective Portion Recognized in Other Comprehensive Income	$ (2)	$ (53)	$ (147)	$ (105)

Long-Term Debt - Schedule of Fa

Long-Term Debt - Schedule of Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Debt
Total debt at par value	$ 7,402	$ 8,098
Unamortized discount and debt issue cost, net	(110)	(152)
Net carrying amount	7,292	7,946
Fair value	$ 7,700	$ 8,400

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Narratives) (Details)	Mar. 31, 2016USD ($)aircraft
Debt Disclosure [Abstract]
Financing arrangement | $	$ 450,000,000
Number of assets used as collateral | aircraft	26

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Benefit Plan Components (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Pension Benefits
Defined Benefit Plan Disclosure
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	229	221	687	663
Expected return on plan assets	(226)	(220)	(678)	(660)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss	59	61	177	177
Net periodic cost	62	62	186	180
Other Postretirement and Postemployment Benefits
Defined Benefit Plan Disclosure
Service cost	17	16	51	48
Interest cost	37	35	111	105
Expected return on plan assets	(18)	(20)	(54)	(60)
Amortization of prior service credit	(7)	(7)	(21)	(21)
Recognized net actuarial loss	6	6	18	18
Net periodic cost	$ 35	$ 30	$ 105	$ 90

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Purchase Obligations (Details) - Future aircraft purchase commitments $ in Millions	Sep. 30, 2016USD ($)
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity
Three months ending December 31, 2016	$ 450
2,017	2,690
2,018	2,880
2,019	3,380
2,020	2,540
Thereafter	3,480
Total	$ 15,420

Commitments and Contingencies41

Commitments and Contingencies - Aircraft Purchase and Lease Commitments (Details) - Future aircraft purchase commitments - aircraft	Sep. 30, 2016	Jun. 30, 2016
Unrecorded Unconditional Purchase Obligation
Aircraft purchase commitments, minimum quantity required	279
B-737-900ER
Unrecorded Unconditional Purchase Obligation
Aircraft purchase commitments, minimum quantity required	55
B-787-8
Unrecorded Unconditional Purchase Obligation
Aircraft purchase commitments, minimum quantity required	18
A321-200
Unrecorded Unconditional Purchase Obligation
Aircraft purchase commitments, minimum quantity required	71
A321-200 | Airbus
Unrecorded Unconditional Purchase Obligation
Aircraft purchase commitments, minimum quantity required		37
A330-300
Unrecorded Unconditional Purchase Obligation
Aircraft purchase commitments, minimum quantity required	2
A330-900neo
Unrecorded Unconditional Purchase Obligation
Aircraft purchase commitments, minimum quantity required	25
A350-900
Unrecorded Unconditional Purchase Obligation
Aircraft purchase commitments, minimum quantity required	25
CS100
Unrecorded Unconditional Purchase Obligation
Aircraft purchase commitments, minimum quantity required	75
Aircraft purchase commitment with purchase options	50
E190-100
Unrecorded Unconditional Purchase Obligation
Aircraft purchase commitments, minimum quantity required	8

Commitments and Contingencies42

Commitments and Contingencies - Devaluation and Other Contingencies (Details) employee in Thousands	Feb. 28, 2016USD ($)seat	Sep. 30, 2016employee
Other Commitments
Entity number of employees | employee		84
Percentage of employees represented by unions under collective bargaining agreements		18.00%
Increase in pay rate		18.00%
Shuttle America
Other Commitments
Line of credit loan commitment | $	$ 75,000,000
Embraer 170/175
Other Commitments
Number of seats in plane | seat	50

Accumulated Other Comprehensi43

Accumulated Other Comprehensive Loss - Schedule of AOCI Components (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 10,850
Ending balance	12,510
Accumulated other comprehensive income tax portion, period start	1,222	$ 1,279
Other comprehensive income tax affect	43	21
Reclassification into earnings tax effect	51	7
Accumulated other comprehensive income tax portion, period end	1,214	1,251
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax
Beginning balance	(7,275)	(7,311)
Changes in value (net of tax effect)	(26)	(17)
Reclassifications into earnings (net of tax effect)	89	12
Ending balance	(7,212)	(7,316)
Pension and Other Benefits Liabilities
AOCI Attributable to Parent, Net of Tax
Beginning balance	(7,354)	(7,517)
Changes in value (net of tax effect)	0	0
Reclassifications into earnings (net of tax effect)	111	114
Ending balance	(7,243)	(7,403)
Deferred income taxes related to pension obligation	1,900	1,900
Derivative Contracts
AOCI Attributable to Parent, Net of Tax
Beginning balance	140	222
Changes in value (net of tax effect)	(72)	35
Reclassifications into earnings (net of tax effect)	(22)	(102)
Ending balance	46	155
Investments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(61)	(16)
Changes in value (net of tax effect)	46	(52)
Reclassifications into earnings (net of tax effect)	0	0
Ending balance	$ (15)	$ (68)

Segments (Narrative) (Details)

Segments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information, Profit (Loss)
Operating revenue	$ (10,483)	$ (11,107)	$ (30,181)	$ (31,202)
Intersegment Sales/Other | Exchanged products
Segment Reporting Information, Profit (Loss)
Operating revenue	$ 734	$ 761	$ 2,005	$ 2,401

Segments - Schedule of Segment

Segments - Schedule of Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information, Profit (Loss)
Operating revenue	$ 10,483	$ 11,107	$ 30,181	$ 31,202
Operating income (loss)	1,969	2,213	5,932	6,085
Interest expense, net	95	121	295	379
Depreciation and amortization	474	466	1,430	1,384
Assets	50,948	53,545	50,948	53,545	$ 53,134
Capital expenditures	680	562	2,597	2,067
Operating Segments | Airline
Segment Reporting Information, Profit (Loss)
Operating revenue	10,473	10,994	30,043	30,900
Operating income (loss)	2,014	2,107	6,015	5,803
Interest expense, net	94	121	293	379
Depreciation and amortization	464	458	1,402	1,361
Assets	49,748	52,287	49,748	52,287
Capital expenditures	652	536	2,536	2,021
Operating Segments | Refinery
Segment Reporting Information, Profit (Loss)
Operating revenue	971	1,258	2,763	3,755
Operating income (loss)	(45)	106	(83)	282
Interest expense, net	1	0	2	0
Depreciation and amortization	10	8	28	23
Assets	1,200	1,258	1,200	1,258
Capital expenditures	28	26	61	46
Intersegment Sales/Other | Sales to airline segment
Segment Reporting Information, Profit (Loss)
Operating revenue	(173)	(267)	(495)	(792)
Intersegment Sales/Other | Exchanged products
Segment Reporting Information, Profit (Loss)
Operating revenue	(734)	(761)	(2,005)	(2,401)
Intersegment Sales/Other | Sales of refined products to third parties
Segment Reporting Information, Profit (Loss)
Operating revenue	$ (54)	$ (117)	$ (125)	$ (260)

Restructuring - Narrative (Deta

Restructuring - Narrative (Details)	9 Months Ended
	Sep. 30, 2016seat
Regional carrier
Restructuring Cost and Reserve
Number of seats in plane	50

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring Charges (Details) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Severance and Related Costs
Restructuring Reserve
Liability as of January 1, 2016	$ 52
Additional costs and expenses	15
Payments	(48)
September 30, 2016	19
Lease Restructuring
Restructuring Reserve
Liability as of January 1, 2016	415
Additional costs and expenses	0
Payments	(63)
September 30, 2016	$ 352

Earnings Per Share - Schedule

Earnings Per Share - Schedule of Computation for Earnings Per Share Types (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net income	$ 1,259	$ 1,315	$ 3,751	$ 3,546
Basic weighted average shares outstanding, shares	740	788	758	803
Dilutive effect of share-based awards, shares	4	7	4	8
Diluted weighted average shares outstanding, shares	744	795	762	811
Basic earnings per share (in USD per share)	$ 1.70	$ 1.67	$ 4.95	$ 4.42
Diluted earnings per share (in USD per share)	$ 1.69	$ 1.65	$ 4.92	$ 4.37