Cover
Cover | 6 Months Ended |
Jun. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Document Transition Report | false |
Entity File Number | 001-5424 |
Entity Registrant Name | DELTA AIR LINES, INC. |
Entity Central Index Key | 0000027904 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 58-0218548 |
Entity Address, Address Line One | Post Office Box 20706 |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30320-6001 |
City Area Code | 404 |
Local Phone Number | 715-2600 |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Trading Symbol | DAL |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 639,914,878 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 10,357 | $ 8,307 |
Short-term investments | 4,873 | 5,789 |
Accounts receivable, net of an allowance for uncollectible accounts of $80 and $89 | 2,258 | 1,396 |
Fuel inventory | 641 | 377 |
Expendable parts and supplies inventories, net of an allowance for obsolescence of $178 and $188 | 364 | 355 |
Prepaid expenses and other | 1,173 | 1,180 |
Total current assets | 19,666 | 17,404 |
Noncurrent Assets: | ||
Property and equipment, net of accumulated depreciation and amortization of $18,477 and $17,511 | 27,508 | 26,529 |
Operating lease right-of-use assets | 5,653 | 5,733 |
Goodwill | 9,753 | 9,753 |
Identifiable intangibles, net of accumulated amortization of $888 and $883 | 6,006 | 6,011 |
Cash restricted for airport construction | 929 | 1,556 |
Equity investments | 2,143 | 1,665 |
Deferred income taxes, net | 2,158 | 1,988 |
Other noncurrent assets | 1,493 | 1,357 |
Total noncurrent assets | 55,643 | 54,592 |
Total assets | 75,309 | 71,996 |
Current Liabilities: | ||
Current maturities of debt and finance leases | 2,372 | 1,732 |
Current maturities of operating leases | 638 | 678 |
Accounts payable | 3,930 | 2,840 |
Accrued salaries and related benefits | 2,215 | 2,086 |
Fuel card obligation | 1,100 | 1,100 |
Other accrued liabilities | 3,763 | 1,670 |
Total current liabilities | 23,573 | 15,927 |
Noncurrent Liabilities: | ||
Debt and finance leases | 26,679 | 27,425 |
Pension, postretirement and related benefits | 8,644 | 10,630 |
Noncurrent operating leases | 5,633 | 5,713 |
Other noncurrent liabilities | 4,715 | 4,862 |
Total noncurrent liabilities | 50,455 | 54,535 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 649,637,387 and 647,352,203 shares issued | 0 | 0 |
Additional paid-in capital | 11,396 | 11,259 |
Accumulated deficit | (953) | (428) |
Accumulated other comprehensive loss | (8,882) | (9,038) |
Treasury stock, at cost, 9,722,509 and 9,169,683 shares | (280) | (259) |
Total stockholders' equity | 1,281 | 1,534 |
Total liabilities and stockholders' equity | 75,309 | 71,996 |
Air traffic | ||
Current Liabilities: | ||
Deferred revenue liability, current | 6,798 | 4,044 |
Noncurrent Liabilities: | ||
Deferred revenue liability, noncurrent | 140 | 500 |
Loyalty program | ||
Current Liabilities: | ||
Deferred revenue liability, current | 2,757 | 1,777 |
Noncurrent Liabilities: | ||
Deferred revenue liability, noncurrent | $ 4,644 | $ 5,405 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Allowance for uncollectible accounts | $ 80 | $ 89 |
Allowance for obsolescence | 178 | 188 |
Noncurrent Assets: | ||
Accumulated depreciation and amortization | 18,477 | 17,511 |
Accumulated amortization | $ 888 | $ 883 |
Stockholders' Equity: | ||
Common stock, par value (USD per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (shares) | 1,500,000,000 | 1,500,000,000 |
Common stock, issued (shares) | 649,637,387 | 647,352,203 |
Treasury stock, at cost (shares) | 9,722,509 | 9,169,683 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Revenue: | ||||
Total operating revenue | $ 7,126 | $ 1,468 | $ 11,276 | $ 10,060 |
Operating Expense: | ||||
Salaries and related costs | 2,328 | 2,127 | 4,530 | 4,989 |
Aircraft fuel and related taxes | 1,487 | 372 | 2,504 | 1,967 |
Ancillary businesses and refinery | 939 | 401 | 1,645 | 620 |
Contracted services | 570 | 369 | 1,089 | 1,117 |
Depreciation and amortization | 501 | 591 | 993 | 1,268 |
Landing fees and other rents | 460 | 422 | 953 | 972 |
Regional carrier expense | 403 | 338 | 804 | 914 |
Aircraft maintenance materials and outside repairs | 287 | 43 | 581 | 512 |
Passenger commissions and other selling expenses | 222 | 50 | 332 | 448 |
Passenger service | 175 | 91 | 294 | 364 |
Aircraft rent | 104 | 96 | 208 | 196 |
Restructuring charges | 8 | 2,454 | (36) | 2,454 |
Government grant recognition | (1,504) | (1,280) | (2,689) | (1,280) |
Other | 330 | 209 | 650 | 744 |
Total operating expense | 6,310 | 6,283 | 11,858 | 15,285 |
Operating Income/(Loss) | 816 | (4,815) | (582) | (5,225) |
Non-Operating Expense: | ||||
Interest expense, net | (338) | (194) | (700) | (273) |
Impairments and equity method losses | 0 | (2,058) | (54) | (2,318) |
Gain/(loss) on investments, net | 211 | 8 | 473 | (104) |
Miscellaneous, net | 87 | 45 | 124 | 299 |
Total non-operating expense, net | (40) | (2,199) | (157) | (2,396) |
Income/(Loss) Before Income Taxes | 776 | (7,014) | (739) | (7,621) |
Income Tax (Provision)/Benefit | (124) | 1,297 | 214 | 1,370 |
Net Income/(Loss) | $ 652 | $ (5,717) | $ (525) | $ (6,251) |
Basic Earnings/(Loss) Per Share (USD per share) | $ 1.02 | $ (9.01) | $ (0.82) | $ (9.83) |
Diluted Earnings/(Loss) Per Share (USD per share) | 1.02 | (9.01) | (0.82) | (9.83) |
Cash Dividends Declared Per Share (USD per share) | $ 0 | $ 0 | $ 0 | $ 0.40 |
Comprehensive Income/(Loss) | $ 730 | $ (5,756) | $ (369) | $ (6,199) |
Passenger | ||||
Operating Revenue: | ||||
Total operating revenue | 5,339 | 678 | 8,087 | 8,247 |
Cargo | ||||
Operating Revenue: | ||||
Total operating revenue | 251 | 108 | 466 | 261 |
Other | ||||
Operating Revenue: | ||||
Total operating revenue | $ 1,536 | $ 682 | $ 2,723 | $ 1,552 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net Cash Provided by Operating Activities | ||
Net Cash Provided by Operating Activities | $ 2,557 | $ 68 |
Property and equipment additions: | ||
Flight equipment, including advance payments | (527) | (659) |
Ground property and equipment, including technology | (672) | (559) |
Proceeds from sale-leaseback transactions | 0 | 465 |
Purchase of short-term investments | (5,587) | (4,955) |
Redemption of short-term investments | 6,494 | 654 |
Purchase of equity investments | 0 | (2,099) |
Other, net | 258 | 107 |
Net cash used in investing activities | (34) | (7,046) |
Cash Flows from Financing Activities: | ||
Proceeds from short-term obligations | 0 | 3,261 |
Proceeds from long-term obligations | 1,902 | 11,747 |
Proceeds from sale-leaseback transactions | 0 | 2,306 |
Payments on debt and finance lease obligations | (3,133) | (1,712) |
Repurchase of common stock | 0 | (344) |
Cash dividends | 0 | (260) |
Fuel card obligation | 0 | 103 |
Other, net | 111 | (35) |
Net cash (used in)/provided by financing activities | (1,120) | 15,066 |
Net Increase in Cash, Cash Equivalents and Restricted Cash Equivalents | 1,403 | 8,088 |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 10,055 | 3,730 |
Cash, cash equivalents and restricted cash equivalents at end of period | 11,458 | 11,818 |
Non-Cash Transactions: | ||
Flight and ground equipment acquired under finance leases | 779 | 213 |
Right-of-use assets acquired under operating leases | 259 | 393 |
Other financings | 240 | 0 |
Current Assets: | ||
Cash and cash equivalents | 10,357 | 11,366 |
Restricted cash included in prepaid expenses and other | 172 | 113 |
Noncurrent Assets: | ||
Cash restricted for airport construction | 929 | 339 |
Total cash, cash equivalents and restricted cash equivalents | $ 11,458 | $ 11,818 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | |
Beginning balance at Dec. 31, 2019 | $ 15,358 | $ 0 | $ 11,129 | $ 12,454 | $ (7,989) | $ (236) | |
Beginning balance (shares) at Dec. 31, 2019 | 652 | 9 | |||||
Net income/(loss) | (534) | (534) | |||||
Dividends declared | (257) | (257) | |||||
Other comprehensive income (loss) | 91 | 91 | |||||
Common stock issued for employee equity awards | [1] | (5) | 29 | $ (34) | |||
Common stock issued for employee equity awards (shares) | [1] | 1 | 1 | ||||
Stock purchased and retired | (344) | (104) | (240) | ||||
Stock purchased and retired (shares) | (6) | ||||||
Ending balance at Mar. 31, 2020 | 14,309 | $ 0 | 11,054 | 11,423 | (7,898) | $ (270) | |
Ending balance (shares) at Mar. 31, 2020 | 647 | 10 | |||||
Beginning balance at Dec. 31, 2019 | 15,358 | $ 0 | 11,129 | 12,454 | (7,989) | $ (236) | |
Beginning balance (shares) at Dec. 31, 2019 | 652 | 9 | |||||
Net income/(loss) | (6,251) | ||||||
Ending balance at Jun. 30, 2020 | 8,690 | $ 0 | 11,192 | 5,706 | (7,937) | $ (271) | |
Ending balance (shares) at Jun. 30, 2020 | 647 | 10 | |||||
Beginning balance at Mar. 31, 2020 | 14,309 | $ 0 | 11,054 | 11,423 | (7,898) | $ (270) | |
Beginning balance (shares) at Mar. 31, 2020 | 647 | 10 | |||||
Net income/(loss) | (5,717) | (5,717) | |||||
Other comprehensive income (loss) | (39) | (39) | |||||
Common stock issued for employee equity awards | [1] | 37 | 38 | $ (1) | |||
Common stock issued for employee equity awards (shares) | [1] | 0 | 0 | ||||
Government grant warrant issuance | 100 | 100 | |||||
Ending balance at Jun. 30, 2020 | 8,690 | $ 0 | 11,192 | 5,706 | (7,937) | $ (271) | |
Ending balance (shares) at Jun. 30, 2020 | 647 | 10 | |||||
Beginning balance at Dec. 31, 2020 | 1,534 | $ 0 | 11,259 | (428) | (9,038) | $ (259) | |
Beginning balance (shares) at Dec. 31, 2020 | 647 | 9 | |||||
Net income/(loss) | (1,177) | (1,177) | |||||
Other comprehensive income (loss) | 78 | 78 | |||||
Common stock issued for employee equity awards | [2] | 3 | 23 | $ (20) | |||
Common stock issued for employee equity awards (shares) | [2] | 2 | 1 | ||||
Government grant warrant issuance | 44 | 44 | |||||
Ending balance at Mar. 31, 2021 | 482 | $ 0 | 11,326 | (1,605) | (8,960) | $ (279) | |
Ending balance (shares) at Mar. 31, 2021 | 649 | 10 | |||||
Beginning balance at Dec. 31, 2020 | 1,534 | $ 0 | 11,259 | (428) | (9,038) | $ (259) | |
Beginning balance (shares) at Dec. 31, 2020 | 647 | 9 | |||||
Net income/(loss) | (525) | ||||||
Ending balance at Jun. 30, 2021 | 1,281 | $ 0 | 11,396 | (953) | (8,882) | $ (280) | |
Ending balance (shares) at Jun. 30, 2021 | 650 | 10 | |||||
Beginning balance at Mar. 31, 2021 | 482 | $ 0 | 11,326 | (1,605) | (8,960) | $ (279) | |
Beginning balance (shares) at Mar. 31, 2021 | 649 | 10 | |||||
Net income/(loss) | 652 | 652 | |||||
Other comprehensive income (loss) | 78 | 78 | |||||
Common stock issued for employee equity awards | [2] | 27 | 28 | $ (1) | |||
Common stock issued for employee equity awards (shares) | [2] | 1 | 0 | ||||
Government grant warrant issuance | 42 | 42 | |||||
Ending balance at Jun. 30, 2021 | $ 1,281 | $ 0 | $ 11,396 | $ (953) | $ (8,882) | $ (280) | |
Ending balance (shares) at Jun. 30, 2021 | 650 | 10 | |||||
[1] | Treasury shares were withheld for payment of taxes, at a weighted average price per share of $56.48 and $25.56 in the March 2020 quarter and June 2020 quarter, respectively. | ||||||
[2] | Treasury shares were withheld for payment of taxes, at a weighted average price per share of $38.35 and $46.21 in the March 2021 quarter and June 2021 quarter, respectively. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |||
Statement of Stockholders' Equity [Abstract] | ||||||
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share) | $ 46.21 | [1] | $ 38.35 | $ 25.56 | [1] | $ 56.48 |
[1] | Treasury shares were withheld for payment of taxes, at a weighted average price per share of $56.48 and $25.56 in the March 2020 quarter and June 2020 quarter, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 consolidated 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, 2020. 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 impacts from the COVID-19 pandemic and the uncertain pace of recovery, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three and six months ended June 30, 2021 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. Regional Carrier Expense We previously allocated certain costs (such as landing fees and other rents, salaries and related costs and contracted services) to regional carrier expense in our Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) ("income statement") based on relevant statistics (such as passenger counts). Beginning in the March 2021 quarter we ceased performing this allocation and have reclassified the costs presented in prior periods to align with this presentation. This reclassification better reflects the nature of, and how management views, these regional carrier related expenses. This allocation was approximately $900 million in 2020, including approximately $160 million in the June 2020 quarter, and $1.4 billion in 2019, including approximately $360 million in the June 2019 quarter. The remaining amounts in regional carrier expense represent payments to our regional carriers under capacity purchase agreements and the expenses of our wholly owned regional subsidiary, Endeavor Air, Inc. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Passenger Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Ticket $ 4,553 $ 568 $ 6,830 $ 7,078 Loyalty travel awards 428 45 669 588 Travel-related services 358 65 588 581 Total passenger revenue $ 5,339 $ 678 $ 8,087 $ 8,247 We recognized approximately $1.4 billion and $2.9 billion in passenger revenue during the six months ended June 30, 2021 and 2020, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods. In the March 2021 quarter, we announced the extension of the validity of all passenger tickets and travel credits purchased or expiring in 2021 to December 2022. In addition, we waived change fees for all tickets purchased through April 30, 2021, as well as eliminated change fees for domestic and international tickets originating from North America with the exception of Basic Economy tickets. Other Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Ancillary businesses and refinery $ 962 $ 390 $ 1,688 $ 613 Loyalty program 439 269 807 743 Miscellaneous 135 23 228 196 Total other revenue $ 1,536 $ 682 $ 2,723 $ 1,552 Ancillary Businesses and Refinery. Ancillary businesses and refinery includes refinery sales to third parties, aircraft maintenance services we provide to third parties and our vacation wholesale operations. Loyalty Program. Our SkyMiles loyalty program allows customers to earn mileage credits ("miles") by flying on Delta, Delta Connection and other airlines that participate in the loyalty program. Customers can also earn miles through participating companies, such as credit card companies, hotels, car rental agencies and ridesharing companies, who purchase miles from us. Our most significant contract to sell miles relates to our co-brand credit card relationship with American Express. During the six months ended June 30, 2021 and 2020, total cash sales from marketing agreements related to our loyalty program were $1.8 billion and $1.5 billion, respectively, which are allocated to travel and other performance obligations. Current Activity of the Loyalty Program. Miles are combined in one homogeneous pool and are not separately identifiable. Therefore, the revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period as well as miles that were issued during the period. The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements. Loyalty program activity (in millions) 2021 2020 Balance at January 1 $ 7,182 $ 6,728 Miles earned 915 872 Travel miles redeemed (669) (588) Non-travel miles redeemed (27) (31) Balance at June 30 $ 7,401 $ 6,981 The timing of mile redemptions can vary widely; however, the majority of miles have historically been redeemed within two years of being earned. Revenue by Geographic Region Operating revenue for the airline segment is recognized in a specific geographic region based on the origin, flight path and destination of each flight segment. A significant portion of the refinery segment's revenues typically consists of fuel sales to support the airline, which is eliminated in the Condensed Consolidated Financial Statements. The remaining operating revenue for the refinery segment is included in the domestic region. Our passenger and operating revenue by geographic region is summarized in the following tables: Passenger revenue by geographic region Passenger Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Domestic $ 4,478 $ 564 $ 6,758 $ 6,165 Atlantic 288 64 430 882 Latin America 485 18 749 783 Pacific 88 32 150 417 Total $ 5,339 $ 678 $ 8,087 $ 8,247 Operating revenue by geographic region Operating Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Domestic $ 5,894 $ 1,264 $ 9,262 $ 7,531 Atlantic 467 119 734 1,113 Latin America 586 26 967 889 Pacific 179 59 313 527 Total $ 7,126 $ 1,468 $ 11,276 $ 10,060 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Assets Measured at Fair Value on a Recurring Basis (in millions) June 30, Level 1 Level 2 Level 3 Cash equivalents $ 7,887 $ 7,887 $ — $ — Restricted cash equivalents 1,101 1,101 — — Short-term investments 4,873 2,807 2,066 — Long-term investments 1,888 1,230 557 101 (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 5,755 $ 5,755 $ — $ — Restricted cash equivalents 1,747 1,747 — — Short-term investments 5,789 3,919 1,870 — Long-term investments 1,417 948 38 431 Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents are recorded in prepaid expenses and other and cash restricted for airport construction on our Consolidated Balance Sheet ("balance sheet"). Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to proceeds from debt issued to finance, among other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport. The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets. Short-Term Investments. Short-term investments consist of U.S. government and agency securities. The fair values of these 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. As of June 30, 2021, the estimated fair value of our short-term investments was $4.9 billion. Of these investments, $4.2 billion are expected to mature in one year or less, with the remainder maturing by the end of 2022. Investments with maturities beyond one year when purchased are classified as short-term investments if they are expected to be available to support our short-term liquidity needs. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS We have developed strategic relationships with a number of airlines and airline services companies through joint ventures and other forms of cooperation and support, including equity investments. Our equity investments reinforce our commitment to these relationships and generally enhance our ability to offer input to the investee on strategic issues and direction, in some cases through representation on the board of directors. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments in our income statement within non-operating expense and are driven by changes in stock prices, other valuation techniques for investments in companies without publicly-traded shares and foreign currency fluctuations. We recorded gains of $211 million and $473 million on our fair value investments during the three and six months ended June 30, 2021 and gains of $8 million and losses of $104 million during the three and six months ended June 30, 2020, respectively. Our share of Unifi Aviation's financial results is recorded in contracted services in our income statement as this entity is integral to the operations of our business, while our share of other equity method investees' financial results is recorded in impairments and equity method losses in our income statement under non-operating expense. If an investment accounted for under the equity method experiences a loss in value that is determined to be other than temporary, we will reduce our carrying value of the investment to fair value and record the loss in impairments and equity method losses in our income statement. Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Wheels Up Fair Value 24 % 24 % $ 520 $ 210 Hanjin-KAL Fair Value 13 % 13 % 517 512 Air France-KLM Fair Value 6 % 9 % 181 235 China Eastern Fair Value 3 % 3 % 197 201 CLEAR Fair Value 6 % 6 % 331 120 Unifi Aviation Equity Method 49 % 49 % 162 154 Other investments Various 234 233 Equity investments $ 2,143 $ 1,665 Wheels Up. In the March 2021 quarter, Wheels Up entered into a definitive agreement to become publicly-traded via a merger with Aspirational, and the transaction closed on July 13, 2021. Aspirational changed its name to Wheels Up Experience Inc. upon consummation of the transaction, and the Wheels Up common stock began trading on the New York Stock Exchange under the symbol UP. We account for our investment under the fair value option and will use the stock price to recognize fair value adjustments beginning in the September 2021 quarter. Clear Secure, Inc. ("CLEAR"). In June 2021, CLEAR launched and priced an initial public offering of Class A common stock, which began trading on the New York Stock Exchange under the symbol YOU. Based on the June 30, 2021 closing price of those shares, our 6% ownership interest (on a fully exchanged and converted basis) in CLEAR is valued at $331 million. Other Investments. This category includes various investments that are accounted for at fair value or under the equity method, depending on our ownership interest and the level of influence conveyed by our investment. Included therein are our investments in Grupo Aeroméxico, LATAM Airlines Group S.A. ("LATAM") and Virgin Atlantic, all of which are undergoing in-court or out-of-court restructurings, and the carrying values of these investments have been reduced to and remain zero at June 30, 2021. In order to support our relationships with these carriers, we have provided them with strategic and operational assistance through their restructurings. We have notes payable of approximately $530 million, which are recorded in current maturities of debt and finance leases, and receivables from those partners recorded within other noncurrent assets as of June 30, 2021, including $185 million related to our option to purchase certain obligations of a lender under Grupo Aeroméxico's restructuring process and that lender’s right to require our purchase of that portion of its obligations. GOL. During 2020, we loaned GOL Linhas Aéreas Inteligentes, the parent company of GOL Linhas Aéreas (operating as GOL), $250 million to be used exclusively to repay the term loan we had previously guaranteed. In the June 2021 quarter, GOL repaid the outstanding balance of this loan in full. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Summary of outstanding debt by category Maturity Interest Rate(s) Per Annum at June 30, December 31, (in millions) Dates June 30, 2021 2021 2020 Unsecured notes 2022 to 2029 2.90% to 7.38% $ 4,750 $ 5,350 Unsecured Payroll Support Program Loan 2030 1.00% 1,648 1,648 Unsecured Payroll Support Program Extension Loan 2031 1.00% 957 — Unsecured Payroll Support Program 3 Loan 2031 1.00% 891 — Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2023 to 2028 4.50% and 4.75% 6,000 6,000 SkyMiles Term Loan (1)(2) 2023 to 2027 4.75% 3,000 3,000 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 3,500 3,500 2020 Term Loan n/a n/a — 1,493 2018 Revolving Credit Facility (2) 2022 to 2023 Undrawn — — Financing arrangements secured by aircraft: Certificates (1) 2021 to 2028 2.00% to 8.00% 2,009 2,633 Notes (1)(2) 2021 to 2033 0.71% to 5.75% 1,279 1,284 NYTDC Special Facilities Revenue Bonds, Series 2020 (1) 2026 to 2045 4.00% to 5.00% 1,511 1,511 NYTDC Special Facilities Revenue Bonds, Series 2018 (1) 2022 to 2036 4.00% to 5.00% 1,383 1,383 Other financings (1)(2) 2021 to 2030 2.25% to 8.00% 594 412 Other revolving credit facilities (2) 2022 Undrawn — — Total secured and unsecured debt 27,522 28,214 Unamortized (discount)/premium and debt issue cost, net and other (257) (240) Total debt 27,265 27,974 Less: current maturities (2,019) (1,443) Total long-term debt $ 25,246 $ 26,531 (1) Due in installments. (2) Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor) or another index rate, in each case plus a specified margin. Unsecured Payroll Support Program Extension Loans The Consolidated Appropriations Act, 2021 was enacted on December 27, 2020, and included an extension of the payroll support program created under the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") providing an additional $15 billion in grants and loans to the airline industry to be used for airline employee wages, salaries and benefits. In January 2021, we entered into a payroll support program extension agreement with the U.S. Department of the Treasury. During the six months ended June 30, 2021, we received a total of $3.3 billion in payroll support payments under this extension agreement, which must be used exclusively for the payment of employee wages, salaries and benefits and were conditioned on our agreement to refrain from conducting involuntary employee layoffs or furloughs from the date of the extension agreement through March 2021. Other conditions include prohibitions on share repurchases and dividends through March 2022 and certain limitations on executive compensation until October 2022. The Department of Transportation also has the authority until March 1, 2022 to require airlines that received payroll support program funds to maintain scheduled air service deemed necessary to any point served by the airline before March 1, 2020. These support payments consisted of $2.3 billion in a grant and $957 million in an unsecured 10-year low interest loan and, in return, we entered into a promissory note for the loan and issued warrants to the U.S. Department of the Treasury to acquire approximately 2.4 million shares of Delta common stock. The loan bears interest at an annual rate of 1.00% for the first five years and the applicable Secured Overnight Financing Rate ("SOFR") plus 2.00% in the final five years. The warrants have an initial exercise price of $39.73 per share, subject to adjustment in certain cases, and a five The American Rescue Plan Act of 2021 was enacted on March 11, 2021, and included a further extension of the payroll support program providing an additional $14 billion in grants and loans to the industry to be used for airline employee wages, salaries and benefits. In April 2021, we entered into a Payroll Support Program 3 Agreement with the U.S. Department of the Treasury. During the June 2021 quarter we received a total of $3.1 billion in payroll support payments under this agreement, which must be used exclusively for the payment of employee wages, salaries and benefits and is conditioned on our agreement to refrain from conducting involuntary employee layoffs or furloughs from the date of the agreement through September 30, 2021 or the date on which we have expended all of the payroll support, whichever is later. Other conditions include prohibitions on share repurchases and dividends through September 30, 2022 and certain limitations on executive compensation until April 1, 2023. These support payments consisted of $2.2 billion in a grant and $891 million in an unsecured 10-year low interest loan and, in return, we entered into a promissory note for the loan and issued warrants to the U.S. Department of the Treasury to acquire approximately 1.9 million shares of Delta common stock. The loan bears interest at an annual rate of 1.00% for the first five years and the applicable SOFR plus 2.00% in the final five years. The warrants have an initial exercise price of $47.80 per share, subject to adjustment in certain cases, and a five A summary of the amounts received and warrants issued under the initial payroll support program under the CARES Act and the program extensions is set forth in the following table: Summary of payroll support program activity (in millions) Total Grant Loan Number of Warrants Percentage of Outstanding Shares at June 30, 2021 Payroll Support Program (PSP1) $ 5,594 $ 3,946 $ 1,648 6.8 1.1 % Payroll Support Program Extension (PSP2) (1) 3,290 2,333 957 2.4 0.4 % Payroll Support Program 3 (PSP3) (2) 3,069 2,178 891 1.9 0.3 % Total $ 11,953 $ 8,457 $ 3,496 11.1 1.8 % (1) During the June 2021 quarter the remaining $1.1 billion of this grant was recognized in government grant recognition in our income statement. (2) During the June 2021 quarter $356 million of this grant was recognized in government grant recognition in our income statement and $1.8 billion is deferred in other accrued liabilities on our balance sheet as of June 30, 2021. 2020 Term Loan In 2020 we entered into a $1.5 billion term loan secured by certain slots, gates and routes. In the March 2021 quarter we repaid in full the term loan, which was scheduled to mature in April 2023, and incurred a $56 million loss on extinguishment of debt, which is recorded in miscellaneous, net in non-operating expense in our income statement. Enhanced Equipment Trust Certificates ("EETCs") Prepayments In June 2021, we repaid in full approximately $450 million of various EETCs which were scheduled to mature between 2022 and 2023, and incurred a $26 million loss on extinguishment of debt, which is recorded in miscellaneous, net in non-operating expense in our income statement. Availability Under Revolving Facilities As of June 30, 2021, we had approximately $2.6 billion undrawn and available under our revolving credit facilities. In addition, we had outstanding letters of credit as of June 30, 2021, including approximately $300 million that reduced the availability under our revolving credit facilities and approximately $300 million that did not affect the availability of our revolving credit facilities. Fair Value of Debt Market risk associated with our fixed- and variable-rate 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 where applicable, underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy. Fair value of outstanding debt (in millions) June 30, December 31, Net carrying amount $ 27,265 $ 27,974 Fair value $ 29,600 $ 29,800 Covenants |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Employee benefit plans net periodic (benefit) cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2021 2020 2021 2020 Three Months Ended June 30, Service cost $ — $ — $ 21 $ 24 Interest cost 146 175 29 28 Expected return on plan assets (381) (343) (9) (11) Amortization of prior service credit — — (2) (2) Recognized net actuarial loss 88 74 15 10 Settlements — 3 — — Net periodic (benefit) cost $ (147) $ (91) $ 54 $ 49 Employee benefit plans net periodic (benefit) cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2021 2020 2021 2020 Six Months Ended June 30, Service cost $ — $ — $ 43 $ 48 Interest cost 291 351 59 56 Expected return on plan assets (761) (687) (17) (22) Amortization of prior service credit — — (3) (4) Recognized net actuarial loss 177 149 27 21 Settlements — 3 — — Net periodic (benefit) cost $ (293) $ (184) $ 109 $ 99 Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within miscellaneous, net under non-operating expense. We have no minimum funding requirements for our defined benefit pension plans in 2021, however we voluntarily contributed $1.5 billion to these plans in the June 2021 quarter. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $15.2 billion at June 30, 2021. Also, as of June 30, 2021, we had commitments under leases that had not yet commenced of $719 million. These leases will commence between 2021 and 2024 with lease terms ranging from 7 to 12 years. Aircraft purchase commitments (in millions) Total Six months ending December 31, 2021 $ 980 2022 3,350 2023 2,890 2024 3,060 2025 2,660 Thereafter 2,220 Total $ 15,160 Our future aircraft purchase commitments included the following aircraft at June 30, 2021: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-100 4 A220-300 41 A321-200 7 A321-200neo 125 A330-900neo 26 A350-900 (1) 27 B737-900ER 29 Total 259 (1) Includes seven A350-900 lease commitments in 2021 incremental to our order book with Airbus. Aircraft Orders During the June 2021 quarter, we agreed with Airbus to add incremental aircraft to our order book by converting options for 25 A321neo aircraft into firm orders and replenishing our options. We also agreed to move up two existing A350-900 and one A330-900neo deliveries to occur in the second half of 2022. We expect to take delivery of our first A321neo in the first half of 2022. Also during the June 2021 quarter, we agreed to acquire 29 737-900 aircraft and enter into leases for seven A350-900 aircraft. Deliveries of these pre-owned aircraft are expected to occur by the first quarter of 2022 with phased entry into service expected through the summer of 2023. 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, we believe that the resolution of current 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 insurance policies in place as required by applicable environmental laws. Some 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 specified changes in laws or regulations. In some of these financing transactions, we also bear the risk of 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. 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS Components of accumulated other comprehensive loss (in millions) Pension and Other Benefit Liabilities (2) Other Total Balance at January 1, 2021 (net of tax effect of $1,764) $ (9,078) $ 40 $ (9,038) Reclassifications into earnings (net of tax effect of $47) (1) 156 — 156 Balance at June 30, 2021 (net of tax effect of $1,717) $ (8,922) $ 40 $ (8,882) Balance at January 1, 2020 (net of tax effect of $1,549) $ (8,095) $ 106 $ (7,989) Changes in value (net of tax effect of $4) (6) 8 2 Reclassifications into earnings (net of tax effect of $123) (1) 133 (83) 50 Balance at June 30, 2020 (net of tax effect of $1,431) $ (7,968) $ 31 $ (7,937) (1) Amounts reclassified from AOCI for pension and other benefit liabilities are recorded in miscellaneous, net in non-operating expense in our income statement. (2) Includes approximately $750 million of deferred income tax expense primarily related to pension and other benefit obligations that will not be recognized in net income until these obligations are fully extinguished. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to results from operations. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2021 | |
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 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 six months ended June 30, 2021 was $536 million and $1.0 billion, respectively, compared to $65 million and $895 million, respectively, for the three and six months ended June 30, 2020. 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. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended June 30, 2021 Operating revenue: $ 6,349 $ 1,434 $ 7,126 Sales to airline segment $ (108) (1) Exchanged products (536) (2) Sales of refined products (13) (3) Operating income (loss) 973 (157) — 816 Interest expense, net 337 1 — 338 Depreciation and amortization 501 24 (24) (4) 501 Restructuring charges 8 — — 8 Total assets, end of period 73,484 1,825 — 75,309 Net fair value obligations, end of period (5) — (527) — (527) Capital expenditures 752 9 — 761 Three Months Ended June 30, 2020 Operating revenue: $ 1,176 $ 513 $ 1,468 Sales to airline segment $ (3) (1) Exchanged products (65) (2) Sales of refined products (153) (3) Operating loss (4,701) (114) — (4,815) Interest expense (income), net 196 (2) — 194 Depreciation and amortization 591 25 (25) (4) 591 Restructuring charges 2,454 — — 2,454 Total assets, end of period 70,707 1,554 — 72,261 Net fair value obligations, end of period (5) — (49) — (49) Capital expenditures 281 1 — 282 (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) These sales were at or near cost; accordingly, the margin on these sales is de minimis. (4) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. (5) The fair values of these obligations, which are related to renewable fuel compliance costs, are based on quoted market prices and other observable information and are classified as Level 2 in the fair value hierarchy. At June 30, 2021 we had a gross fair value obligation of $581 million and related assets of $55 million. At June 30, 2020 we had a gross fair value obligation of $55 million and related assets of $6 million. We expect to use the assets in settling a portion of our obligations. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Six Months Ended June 30, 2021 Operating revenue: $ 9,959 $ 2,481 $ 11,276 Sales to airline segment $ (108) (1) Exchanged products (1,039) (2) Sales of refined products (17) (3) Operating loss (299) (283) — (582) Interest expense, net 697 3 — 700 Depreciation and amortization 993 48 (48) (4) 993 Restructuring charges (36) — — (36) Capital expenditures 1,177 22 — 1,199 Six Months Ended June 30, 2020 Operating revenue: $ 9,768 $ 1,697 $ 10,060 Sales to airline segment $ (214) (1) Exchanged products (895) (2) Sales of refined products (296) (3) Operating loss (5,140) (85) — (5,225) Interest expense (income), net 277 (4) — 273 Depreciation and amortization 1,268 49 (49) (4) 1,268 Restructuring charges 2,454 — — 2,454 Capital expenditures 1,206 12 — 1,218 (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) These sales were at or near cost; accordingly, the margin on these sales is de minimis. (4) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | EARNINGS/(LOSS) PER SHARE We calculate basic earnings/(loss) per share and diluted (loss) per share by di viding net income/(loss) 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, restricted stock awards a nd warrants. Ant idilutive 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/(loss) per share: Basic and diluted earnings/(loss) per share Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2021 2020 2021 2020 Net income/(loss) $ 652 $ (5,717) $ (525) $ (6,251) Basic weighted average shares outstanding 637 635 636 636 Dilutive effect of share-based awards 5 — — — Diluted weighted average shares outstanding 642 635 636 636 Basic earnings/(loss) per share $ 1.02 $ (9.01) $ (0.82) $ (9.83) Diluted earnings/(loss) per share $ 1.02 $ (9.01) $ (0.82) $ (9.83) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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 consolidated 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, 2020. 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 impacts from the COVID-19 pandemic and the uncertain pace of recovery, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three and six months ended June 30, 2021 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. |
Regional Carrier Expense | Regional Carrier Expense We previously allocated certain costs (such as landing fees and other rents, salaries and related costs and contracted services) to regional carrier expense in our Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) ("income statement") based on relevant statistics (such as passenger counts). Beginning in the March 2021 quarter we ceased performing this allocation and have reclassified the costs presented in prior periods to align with this presentation. This reclassification better reflects the nature of, and how management views, these regional carrier related expenses. This allocation was approximately $900 million in 2020, including approximately $160 million in the June 2020 quarter, and $1.4 billion in 2019, including approximately $360 million in the June 2019 quarter. The remaining amounts in regional carrier expense represent payments to our regional carriers under capacity purchase agreements and the expenses of our wholly owned regional subsidiary, Endeavor Air, Inc. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | Passenger Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Ticket $ 4,553 $ 568 $ 6,830 $ 7,078 Loyalty travel awards 428 45 669 588 Travel-related services 358 65 588 581 Total passenger revenue $ 5,339 $ 678 $ 8,087 $ 8,247 Other Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Ancillary businesses and refinery $ 962 $ 390 $ 1,688 $ 613 Loyalty program 439 269 807 743 Miscellaneous 135 23 228 196 Total other revenue $ 1,536 $ 682 $ 2,723 $ 1,552 |
Schedule of activity in loyalty program deferred revenue | The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements. Loyalty program activity (in millions) 2021 2020 Balance at January 1 $ 7,182 $ 6,728 Miles earned 915 872 Travel miles redeemed (669) (588) Non-travel miles redeemed (27) (31) Balance at June 30 $ 7,401 $ 6,981 |
Schedule of revenue by geographic region | Our passenger and operating revenue by geographic region is summarized in the following tables: Passenger revenue by geographic region Passenger Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Domestic $ 4,478 $ 564 $ 6,758 $ 6,165 Atlantic 288 64 430 882 Latin America 485 18 749 783 Pacific 88 32 150 417 Total $ 5,339 $ 678 $ 8,087 $ 8,247 Operating revenue by geographic region Operating Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Domestic $ 5,894 $ 1,264 $ 9,262 $ 7,531 Atlantic 467 119 734 1,113 Latin America 586 26 967 889 Pacific 179 59 313 527 Total $ 7,126 $ 1,468 $ 11,276 $ 10,060 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on a recurring basis | Assets Measured at Fair Value on a Recurring Basis (in millions) June 30, Level 1 Level 2 Level 3 Cash equivalents $ 7,887 $ 7,887 $ — $ — Restricted cash equivalents 1,101 1,101 — — Short-term investments 4,873 2,807 2,066 — Long-term investments 1,888 1,230 557 101 (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 5,755 $ 5,755 $ — $ — Restricted cash equivalents 1,747 1,747 — — Short-term investments 5,789 3,919 1,870 — Long-term investments 1,417 948 38 431 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of equity investments ownership and carrying value - fair value | Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Wheels Up Fair Value 24 % 24 % $ 520 $ 210 Hanjin-KAL Fair Value 13 % 13 % 517 512 Air France-KLM Fair Value 6 % 9 % 181 235 China Eastern Fair Value 3 % 3 % 197 201 CLEAR Fair Value 6 % 6 % 331 120 Unifi Aviation Equity Method 49 % 49 % 162 154 Other investments Various 234 233 Equity investments $ 2,143 $ 1,665 |
Summary of equity investments ownership and carrying value - equity method | Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Wheels Up Fair Value 24 % 24 % $ 520 $ 210 Hanjin-KAL Fair Value 13 % 13 % 517 512 Air France-KLM Fair Value 6 % 9 % 181 235 China Eastern Fair Value 3 % 3 % 197 201 CLEAR Fair Value 6 % 6 % 331 120 Unifi Aviation Equity Method 49 % 49 % 162 154 Other investments Various 234 233 Equity investments $ 2,143 $ 1,665 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Summary of outstanding debt by category Maturity Interest Rate(s) Per Annum at June 30, December 31, (in millions) Dates June 30, 2021 2021 2020 Unsecured notes 2022 to 2029 2.90% to 7.38% $ 4,750 $ 5,350 Unsecured Payroll Support Program Loan 2030 1.00% 1,648 1,648 Unsecured Payroll Support Program Extension Loan 2031 1.00% 957 — Unsecured Payroll Support Program 3 Loan 2031 1.00% 891 — Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2023 to 2028 4.50% and 4.75% 6,000 6,000 SkyMiles Term Loan (1)(2) 2023 to 2027 4.75% 3,000 3,000 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 3,500 3,500 2020 Term Loan n/a n/a — 1,493 2018 Revolving Credit Facility (2) 2022 to 2023 Undrawn — — Financing arrangements secured by aircraft: Certificates (1) 2021 to 2028 2.00% to 8.00% 2,009 2,633 Notes (1)(2) 2021 to 2033 0.71% to 5.75% 1,279 1,284 NYTDC Special Facilities Revenue Bonds, Series 2020 (1) 2026 to 2045 4.00% to 5.00% 1,511 1,511 NYTDC Special Facilities Revenue Bonds, Series 2018 (1) 2022 to 2036 4.00% to 5.00% 1,383 1,383 Other financings (1)(2) 2021 to 2030 2.25% to 8.00% 594 412 Other revolving credit facilities (2) 2022 Undrawn — — Total secured and unsecured debt 27,522 28,214 Unamortized (discount)/premium and debt issue cost, net and other (257) (240) Total debt 27,265 27,974 Less: current maturities (2,019) (1,443) Total long-term debt $ 25,246 $ 26,531 (1) Due in installments. (2) Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor) or another index rate, in each case plus a specified margin. |
Schedule of payroll support program activity | A summary of the amounts received and warrants issued under the initial payroll support program under the CARES Act and the program extensions is set forth in the following table: Summary of payroll support program activity (in millions) Total Grant Loan Number of Warrants Percentage of Outstanding Shares at June 30, 2021 Payroll Support Program (PSP1) $ 5,594 $ 3,946 $ 1,648 6.8 1.1 % Payroll Support Program Extension (PSP2) (1) 3,290 2,333 957 2.4 0.4 % Payroll Support Program 3 (PSP3) (2) 3,069 2,178 891 1.9 0.3 % Total $ 11,953 $ 8,457 $ 3,496 11.1 1.8 % (1) During the June 2021 quarter the remaining $1.1 billion of this grant was recognized in government grant recognition in our income statement. (2) During the June 2021 quarter $356 million of this grant was recognized in government grant recognition in our income statement and $1.8 billion is deferred in other accrued liabilities on our balance sheet as of June 30, 2021. |
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 where applicable, underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy. Fair value of outstanding debt (in millions) June 30, December 31, Net carrying amount $ 27,265 $ 27,974 Fair value $ 29,600 $ 29,800 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of components net periodic (benefit) cost | Employee benefit plans net periodic (benefit) cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2021 2020 2021 2020 Three Months Ended June 30, Service cost $ — $ — $ 21 $ 24 Interest cost 146 175 29 28 Expected return on plan assets (381) (343) (9) (11) Amortization of prior service credit — — (2) (2) Recognized net actuarial loss 88 74 15 10 Settlements — 3 — — Net periodic (benefit) cost $ (147) $ (91) $ 54 $ 49 Employee benefit plans net periodic (benefit) cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2021 2020 2021 2020 Six Months Ended June 30, Service cost $ — $ — $ 43 $ 48 Interest cost 291 351 59 56 Expected return on plan assets (761) (687) (17) (22) Amortization of prior service credit — — (3) (4) Recognized net actuarial loss 177 149 27 21 Settlements — 3 — — Net periodic (benefit) cost $ (293) $ (184) $ 109 $ 99 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future aircraft purchase commitments | Our future aircraft purchase commitments totaled approximately $15.2 billion at June 30, 2021. Also, as of June 30, 2021, we had commitments under leases that had not yet commenced of $719 million. These leases will commence between 2021 and 2024 with lease terms ranging from 7 to 12 years. Aircraft purchase commitments (in millions) Total Six months ending December 31, 2021 $ 980 2022 3,350 2023 2,890 2024 3,060 2025 2,660 Thereafter 2,220 Total $ 15,160 Our future aircraft purchase commitments included the following aircraft at June 30, 2021: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-100 4 A220-300 41 A321-200 7 A321-200neo 125 A330-900neo 26 A350-900 (1) 27 B737-900ER 29 Total 259 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of components of accumulated other comprehensive loss | Components of accumulated other comprehensive loss (in millions) Pension and Other Benefit Liabilities (2) Other Total Balance at January 1, 2021 (net of tax effect of $1,764) $ (9,078) $ 40 $ (9,038) Reclassifications into earnings (net of tax effect of $47) (1) 156 — 156 Balance at June 30, 2021 (net of tax effect of $1,717) $ (8,922) $ 40 $ (8,882) Balance at January 1, 2020 (net of tax effect of $1,549) $ (8,095) $ 106 $ (7,989) Changes in value (net of tax effect of $4) (6) 8 2 Reclassifications into earnings (net of tax effect of $123) (1) 133 (83) 50 Balance at June 30, 2020 (net of tax effect of $1,431) $ (7,968) $ 31 $ (7,937) (1) Amounts reclassified from AOCI for pension and other benefit liabilities are recorded in miscellaneous, net in non-operating expense in our income statement. (2) Includes approximately $750 million of deferred income tax expense primarily related to pension and other benefit obligations that will not be recognized in net income until these obligations are fully extinguished. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to results from operations. |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | 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. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended June 30, 2021 Operating revenue: $ 6,349 $ 1,434 $ 7,126 Sales to airline segment $ (108) (1) Exchanged products (536) (2) Sales of refined products (13) (3) Operating income (loss) 973 (157) — 816 Interest expense, net 337 1 — 338 Depreciation and amortization 501 24 (24) (4) 501 Restructuring charges 8 — — 8 Total assets, end of period 73,484 1,825 — 75,309 Net fair value obligations, end of period (5) — (527) — (527) Capital expenditures 752 9 — 761 Three Months Ended June 30, 2020 Operating revenue: $ 1,176 $ 513 $ 1,468 Sales to airline segment $ (3) (1) Exchanged products (65) (2) Sales of refined products (153) (3) Operating loss (4,701) (114) — (4,815) Interest expense (income), net 196 (2) — 194 Depreciation and amortization 591 25 (25) (4) 591 Restructuring charges 2,454 — — 2,454 Total assets, end of period 70,707 1,554 — 72,261 Net fair value obligations, end of period (5) — (49) — (49) Capital expenditures 281 1 — 282 (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) These sales were at or near cost; accordingly, the margin on these sales is de minimis. (4) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. (5) The fair values of these obligations, which are related to renewable fuel compliance costs, are based on quoted market prices and other observable information and are classified as Level 2 in the fair value hierarchy. At June 30, 2021 we had a gross fair value obligation of $581 million and related assets of $55 million. At June 30, 2020 we had a gross fair value obligation of $55 million and related assets of $6 million. We expect to use the assets in settling a portion of our obligations. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Six Months Ended June 30, 2021 Operating revenue: $ 9,959 $ 2,481 $ 11,276 Sales to airline segment $ (108) (1) Exchanged products (1,039) (2) Sales of refined products (17) (3) Operating loss (299) (283) — (582) Interest expense, net 697 3 — 700 Depreciation and amortization 993 48 (48) (4) 993 Restructuring charges (36) — — (36) Capital expenditures 1,177 22 — 1,199 Six Months Ended June 30, 2020 Operating revenue: $ 9,768 $ 1,697 $ 10,060 Sales to airline segment $ (214) (1) Exchanged products (895) (2) Sales of refined products (296) (3) Operating loss (5,140) (85) — (5,225) Interest expense (income), net 277 (4) — 273 Depreciation and amortization 1,268 49 (49) (4) 1,268 Restructuring charges 2,454 — — 2,454 Capital expenditures 1,206 12 — 1,218 (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) These sales were at or near cost; accordingly, the margin on these sales is de minimis. (4) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. |
Earnings_(Loss) Per Share (Tabl
Earnings/(Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings/(loss) per share | The following table shows the computation of basic and diluted earnings/(loss) per share: Basic and diluted earnings/(loss) per share Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2021 2020 2021 2020 Net income/(loss) $ 652 $ (5,717) $ (525) $ (6,251) Basic weighted average shares outstanding 637 635 636 636 Dilutive effect of share-based awards 5 — — — Diluted weighted average shares outstanding 642 635 636 636 Basic earnings/(loss) per share $ 1.02 $ (9.01) $ (0.82) $ (9.83) Diluted earnings/(loss) per share $ 1.02 $ (9.01) $ (0.82) $ (9.83) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allocation [Line Items] | |||||||
Regional carrier expense | $ 403 | $ 338 | $ 804 | $ 914 | |||
Effect of allocation | |||||||
Allocation [Line Items] | |||||||
Regional carrier expense | $ (160) | $ (360) | $ (900) | $ (1,400) |
Revenue Recognition - Passenger
Revenue Recognition - Passenger Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 7,126 | $ 1,468 | $ 11,276 | $ 10,060 |
Passenger | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 5,339 | 678 | 8,087 | 8,247 |
Ticket | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 4,553 | 568 | 6,830 | 7,078 |
Loyalty travel awards | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 428 | 45 | 669 | 588 |
Travel-related services | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 358 | $ 65 | $ 588 | $ 581 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Billions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized that was previously deferred | $ 1.4 | $ 2.9 |
Cash sales of mileage credits | $ 1.8 | $ 1.5 |
Redemption period for majority of new miles (in years) | 2 years |
Revenue Recognition - Other Rev
Revenue Recognition - Other Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 7,126 | $ 1,468 | $ 11,276 | $ 10,060 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 1,536 | 682 | 2,723 | 1,552 |
Ancillary businesses and refinery | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 962 | 390 | 1,688 | 613 |
Loyalty program | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 439 | 269 | 807 | 743 |
Miscellaneous | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 135 | $ 23 | $ 228 | $ 196 |
Revenue Recognition - Loyalty P
Revenue Recognition - Loyalty Program Liability (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Loyalty Program | ||
Miles earned | $ 915 | $ 872 |
Travel miles redeemed | (669) | (588) |
Non-travel miles redeemed | (27) | (31) |
Loyalty program | ||
Loyalty Program | ||
Current and noncurrent deferred revenue, beginning | 7,182 | 6,728 |
Current and noncurrent deferred revenue, ending | $ 7,401 | $ 6,981 |
Revenue Recognition - Revenue b
Revenue Recognition - Revenue by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 7,126 | $ 1,468 | $ 11,276 | $ 10,060 |
Domestic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 5,894 | 1,264 | 9,262 | 7,531 |
Atlantic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 467 | 119 | 734 | 1,113 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 586 | 26 | 967 | 889 |
Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 179 | 59 | 313 | 527 |
Passenger | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 5,339 | 678 | 8,087 | 8,247 |
Passenger | Domestic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 4,478 | 564 | 6,758 | 6,165 |
Passenger | Atlantic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 288 | 64 | 430 | 882 |
Passenger | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 485 | 18 | 749 | 783 |
Passenger | Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 88 | $ 32 | $ 150 | $ 417 |
Fair Value Measurements - Measu
Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Cash equivalents | $ 7,887 | $ 5,755 |
Restricted cash equivalents | 1,101 | 1,747 |
Short-term investments | 4,873 | 5,789 |
Long-term investments | 1,888 | 1,417 |
Level 1 | ||
Fair Value | ||
Cash equivalents | 7,887 | 5,755 |
Restricted cash equivalents | 1,101 | 1,747 |
Short-term investments | 2,807 | 3,919 |
Long-term investments | 1,230 | 948 |
Level 2 | ||
Fair Value | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Short-term investments | 2,066 | 1,870 |
Long-term investments | 557 | 38 |
Level 3 | ||
Fair Value | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Long-term investments | $ 101 | $ 431 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Short-term investments | $ 4,873 | $ 5,789 |
Short-term investments expected to mature in one year or less | $ 4,200 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Investments [Line Items] | |||||
Gain/(loss) on investments, net | $ 211 | $ 8 | $ 473 | $ (104) | |
CLEAR | |||||
Investments [Line Items] | |||||
Ownership interest (percent) | 6.00% | 6.00% | 6.00% | ||
Long-term investments | $ 331 | $ 331 | $ 120 | ||
Grupo Aeromexico | |||||
Investments [Line Items] | |||||
Long-term investments | 0 | 0 | |||
LATAM | |||||
Investments [Line Items] | |||||
Long-term investments | 0 | 0 | |||
Virgin Atlantic | |||||
Investments [Line Items] | |||||
Long-term investments | 0 | 0 | |||
Grupo Aeromexico, LATAM, and Virgin Atlantic | |||||
Investments [Line Items] | |||||
Receivable | 530 | 530 | |||
Grupo Aeromexico | |||||
Investments [Line Items] | |||||
Receivable | 185 | 185 | |||
GOL | |||||
Investments [Line Items] | |||||
Loan issued | $ 250 | ||||
Support for investee carriers | Grupo Aeromexico, LATAM, and Virgin Atlantic | |||||
Investments [Line Items] | |||||
Notes payable | 530 | 530 | |||
Support for investee carriers | Grupo Aeromexico | |||||
Investments [Line Items] | |||||
Notes payable | $ 185 | $ 185 |
Investments - Equity Investment
Investments - Equity Investments Ownership Interest and Carrying Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Equity Method Investments | ||
Equity investments | $ 2,143 | $ 1,665 |
Wheels Up | ||
Equity Method Investments | ||
Ownership interest (percent) | 24.00% | 24.00% |
Carrying value | $ 520 | $ 210 |
Hanjin-KAL | ||
Equity Method Investments | ||
Ownership interest (percent) | 13.00% | 13.00% |
Carrying value | $ 517 | $ 512 |
Air France-KLM | ||
Equity Method Investments | ||
Ownership interest (percent) | 6.00% | 9.00% |
Carrying value | $ 181 | $ 235 |
China Eastern | ||
Equity Method Investments | ||
Ownership interest (percent) | 3.00% | 3.00% |
Carrying value | $ 197 | $ 201 |
CLEAR | ||
Equity Method Investments | ||
Ownership interest (percent) | 6.00% | 6.00% |
Carrying value | $ 331 | $ 120 |
Other investments | ||
Equity Method Investments | ||
Carrying value | $ 234 | $ 233 |
Unifi Aviation | ||
Equity Method Investments | ||
Ownership interest (percent) | 49.00% | 49.00% |
Carrying value | $ 162 | $ 154 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt, gross | $ 27,522 | $ 28,214 |
Unamortized (discount)/premium and debt issue cost, net and other | (257) | (240) |
Total debt | 27,265 | 27,974 |
Less: current maturities | (2,019) | (1,443) |
Total long-term debt | $ 25,246 | 26,531 |
Unsecured notes | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2022 | |
Maturity dates range, end | Dec. 31, 2029 | |
Debt, gross | $ 4,750 | 5,350 |
Unsecured notes | Unsecured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 2.90% | |
Unsecured notes | Unsecured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 7.38% | |
Unsecured Payroll Support Program Loan | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2030 | |
Interest rate per annum (percent) | 1.00% | |
Debt, gross | $ 1,648 | 1,648 |
Unsecured Payroll Support Program Extension Loan | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2031 | |
Interest rate per annum (percent) | 1.00% | |
Debt, gross | $ 957 | 0 |
Unsecured Payroll Support Program 3 Loan | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2031 | |
Interest rate per annum (percent) | 1.00% | |
Debt, gross | $ 891 | 0 |
SkyMiles Notes | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2023 | |
Maturity dates range, end | Dec. 31, 2028 | |
Debt, gross | $ 6,000 | 6,000 |
SkyMiles Notes | Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 4.50% | |
SkyMiles Notes | Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 4.75% | |
SkyMiles Term Loan | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2023 | |
Maturity dates range, end | Dec. 31, 2027 | |
Interest rate per annum (percent) | 4.75% | |
Debt, gross | $ 3,000 | 3,000 |
2020 Senior Secured Notes | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2025 | |
Interest rate per annum (percent) | 7.00% | |
Debt, gross | $ 3,500 | 3,500 |
2020 Term Loan | Secured debt | ||
Debt Instrument [Line Items] | ||
Debt, gross | $ 0 | 1,493 |
2018 Revolving Credit Facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2022 | |
Maturity dates range, end | Dec. 31, 2023 | |
Debt, gross | $ 0 | 0 |
Financing secured by aircraft - Certificates | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jul. 1, 2021 | |
Maturity dates range, end | Dec. 31, 2028 | |
Debt, gross | $ 2,009 | 2,633 |
Financing secured by aircraft - Certificates | Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 2.00% | |
Financing secured by aircraft - Certificates | Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 8.00% | |
Financing secured by aircraft - Notes | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jul. 1, 2021 | |
Maturity dates range, end | Dec. 31, 2033 | |
Debt, gross | $ 1,279 | 1,284 |
Financing secured by aircraft - Notes | Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 0.71% | |
Financing secured by aircraft - Notes | Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 5.75% | |
NYTDC Special Facilities Revenue Bonds, Series 2020 | Bonds | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2026 | |
Maturity dates range, end | Dec. 31, 2045 | |
Debt, gross | $ 1,511 | 1,511 |
NYTDC Special Facilities Revenue Bonds, Series 2020 | Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 4.00% | |
NYTDC Special Facilities Revenue Bonds, Series 2020 | Bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 5.00% | |
NYTDC Special Facilities Revenue Bonds, Series 2018 | Bonds | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2022 | |
Maturity dates range, end | Dec. 31, 2036 | |
Debt, gross | $ 1,383 | 1,383 |
NYTDC Special Facilities Revenue Bonds, Series 2018 | Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 4.00% | |
NYTDC Special Facilities Revenue Bonds, Series 2018 | Bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 5.00% | |
Other financings | Secured and unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jul. 1, 2021 | |
Maturity dates range, end | Dec. 31, 2030 | |
Debt, gross | $ 594 | 412 |
Other financings | Secured and unsecured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 2.25% | |
Other financings | Secured and unsecured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 8.00% | |
Other revolving credit facilities | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2022 | |
Debt, gross | $ 0 | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 60 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2031 | Dec. 31, 2030 | Mar. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||||||
Government grant warrant issuance | $ 42,000,000 | $ 44,000,000 | $ 100,000,000 | |||||||
Outstanding letters of credit that reduce availability under revolvers | $ 300,000,000 | 300,000,000 | $ 300,000,000 | |||||||
Outstanding letters of credit that do not affect availability of revolvers | 300,000,000 | 300,000,000 | 300,000,000 | |||||||
Revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Undrawn credit facilities | 2,600,000,000 | $ 2,600,000,000 | 2,600,000,000 | |||||||
2020 Term Loan | Secured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument amount | $ 1,500,000,000 | |||||||||
Loss on extinguishment of debt | $ 56,000,000 | |||||||||
EETC | Secured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of debt | 450,000,000 | |||||||||
Loss on extinguishment of debt | $ 26,000,000 | |||||||||
PSP2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from payroll support program | 3,290,000,000 | |||||||||
Grant payments received through payroll support program | $ 2,333,000,000 | |||||||||
PSP2 | PSP2 Warrants | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number shares called by warrants (in shares) | 2.4 | 2.4 | 2.4 | |||||||
Warrant exercise price (USD per share) | $ 39.73 | $ 39.73 | $ 39.73 | |||||||
Warrants term (in years) | 5 years | |||||||||
Government grant warrant issuance | $ 52,000,000 | |||||||||
PSP2 | Unsecured Payroll Support Program Extension Loan | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from unsecured loan | $ 957,000,000 | |||||||||
Debt instrument term | 10 years | |||||||||
Relative fair value basis | $ 905,000,000 | $ 905,000,000 | $ 905,000,000 | |||||||
PSP2 | Unsecured Payroll Support Program Extension Loan | Unsecured debt | Forecast | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Annual interest rate (percent) | 1.00% | |||||||||
PSP2 | Unsecured Payroll Support Program Extension Loan | Unsecured debt | SOFR | Forecast | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Margin on rate (percent) | 2.00% | |||||||||
PSP3 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from payroll support program | 3,069,000,000 | |||||||||
Grant payments received through payroll support program | $ 2,178,000,000 | |||||||||
PSP3 | PSP3 Warrants | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number shares called by warrants (in shares) | 1.9 | 1.9 | 1.9 | |||||||
Warrant exercise price (USD per share) | $ 47.80 | $ 47.80 | $ 47.80 | |||||||
Warrants term (in years) | 5 years | |||||||||
Government grant warrant issuance | $ 34,000,000 | |||||||||
PSP3 | Unsecured Payroll Support Program 3 Loan | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from unsecured loan | $ 891,000,000 | |||||||||
Debt instrument term | 10 years | |||||||||
Relative fair value basis | $ 857,000,000 | $ 857,000,000 | $ 857,000,000 | |||||||
PSP3 | Unsecured Payroll Support Program 3 Loan | Unsecured debt | Forecast | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Annual interest rate (percent) | 1.00% | |||||||||
PSP3 | Unsecured Payroll Support Program 3 Loan | Unsecured debt | SOFR | Forecast | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Margin on rate (percent) | 2.00% |
Debt - Payroll Support Program
Debt - Payroll Support Program Activity (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 15 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jun. 30, 2021 | |
Payroll support program activity | ||||||
Government grant recognition | $ 1,504 | $ 1,280 | $ 2,689 | $ 1,280 | ||
Payroll Support Program | ||||||
Payroll support program activity | ||||||
Total | $ 11,953 | |||||
Grant | 8,457 | |||||
Payroll Support Program | Unsecured debt | Payroll Support Program Loan | ||||||
Payroll support program activity | ||||||
Loan | $ 3,496 | |||||
Payroll Support Program | PSP Warrants | ||||||
Payroll support program activity | ||||||
Number of Warrants | 11.1 | 11.1 | 11.1 | |||
Percentage of Outstanding Shares | 1.80% | 1.80% | 1.80% | |||
PSP1 | ||||||
Payroll support program activity | ||||||
Total | $ 5,594 | |||||
Grant | 3,946 | |||||
PSP1 | Unsecured debt | Payroll Support Program 1 Loan | ||||||
Payroll support program activity | ||||||
Loan | $ 1,648 | |||||
PSP1 | PSP1 Warrants | ||||||
Payroll support program activity | ||||||
Number of Warrants | 6.8 | 6.8 | 6.8 | |||
Percentage of Outstanding Shares | 1.10% | 1.10% | 1.10% | |||
PSP2 | ||||||
Payroll support program activity | ||||||
Total | $ 3,290 | |||||
Grant | 2,333 | |||||
Government grant recognition | $ 1,100 | |||||
PSP2 | Unsecured debt | Payroll Support Program Extension Loan | ||||||
Payroll support program activity | ||||||
Loan | $ 957 | |||||
PSP2 | PSP2 Warrants | ||||||
Payroll support program activity | ||||||
Number of Warrants | 2.4 | 2.4 | 2.4 | |||
Percentage of Outstanding Shares | 0.40% | 0.40% | 0.40% | |||
PSP3 | ||||||
Payroll support program activity | ||||||
Total | $ 3,069 | |||||
Grant | 2,178 | |||||
Government grant recognition | 356 | |||||
Deferred government grant | 1,800 | $ 1,800 | $ 1,800 | |||
PSP3 | Unsecured debt | Payroll Support Program 3 Loan | ||||||
Payroll support program activity | ||||||
Loan | $ 891 | |||||
PSP3 | PSP3 Warrants | ||||||
Payroll support program activity | ||||||
Number of Warrants | 1.9 | 1.9 | 1.9 | |||
Percentage of Outstanding Shares | 0.30% | 0.30% | 0.30% |
Debt - Fair Value of Debt (Deta
Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt | ||
Net carrying amount | $ 27,265 | $ 27,974 |
Fair value | $ 29,600 | $ 29,800 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 146 | 175 | 291 | 351 |
Expected return on plan assets | (381) | (343) | (761) | (687) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 88 | 74 | 177 | 149 |
Settlements | 0 | 3 | 0 | 3 |
Net periodic (benefit) cost | (147) | (91) | (293) | (184) |
Other Postretirement and Postemployment Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 21 | 24 | 43 | 48 |
Interest cost | 29 | 28 | 59 | 56 |
Expected return on plan assets | (9) | (11) | (17) | (22) |
Amortization of prior service credit | (2) | (2) | (3) | (4) |
Recognized net actuarial loss | 15 | 10 | 27 | 21 |
Settlements | 0 | 0 | 0 | 0 |
Net periodic (benefit) cost | $ 54 | $ 49 | $ 109 | $ 99 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Billions | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure | |
Voluntary contributions | $ 1.5 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($)aircraft | Jun. 30, 2021USD ($)aircraft |
Future Purchase Commitments | ||
Commitments under leases that had not yet commenced | $ | $ 719 | $ 719 |
Future aircraft purchase commitments | ||
Future Purchase Commitments | ||
Future aircraft purchase commitments | $ | $ 15,160 | $ 15,160 |
Aircraft purchase commitment | 259 | 259 |
Minimum | ||
Future Purchase Commitments | ||
Leases not yet commenced, term | 7 years | |
Maximum | ||
Future Purchase Commitments | ||
Leases not yet commenced, term | 12 years | |
A321neo | Future aircraft purchase commitments | ||
Future Purchase Commitments | ||
Number of aircraft with options converted to firm order | 25 | |
A350-900 | Future aircraft purchase commitments | ||
Future Purchase Commitments | ||
Number of aircraft for which delivery date has been accelerated | 2 | |
Aircraft purchase commitment | 27 | 27 |
Number of lease commitments included in purchase commitment | 7 | 7 |
A330-900neo | Future aircraft purchase commitments | ||
Future Purchase Commitments | ||
Number of aircraft for which delivery date has been accelerated | 1 | |
Aircraft purchase commitment | 26 | 26 |
B737-900ER | Future aircraft purchase commitments | ||
Future Purchase Commitments | ||
Aircraft purchase commitment | 29 | 29 |
Commitments and Contingencies_2
Commitments and Contingencies - Aircraft Commitments by Year (Details) - Future aircraft purchase commitments $ in Millions | Jun. 30, 2021USD ($) |
Future aircraft purchase commitments: | |
Six months ending December 31, 2021 | $ 980 |
2022 | 3,350 |
2023 | 2,890 |
2024 | 3,060 |
2025 | 2,660 |
Thereafter | 2,220 |
Total | $ 15,160 |
Commitments and Contingencies_3
Commitments and Contingencies - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments | Jun. 30, 2021aircraft |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 259 |
A220-100 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 4 |
A220-300 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 41 |
A321-200 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 7 |
A321-200neo | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 125 |
A330-900neo | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 26 |
A350-900 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 27 |
Number of lease commitments included in purchase commitment | 7 |
B737-900ER | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 29 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Components of accumulated other comprehensive loss | ||
Beginning balance | $ 1,534 | $ 15,358 |
Changes in value (net of tax effect) | 2 | |
Changes in value, tax effect | 4 | |
Reclassifications into earnings (net of tax effect) | 156 | 50 |
Reclassifications into earnings, tax effect | (47) | 123 |
Ending balance | 1,281 | 8,690 |
Accumulated Other Comprehensive Income | ||
Components of accumulated other comprehensive loss | ||
Beginning balance | (9,038) | (7,989) |
Beginning balance, tax effect | 1,764 | 1,549 |
Ending balance | (8,882) | (7,937) |
Ending balance, tax effect | 1,717 | 1,431 |
Pension and Other Benefit Liabilities | ||
Components of accumulated other comprehensive loss | ||
Beginning balance | (9,078) | (8,095) |
Changes in value (net of tax effect) | (6) | |
Reclassifications into earnings (net of tax effect) | 156 | 133 |
Ending balance | (8,922) | (7,968) |
Deferred income tax expense in AOCI that will not be recognized until obligation is fully extinguished | 750 | 750 |
Other | ||
Components of accumulated other comprehensive loss | ||
Beginning balance | 40 | 106 |
Changes in value (net of tax effect) | 8 | |
Reclassifications into earnings (net of tax effect) | 0 | (83) |
Ending balance | $ 40 | $ 31 |
Segments - Narrative (Details)
Segments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information, Profit (Loss) | ||||
Operating revenue | $ 7,126 | $ 1,468 | $ 11,276 | $ 10,060 |
Intersegment Sales/Other | Exchanged products | ||||
Segment Reporting Information, Profit (Loss) | ||||
Operating revenue | $ (536) | $ (65) | $ (1,039) | $ (895) |
Segments - Segment Reporting (D
Segments - Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | $ 7,126 | $ 1,468 | $ 11,276 | $ 10,060 | |
Operating income (loss) | 816 | (4,815) | (582) | (5,225) | |
Interest expense (income), net | 338 | 194 | 700 | 273 | |
Depreciation and amortization | 501 | 591 | 993 | 1,268 | |
Restructuring charges | 8 | 2,454 | (36) | 2,454 | |
Total assets, end of period | 75,309 | 72,261 | 75,309 | 72,261 | $ 71,996 |
Net fair value obligations, end of period | (527) | (49) | (527) | (49) | |
Capital expenditures | 761 | 282 | 1,199 | 1,218 | |
Fair value of obligation | 581 | 55 | 581 | 55 | |
Fair value of asset component | 55 | 6 | 55 | 6 | |
Operating Segments | Airline | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | 6,349 | 1,176 | 9,959 | 9,768 | |
Operating income (loss) | 973 | (4,701) | (299) | (5,140) | |
Interest expense (income), net | 337 | 196 | 697 | 277 | |
Depreciation and amortization | 501 | 591 | 993 | 1,268 | |
Restructuring charges | 8 | 2,454 | (36) | 2,454 | |
Total assets, end of period | 73,484 | 70,707 | 73,484 | 70,707 | |
Net fair value obligations, end of period | 0 | 0 | 0 | 0 | |
Capital expenditures | 752 | 281 | 1,177 | 1,206 | |
Operating Segments | Refinery | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | 1,434 | 513 | 2,481 | 1,697 | |
Operating income (loss) | (157) | (114) | (283) | (85) | |
Interest expense (income), net | 1 | (2) | 3 | (4) | |
Depreciation and amortization | 24 | 25 | 48 | 49 | |
Restructuring charges | 0 | 0 | 0 | 0 | |
Total assets, end of period | 1,825 | 1,554 | 1,825 | 1,554 | |
Net fair value obligations, end of period | (527) | (49) | (527) | (49) | |
Capital expenditures | 9 | 1 | 22 | 12 | |
Intersegment Sales/Other | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating income (loss) | 0 | 0 | 0 | 0 | |
Interest expense (income), net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | (24) | (25) | (48) | (49) | |
Restructuring charges | 0 | 0 | 0 | 0 | |
Total assets, end of period | 0 | 0 | 0 | 0 | |
Net fair value obligations, end of period | 0 | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Intersegment Sales/Other | Sales to airline segment | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | (108) | (3) | (108) | (214) | |
Intersegment Sales/Other | Exchanged products | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | (536) | (65) | (1,039) | (895) | |
Intersegment Sales/Other | Sales of refined products | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | $ (13) | $ (153) | $ (17) | $ (296) |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||
Net income/(loss) | $ 652 | $ (1,177) | $ (5,717) | $ (534) | $ (525) | $ (6,251) |
Basic weighted average shares outstanding (shares) | 637 | 635 | 636 | 636 | ||
Dilutive effect of share-based awards (shares) | 5 | 0 | 0 | 0 | ||
Diluted weighted average shares outstanding (shares) | 642 | 635 | 636 | 636 | ||
Basic earnings/(loss) per share (USD per share) | $ 1.02 | $ (9.01) | $ (0.82) | $ (9.83) | ||
Diluted earnings/(loss) per share (USD per share) | $ 1.02 | $ (9.01) | $ (0.82) | $ (9.83) |