Delta Air Lines (DAL) 10-Q 13 Apr 23 2023 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-5424
Entity Registrant Name	DELTA AIR LINES, INC.
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 Central Index Key	0000027904
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	642,716,623

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 3,215	$ 3,266
Short-term investments	3,396	3,268
Accounts receivable, net of allowance for uncollectible accounts of $24 and $23	3,224	3,176
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $134 and $136	1,379	1,424
Prepaid expenses and other	2,187	1,877
Total current assets	13,401	13,011
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $20,881 and $20,370	33,249	33,109
Operating lease right-of-use assets	7,067	7,036
Goodwill	9,753	9,753
Identifiable intangibles, net of accumulated amortization of $904 and $902	5,990	5,992
Equity investments	2,249	2,128
Deferred income taxes, net	432	325
Other noncurrent assets	993	934
Total noncurrent assets	59,733	59,277
Total assets	73,134	72,288
Current Liabilities:
Current maturities of debt and finance leases	2,136	2,359
Current maturities of operating leases	724	714
Accounts payable	4,754	5,106
Accrued salaries and related benefits	2,828	3,288
Fuel card obligation	1,100	1,100
Other accrued liabilities	2,003	1,779
Total current liabilities	28,417	25,940
Noncurrent Liabilities:
Debt and finance leases	19,823	20,671
Pension, postretirement and related benefits	3,730	3,707
Noncurrent operating leases	6,877	6,866
Other noncurrent liabilities	3,614	4,074
Total noncurrent liabilities	38,457	39,766
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 653,855,351 and 651,800,786 shares issued	0	0
Additional paid-in capital	11,544	11,526
Retained earnings	807	1,170
Accumulated other comprehensive loss	(5,754)	(5,801)
Treasury stock, at cost, 11,138,728 and 10,535,033 shares	(337)	(313)
Total stockholders' equity	6,260	6,582
Total liabilities and stockholders' equity	73,134	72,288
Air traffic
Current Liabilities:
Deferred revenue liability, current	11,187	8,160
Noncurrent Liabilities:
Loyalty program deferred revenue		100
Loyalty program
Current Liabilities:
Deferred revenue liability, current	3,685	3,434
Noncurrent Liabilities:
Loyalty program deferred revenue	$ 4,413	$ 4,448

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Allowance for uncollectible accounts	$ 24	$ 23
Allowance for obsolescence	134	136
Noncurrent Assets:
Accumulated depreciation and amortization	20,881	20,370
Accumulated amortization	$ 904	$ 902
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)	653,855,351	651,800,786
Treasury stock, at cost (shares)	11,138,728	10,535,033

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Revenue:
Total operating revenue	$ 12,759	$ 9,348
Operating Expense:
Salaries and related costs	3,386	2,826
Aircraft fuel and related taxes	2,676	2,092
Ancillary businesses and refinery	1,125	1,382
Contracted services	1,010	753
Pilot agreement and related expenses	864	0
Aircraft maintenance materials and outside repairs	585	465
Landing fees and other rents	584	504
Depreciation and amortization	564	506
Regional carrier expense	559	491
Passenger commissions and other selling expenses	500	312
Passenger service	416	275
Aircraft rent	132	122
Profit sharing	72	0
Other	563	403
Total operating expense	13,036	10,131
Operating Loss	(277)	(783)
Non-Operating Expense:
Interest expense, net	(227)	(274)
Gain/(loss) on investments, net	122	(147)
Loss on extinguishment of debt	(22)	(25)
Pension and related (expense)/benefit	(61)	73
Miscellaneous, net	(41)	(44)
Total non-operating expense, net	(229)	(417)
Loss Before Income Taxes	(506)	(1,200)
Income Tax Benefit	143	260
Net Loss	$ (363)	$ (940)
Basic Loss Per Share (USD per share)	$ (0.57)	$ (1.48)
Diluted Loss Per Share (USD per share)	$ (0.57)	$ (1.48)
Comprehensive Loss	$ (316)	$ (881)
Passenger
Operating Revenue:
Total operating revenue	10,411	6,907
Cargo
Operating Revenue:
Total operating revenue	209	289
Other
Operating Revenue:
Total operating revenue	$ 2,139	$ 2,152

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Cash Provided by Operating Activities
Net Cash Provided by Operating Activities	$ 2,235	$ 1,771
Property and equipment additions:
Flight equipment, including advance payments	(630)	(1,276)
Ground property and equipment, including technology	(370)	(490)
Purchase of short-term investments	(999)	(226)
Redemption of short-term investments	897	1,346
Purchase of equity investments	0	(100)
Other, net	2	(3)
Net cash used in investing activities	(1,100)	(749)
Cash Flows from Financing Activities:
Payments on debt and finance lease obligations	(1,166)	(1,443)
Other, net	(13)	(13)
Net cash used in financing activities	(1,179)	(1,456)
Net Decrease in Cash, Cash Equivalents and Restricted Cash Equivalents	(44)	(434)
Cash, cash equivalents and restricted cash equivalents at beginning of period	3,473	8,569
Cash, cash equivalents and restricted cash equivalents at end of period	3,429	8,135
Non-Cash Transactions:
Flight and ground equipment acquired under finance leases	25	33
Right-of-use assets acquired under operating leases	208	359
Operating leases converted to finance leases	30	9
Equity investments and other financings	0	330
Current Assets:
Cash and cash equivalents	3,215	7,705
Restricted cash included in prepaid expenses and other	160	170
Noncurrent Assets:
Restricted cash included in other noncurrent assets	54	260
Total cash, cash equivalents and restricted cash equivalents	$ 3,429	$ 8,135

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions		Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (shares) at Dec. 31, 2021			650,000,000
Beginning balance at Dec. 31, 2021		$ 3,887	$ 0	$ 11,447	$ (148)	$ (7,130)	$ (282)
Beginning balance, Treasury Stock (shares) at Dec. 31, 2021							10,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(940)			(940)
Other comprehensive income		59				59
Common stock issued for employee equity awards (shares)	[1]		2,000,000				1,000,000
Common stock issued for employee equity awards	[1]	(15)		15			$ (30)
Ending balance (shares) at Mar. 31, 2022			652,000,000
Ending balance at Mar. 31, 2022		2,991	$ 0	11,462	(1,088)	(7,071)	$ (312)
Ending balance, Treasury Stock (shares) at Mar. 31, 2022							11,000,000
Beginning balance (shares) at Dec. 31, 2022			652,000,000
Beginning balance at Dec. 31, 2022		$ 6,582	$ 0	11,526	1,170	(5,801)	$ (313)
Beginning balance, Treasury Stock (shares) at Dec. 31, 2022		10,535,033					11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		$ (363)			(363)
Other comprehensive income		47				47
Common stock issued for employee equity awards (shares)	[2]		2,000,000
Common stock issued for employee equity awards	[2]	(6)		18			$ (24)
Ending balance (shares) at Mar. 31, 2023			654,000,000
Ending balance at Mar. 31, 2023		$ 6,260	$ 0	$ 11,544	$ 807	$ (5,754)	$ (337)
Ending balance, Treasury Stock (shares) at Mar. 31, 2023		11,138,728					11,000,000
[1]Treasury shares were withheld for payment of taxes, at a weighted average price per share of $41.00 in the March 2022 quarter.[2]Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.73 in the March 2023 quarter.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share)	$ 39.73	$ 41

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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, 2022. Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented. Due to seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three months ended March 31, 2023 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.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Passenger Revenue Three Months Ended March 31, (in millions) 2023 2022 Ticket $ 9,239 $ 5,986 Loyalty travel awards 743 543 Travel-related services 429 378 Total passenger revenue $ 10,411 $ 6,907 Ticket We recognized approximately $3.9 billion and $2.2 billion in passenger revenue during the three months ended March 31, 2023 and 2022, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods. As of March 31, 2023, our air traffic liability was recorded as a current liability. As of December 31, 2022, our air traffic liability was $8.3 billion, of which $100 million was included in other noncurrent liabilities on our Consolidated Balance Sheet ("balance sheet"). Loyalty Travel Awards 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. Loyalty travel awards revenue is related to the redemption of miles for air travel. 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 three months ended March 31, 2023 and 2022, total cash sales from marketing agreements related to our loyalty program were $1.7 billion and $1.2 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, 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 timing of mile redemptions can vary widely; however, the majority of miles have historically been redeemed within two years of being earned. 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) 2023 2022 Balance at January 1 $ 7,882 $ 7,559 Miles earned 999 658 Miles redeemed for air travel (743) (543) Miles redeemed for non-air travel and other (40) (30) Balance at March 31 $ 8,098 $ 7,644 Travel-Related Services Travel-related services are primarily composed of services performed in conjunction with a passenger’s flight and include baggage fees, on-board sales and administrative fees. Other Revenue Three Months Ended March 31, (in millions) 2023 2022 Refinery $ 916 $ 1,187 Loyalty program 726 571 Ancillary businesses 231 209 Miscellaneous 266 185 Total other revenue $ 2,139 $ 2,152 Refinery. This represents refinery sales to third parties. See Note 9, "Segments," for more information on revenue recognition within our refinery segment. Loyalty Program. Loyalty program revenue relates to brand usage by third parties and other performance obligations embedded in miles sold, including redemption of miles for non-air travel and other awards. These revenues are mainly derived from the total cash sales from marketing agreements, discussed above. Ancillary Businesses. Ancillary businesses revenue represents revenues from aircraft maintenance services we provide to third parties and our vacation wholesale operations. Miscellaneous. Miscellaneous is primarily composed of revenues related to Delta Sky Club lounge access, including access provided to certain American Express cardholders, and codeshare agreements. 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 March 31, (in millions) 2023 2022 Domestic $ 7,594 $ 5,563 Atlantic 1,244 539 Latin America 1,132 680 Pacific 441 125 Total $ 10,411 $ 6,907 Operating revenue by geographic region Operating Revenue Three Months Ended March 31, (in millions) 2023 2022 Domestic $ 9,396 $ 7,549 Atlantic 1,548 776 Latin America 1,280 811 Pacific 535 212 Total $ 12,759 $ 9,348

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (in millions) March 31, Level 1 Level 2 Level 3 Cash equivalents $ 2,231 $ 2,231 $ — $ — Restricted cash equivalents 213 213 — — Short-term investments U.S. Government securities 1,501 162 1,339 — Corporate obligations 1,756 — 1,756 — Asset-backed securities 37 — 37 — Other fixed income securities 102 — 102 — Long-term investments 1,572 1,424 38 110 Fuel hedge contracts (6) — (6) — (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 2,021 $ 2,021 $ — $ — Restricted cash equivalents 206 206 — — Short-term investments U.S. Government securities 1,587 122 1,465 — Corporate obligations 1,614 — 1,614 — Other fixed income securities 67 — 67 — Long-term investments 1,450 1,305 38 107 Fuel hedge contracts (47) — (47) — Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to certain self-insurance obligations and airport commitments as well as 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. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets on our balance sheet. 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. The fair values of our short-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information. As of March 31, 2023, the estimated fair value of our short-term investments was $3.4 billion. Of these investments, $3.0 billion are expected to mature in one year or less, with the remainder maturing in the second quarter of 2024. 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. Long-Term Investments. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheet. Our equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations incorporate certain unobservable inputs, including non-public equity issuances. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values. See Note 4, "Investments," for further information on our equity investments. Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are primarily related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). Our fuel hedge portfolio may consist of a combination of options, swaps or futures contracts, most of which have a duration of less than three months. Option and swap contracts are valued under income approaches using option pricing models and discounted cash flow models, respectively, based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets. Futures contracts and options on futures contracts are traded on a public exchange and valued based on quoted market prices. We recognized gains of $31 million and losses of $240 million on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive Loss ("income statement") for the three months ended March 31, 2023 and 2022, respectively. The gains

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2023
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. Fair Value Investments. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net in our income statement within non-operating expense and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in companies without publicly-traded shares. Equity Method Investments. We record our share of our equity method investees' financial results in our income statement as described in the table below. Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Air France-KLM Fair Value 3 % 3 % $ 135 $ 97 China Eastern Fair Value 2 % 2 % 184 189 CLEAR Fair Value 5 % 5 % 217 227 Grupo Aeroméxico Equity Method (1) 20 % 20 % 410 412 Hanjin KAL Fair Value (2) 15 % 15 % 351 296 LATAM Fair Value 10 % 10 % 455 403 Unifi Aviation Equity Method (3) 49 % 49 % 164 165 Wheels Up Fair Value (4) 21 % 21 % 33 54 Other investments Various 300 285 Equity investments $ 2,249 $ 2,128 (1) Results are included in miscellaneous, net in our income statement under non-operating expense. (2) At March 31, 2023, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (3) Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations. (4) We elected to account for our investment under the fair value option.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Summary of outstanding debt by category Maturity Interest Rate(s) Per Annum at March 31, December 31, (in millions) Dates March 31, 2023 2023 2022 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% $ 3,496 $ 3,496 Unsecured notes 2023 to 2029 2.90% to 7.38% 2,997 2,997 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2023 to 2028 4.50% and 4.75% 5,007 5,144 SkyMiles Term Loan (1)(2) 2023 to 2027 8.56% 2,478 2,820 NYTDC Special Facilities Revenue Bonds (1) 2024 to 2045 4.00% to 5.00% 2,778 2,838 Financing arrangements secured by aircraft: Certificates (1) 2023 to 2028 2.00% to 8.00% 1,790 1,802 Notes (1)(2) 2023 to 2033 6.11% to 7.22% 553 813 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 1,274 1,542 2018 Revolving Credit Facility (2) 2024 to 2025 Undrawn — — Other financings (1)(2) 2023 to 2030 2.51% to 5.00% 67 67 Other revolving credit facilities (2) 2023 Undrawn — — Total secured and unsecured debt $ 20,440 $ 21,519 Unamortized (discount)/premium and debt issue cost, net and other (120) (138) Total debt $ 20,320 $ 21,381 Less: current maturities (1,830) (2,055) Total long-term debt $ 18,490 $ 19,326 (1) Due in installments during the years shown above. (2) Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor), Secured Overnight Financing Rate ("SOFR") or another index rate plus a specified margin. Availability Under Revolving Credit Facilities As of March 31, 2023, we had approximately $2.9 billion undrawn and available under our revolving credit facilities. In addition, we had approximately $400 million outstanding letters of credit as of March 31, 2023 that did not affect the availability of our revolving credit facilities. Early Settlement of Outstanding Notes In the March 2023 quarter, we repurchased a principal amount of $468 million of various secured notes and a portion of the SkyMiles Term Loan on the open market and made early principal repayments of $227 million on various notes secured by aircraft. These payments resulted in a $22 million loss on extinguishment of debt recorded in non-operating expense in our income statement. 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 underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy. Fair value of outstanding debt (in millions) March 31, December 31, Net carrying amount $ 20,320 $ 21,381 Fair value $ 19,900 $ 20,700 Covenants Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at March 31, 2023.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Employee benefit plans net periodic cost (benefit) Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2023 2022 2023 2022 Three Months Ended March 31, Service cost $ — $ — $ 18 $ 18 Interest cost 213 153 50 32 Expected return on plan assets (264) (330) — (4) Amortization of prior service credit — — (1) (1) Recognized net actuarial loss 60 64 3 13 Net periodic cost (benefit) $ 9 $ (113) $ 70 $ 58 Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within pension and related (expense)/benefit under non-operating expense.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $18.7 billion at March 31, 2023. Aircraft purchase commitments (1) (in millions) Total Nine months ending December 31, 2023 $ 2,360 2024 4,460 2025 4,290 2026 3,830 2027 2,580 Thereafter 1,200 Total $ 18,720 (1) The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and may be subject to change based on modifications to those agreements or changes in delivery schedules. Our future aircraft purchase commitments included the following aircraft at March 31, 2023: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 59 A321-200neo 130 A330-900neo 17 A350-900 16 B-737-10 100 Total 322 Legal Contingencies We are involved in various legal proceedings related to employment practices, environmental issues, antitrust 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. Employees Under Collective Bargaining Agreements In March 2023, Delta pilots ratified a new four four These items are recorded within pilot agreement and related expenses in our income statement.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2023
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 Other Tax Effect Total Balance at January 1, 2023 $ (6,624) $ 41 $ 782 $ (5,801) Reclassifications into earnings (1) 62 — (15) 47 Balance at March 31, 2023 $ (6,562) $ 41 $ 767 $ (5,754) Balance at January 1, 2022 $ (8,355) $ 41 $ 1,184 $ (7,130) Reclassifications into earnings (1) 77 — (18) 59 Balance at March 31, 2022 $ (8,278) $ 41 $ 1,166 $ (7,071)

SEGMENTS

SEGMENTS	3 Months Ended
	Mar. 31, 2023
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 from 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 months ended March 31, 2023 and 2022 was $714 million and $809 million, respectively. Segment Reporting Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended March 31, 2023 Operating revenue: $ 11,843 $ 2,352 $ 12,759 Sales to airline segment $ (596) (1) Exchanged products (714) (2) Sales of refined products (126) Operating (loss)/income (499) 222 (3) — (277) Interest expense, net 227 4 (4) 227 Depreciation and amortization 564 23 (23) (3) 564 Total assets, end of period 70,183 3,005 (54) 73,134 Net fair value obligations, end of period — (38) — (38) Capital expenditures 971 29 — 1,000 Three Months Ended March 31, 2022 Operating revenue: $ 8,161 $ 2,313 $ 9,348 Sales to airline segment $ (291) (1) Exchanged products (809) (2) Sales of refined products (26) Operating (loss)/income (836) 53 (3) — (783) Interest expense, net 274 2 (2) 274 Depreciation and amortization 506 23 (23) (3) 506 Total assets, end of period 71,392 2,382 (26) 73,748 Net fair value obligations, end of period — (430) — (430) Capital expenditures 1,749 17 — 1,766 (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 for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor. (2) Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis. (3) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. Fair Value Obligations The net fair value obligations presented in the table above are related to renewable fuel compliance costs and presented net of any related assets or fixed price purchase agreements. Their value is based on quoted market prices and other observable information and are therefore classified as Level 2 in the fair value hierarchy. Our obligation as of March 31, 2023 was calculated using the U.S. Environmental Protection Agency's ("EPA") Renewable Fuel Standard ("RFS") volume requirements, which were finalized in 2022 for 2021 and 2022 obligations, and proposed in 2022 for 2023 obligations. In March 2023, we settled a portion of our 2021 RINs obligation with the EPA. We expect to settle the remaining 2021 and our entire 2022 RINs obligation by the 2022 compliance deadline, which the EPA has not yet finalized.

LOSS PER SHARE

LOSS PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
LOSS PER SHARE	LOSS PER SHARE We calculate basic loss per share and diluted loss per share by di viding net loss by the weighted average number of common shares outstanding, excluding restricted shares. 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 loss per share: Basic and diluted loss per share Three Months Ended March 31, (in millions, except per share data) 2023 2022 Net loss $ (363) $ (940) Basic weighted average shares outstanding 639 637 Dilutive effect of share-based instruments — — Diluted weighted average shares outstanding 639 637 Basic loss per share $ (0.57) $ (1.48) Diluted loss per share $ (0.57) $ (1.48)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022. Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented. Due to seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three months ended March 31, 2023 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.
Cash Equivalents and Restricted Cash Equivalents	Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to certain self-insurance obligations and airport commitments as well as 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. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets on our balance sheet. 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 and Long-Term Investments	Short-Term Investments. The fair values of our short-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information.
Fuel Hedge Contracts	Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are primarily related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). Our fuel hedge portfolio may consist of a combination of options, swaps or futures contracts, most of which have a duration of less than three months. Option and swap contracts are valued under income approaches using option pricing models and discounted cash flow models, respectively, based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets. Futures contracts and options on futures contracts are traded on a public exchange and valued based on quoted market prices.
Fair Value Investments	Fair Value Investments. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net in our income statement within non-operating expense and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in companies without publicly-traded shares.
Equity Method Investments	Equity Method Investments. We record our share of our equity method investees' financial results in our income statement

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Passenger Revenue Three Months Ended March 31, (in millions) 2023 2022 Ticket $ 9,239 $ 5,986 Loyalty travel awards 743 543 Travel-related services 429 378 Total passenger revenue $ 10,411 $ 6,907 Other Revenue Three Months Ended March 31, (in millions) 2023 2022 Refinery $ 916 $ 1,187 Loyalty program 726 571 Ancillary businesses 231 209 Miscellaneous 266 185 Total other revenue $ 2,139 $ 2,152
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) 2023 2022 Balance at January 1 $ 7,882 $ 7,559 Miles earned 999 658 Miles redeemed for air travel (743) (543) Miles redeemed for non-air travel and other (40) (30) Balance at March 31 $ 8,098 $ 7,644
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 March 31, (in millions) 2023 2022 Domestic $ 7,594 $ 5,563 Atlantic 1,244 539 Latin America 1,132 680 Pacific 441 125 Total $ 10,411 $ 6,907 Operating revenue by geographic region Operating Revenue Three Months Ended March 31, (in millions) 2023 2022 Domestic $ 9,396 $ 7,549 Atlantic 1,548 776 Latin America 1,280 811 Pacific 535 212 Total $ 12,759 $ 9,348

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of assets (liabilities) measured at fair value on a recurring basis	Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (in millions) March 31, Level 1 Level 2 Level 3 Cash equivalents $ 2,231 $ 2,231 $ — $ — Restricted cash equivalents 213 213 — — Short-term investments U.S. Government securities 1,501 162 1,339 — Corporate obligations 1,756 — 1,756 — Asset-backed securities 37 — 37 — Other fixed income securities 102 — 102 — Long-term investments 1,572 1,424 38 110 Fuel hedge contracts (6) — (6) — (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 2,021 $ 2,021 $ — $ — Restricted cash equivalents 206 206 — — Short-term investments U.S. Government securities 1,587 122 1,465 — Corporate obligations 1,614 — 1,614 — Other fixed income securities 67 — 67 — Long-term investments 1,450 1,305 38 107 Fuel hedge contracts (47) — (47) —

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Air France-KLM Fair Value 3 % 3 % $ 135 $ 97 China Eastern Fair Value 2 % 2 % 184 189 CLEAR Fair Value 5 % 5 % 217 227 Grupo Aeroméxico Equity Method (1) 20 % 20 % 410 412 Hanjin KAL Fair Value (2) 15 % 15 % 351 296 LATAM Fair Value 10 % 10 % 455 403 Unifi Aviation Equity Method (3) 49 % 49 % 164 165 Wheels Up Fair Value (4) 21 % 21 % 33 54 Other investments Various 300 285 Equity investments $ 2,249 $ 2,128 (1) Results are included in miscellaneous, net in our income statement under non-operating expense. (2) At March 31, 2023, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (3) Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations. (4) We elected to account for our investment under the fair value option.
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) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Air France-KLM Fair Value 3 % 3 % $ 135 $ 97 China Eastern Fair Value 2 % 2 % 184 189 CLEAR Fair Value 5 % 5 % 217 227 Grupo Aeroméxico Equity Method (1) 20 % 20 % 410 412 Hanjin KAL Fair Value (2) 15 % 15 % 351 296 LATAM Fair Value 10 % 10 % 455 403 Unifi Aviation Equity Method (3) 49 % 49 % 164 165 Wheels Up Fair Value (4) 21 % 21 % 33 54 Other investments Various 300 285 Equity investments $ 2,249 $ 2,128 (1) Results are included in miscellaneous, net in our income statement under non-operating expense. (2) At March 31, 2023, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (3) Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations. (4) We elected to account for our investment under the fair value option.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of debt	Summary of outstanding debt by category Maturity Interest Rate(s) Per Annum at March 31, December 31, (in millions) Dates March 31, 2023 2023 2022 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% $ 3,496 $ 3,496 Unsecured notes 2023 to 2029 2.90% to 7.38% 2,997 2,997 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2023 to 2028 4.50% and 4.75% 5,007 5,144 SkyMiles Term Loan (1)(2) 2023 to 2027 8.56% 2,478 2,820 NYTDC Special Facilities Revenue Bonds (1) 2024 to 2045 4.00% to 5.00% 2,778 2,838 Financing arrangements secured by aircraft: Certificates (1) 2023 to 2028 2.00% to 8.00% 1,790 1,802 Notes (1)(2) 2023 to 2033 6.11% to 7.22% 553 813 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 1,274 1,542 2018 Revolving Credit Facility (2) 2024 to 2025 Undrawn — — Other financings (1)(2) 2023 to 2030 2.51% to 5.00% 67 67 Other revolving credit facilities (2) 2023 Undrawn — — Total secured and unsecured debt $ 20,440 $ 21,519 Unamortized (discount)/premium and debt issue cost, net and other (120) (138) Total debt $ 20,320 $ 21,381 Less: current maturities (1,830) (2,055) Total long-term debt $ 18,490 $ 19,326 (1) Due in installments during the years shown above. (2) Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor), Secured Overnight Financing Rate ("SOFR") or another index rate plus a specified margin.
Schedule of estimated fair value of debt instruments	The fair value of debt shown below is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy. Fair value of outstanding debt (in millions) March 31, December 31, Net carrying amount $ 20,320 $ 21,381 Fair value $ 19,900 $ 20,700

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of components net periodic (benefit) cost	Employee benefit plans net periodic cost (benefit) Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2023 2022 2023 2022 Three Months Ended March 31, Service cost $ — $ — $ 18 $ 18 Interest cost 213 153 50 32 Expected return on plan assets (264) (330) — (4) Amortization of prior service credit — — (1) (1) Recognized net actuarial loss 60 64 3 13 Net periodic cost (benefit) $ 9 $ (113) $ 70 $ 58

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of future aircraft purchase commitments	Our future aircraft purchase commitments totaled approximately $18.7 billion at March 31, 2023. Aircraft purchase commitments (1) (in millions) Total Nine months ending December 31, 2023 $ 2,360 2024 4,460 2025 4,290 2026 3,830 2027 2,580 Thereafter 1,200 Total $ 18,720 (1) The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and may be subject to change based on modifications to those agreements or changes in delivery schedules. Our future aircraft purchase commitments included the following aircraft at March 31, 2023: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 59 A321-200neo 130 A330-900neo 17 A350-900 16 B-737-10 100 Total 322

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2023
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 Other Tax Effect Total Balance at January 1, 2023 $ (6,624) $ 41 $ 782 $ (5,801) Reclassifications into earnings (1) 62 — (15) 47 Balance at March 31, 2023 $ (6,562) $ 41 $ 767 $ (5,754) Balance at January 1, 2022 $ (8,355) $ 41 $ 1,184 $ (7,130) Reclassifications into earnings (1) 77 — (18) 59 Balance at March 31, 2022 $ (8,278) $ 41 $ 1,166 $ (7,071)

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Operating revenue: $ 11,843 $ 2,352 $ 12,759 Sales to airline segment $ (596) (1) Exchanged products (714) (2) Sales of refined products (126) Operating (loss)/income (499) 222 (3) — (277) Interest expense, net 227 4 (4) 227 Depreciation and amortization 564 23 (23) (3) 564 Total assets, end of period 70,183 3,005 (54) 73,134 Net fair value obligations, end of period — (38) — (38) Capital expenditures 971 29 — 1,000 Three Months Ended March 31, 2022 Operating revenue: $ 8,161 $ 2,313 $ 9,348 Sales to airline segment $ (291) (1) Exchanged products (809) (2) Sales of refined products (26) Operating (loss)/income (836) 53 (3) — (783) Interest expense, net 274 2 (2) 274 Depreciation and amortization 506 23 (23) (3) 506 Total assets, end of period 71,392 2,382 (26) 73,748 Net fair value obligations, end of period — (430) — (430) Capital expenditures 1,749 17 — 1,766 (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 for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor. (2) Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis. (3) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement.

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
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 loss per share: Basic and diluted loss per share Three Months Ended March 31, (in millions, except per share data) 2023 2022 Net loss $ (363) $ (940) Basic weighted average shares outstanding 639 637 Dilutive effect of share-based instruments — — Diluted weighted average shares outstanding 639 637 Basic loss per share $ (0.57) $ (1.48) Diluted loss per share $ (0.57) $ (1.48)

REVENUE RECOGNITION - Passenger

REVENUE RECOGNITION - Passenger Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Operating revenue	$ 12,759	$ 9,348
Passenger
Disaggregation of Revenue [Line Items]
Operating revenue	10,411	6,907
Ticket
Disaggregation of Revenue [Line Items]
Operating revenue	9,239	5,986
Loyalty travel awards
Disaggregation of Revenue [Line Items]
Operating revenue	743	543
Travel-related services
Disaggregation of Revenue [Line Items]
Operating revenue	$ 429	$ 378

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue recognized that was previously deferred	$ 3,900	$ 2,200
Cash sales of mileage credits	$ 1,700	$ 1,200
Redemption period for majority of new miles (in years)	2 years
Air traffic
Disaggregation of Revenue [Line Items]
Contract with customer, liability			$ 8,300
Contract with customer, liability, noncurrent			$ 100

REVENUE RECOGNITION - Loyalty P

REVENUE RECOGNITION - Loyalty Program Liability (Details) - Loyalty program - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loyalty program activity
Current and noncurrent deferred revenue, beginning	$ 7,882	$ 7,559
Miles earned	999	658
Miles redeemed for air travel	(743)	(543)
Miles redeemed for non-air travel and other	(40)	(30)
Current and noncurrent deferred revenue, ending	$ 8,098	$ 7,644

REVENUE RECOGNITION - Other Rev

REVENUE RECOGNITION - Other Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Operating revenue	$ 12,759	$ 9,348
Other
Disaggregation of Revenue [Line Items]
Operating revenue	2,139	2,152
Refinery
Disaggregation of Revenue [Line Items]
Operating revenue	916	1,187
Loyalty program
Disaggregation of Revenue [Line Items]
Operating revenue	726	571
Ancillary businesses
Disaggregation of Revenue [Line Items]
Operating revenue	231	209
Miscellaneous
Disaggregation of Revenue [Line Items]
Operating revenue	$ 266	$ 185

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Operating revenue	$ 12,759	$ 9,348
Domestic
Disaggregation of Revenue [Line Items]
Operating revenue	9,396	7,549
Atlantic
Disaggregation of Revenue [Line Items]
Operating revenue	1,548	776
Latin America
Disaggregation of Revenue [Line Items]
Operating revenue	1,280	811
Pacific
Disaggregation of Revenue [Line Items]
Operating revenue	535	212
Passenger
Disaggregation of Revenue [Line Items]
Operating revenue	10,411	6,907
Passenger | Domestic
Disaggregation of Revenue [Line Items]
Operating revenue	7,594	5,563
Passenger | Atlantic
Disaggregation of Revenue [Line Items]
Operating revenue	1,244	539
Passenger | Latin America
Disaggregation of Revenue [Line Items]
Operating revenue	1,132	680
Passenger | Pacific
Disaggregation of Revenue [Line Items]
Operating revenue	$ 441	$ 125

FAIR VALUE MEASUREMENTS - Measu

FAIR VALUE MEASUREMENTS - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value
Cash equivalents	$ 2,231	$ 2,021
Restricted cash equivalents	213	206
Long-term investments	1,572	1,450
Fuel hedge contracts	(6)	(47)
Short-term investments
Fair Value
Short-term investments	1,501	1,587
Corporate obligations
Fair Value
Short-term investments	1,756	1,614
Asset-backed securities
Fair Value
Short-term investments	37
Other fixed income securities
Fair Value
Short-term investments	102	67
Level 1
Fair Value
Cash equivalents	2,231	2,021
Restricted cash equivalents	213	206
Long-term investments	1,424	1,305
Fuel hedge contracts	0	0
Level 1 | Short-term investments
Fair Value
Short-term investments	162	122
Level 1 | Corporate obligations
Fair Value
Short-term investments	0	0
Level 1 | Asset-backed securities
Fair Value
Short-term investments	0
Level 1 | Other fixed income securities
Fair Value
Short-term investments	0	0
Level 2
Fair Value
Cash equivalents	0	0
Restricted cash equivalents	0	0
Long-term investments	38	38
Fuel hedge contracts	(6)	(47)
Level 2 | Short-term investments
Fair Value
Short-term investments	1,339	1,465
Level 2 | Corporate obligations
Fair Value
Short-term investments	1,756	1,614
Level 2 | Asset-backed securities
Fair Value
Short-term investments	37
Level 2 | Other fixed income securities
Fair Value
Short-term investments	102	67
Level 3
Fair Value
Cash equivalents	0	0
Restricted cash equivalents	0	0
Long-term investments	110	107
Fuel hedge contracts	0	0
Level 3 | Short-term investments
Fair Value
Short-term investments	0	0
Level 3 | Corporate obligations
Fair Value
Short-term investments	0	0
Level 3 | Asset-backed securities
Fair Value
Short-term investments	0
Level 3 | Other fixed income securities
Fair Value
Short-term investments	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 3,396		$ 3,268
Short-term investments expected to mature in one year or less	3,000
Fuel hedge contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on derivatives recognized	31	$ (240)
Mark-to-market adjustments	41	244
Loss on settlement	$ 10	$ 4

INVESTMENTS - Equity Investment

INVESTMENTS - Equity Investments Ownership Interest and Carrying Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Equity Investments
Equity investments	$ 2,249	$ 2,128
Air France-KLM
Equity Investments
Ownership interest (percent)	3%	3%
Carrying value	$ 135	$ 97
China Eastern
Equity Investments
Ownership interest (percent)	2%	2%
Carrying value	$ 184	$ 189
CLEAR
Equity Investments
Ownership interest (percent)	5%	5%
Carrying value	$ 217	$ 227
Hanjin-KAL
Equity Investments
Ownership interest (percent)	15%	15%
Carrying value	$ 351	$ 296
Hanjin-KAL | Common and Preferred Shares
Equity Investments
Ownership interest (percent)	14.80%
Hanjin-KAL | Common Stock
Equity Investments
Ownership interest (percent)	14.90%
LATAM
Equity Investments
Ownership interest (percent)	10%	10%
Carrying value	$ 455	$ 403
Other investments
Equity Investments
Carrying value	$ 300	$ 285
Wheels Up
Equity Investments
Ownership interest (percent)	21%	21%
Carrying value	$ 33	$ 54
Grupo Aeromexico
Equity Investments
Ownership interest (percent)	20%	20%
Carrying value	$ 410	$ 412
Unifi Aviation
Equity Investments
Ownership interest (percent)	49%	49%
Carrying value	$ 164	$ 165

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt, gross	$ 20,440	$ 21,519
Unamortized (discount)/premium and debt issue cost, net and other	(120)	(138)
Total debt	20,320	21,381
Less: current maturities	(1,830)	(2,055)
Total long-term debt	$ 18,490	19,326
Unsecured Payroll Support Program Loans | Unsecured debt
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2030
Maturity dates range, end	Dec. 31, 2031
Interest rate per annum (percent)	1%
Debt, gross	$ 3,496	3,496
Unsecured notes | Unsecured debt
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2023
Maturity dates range, end	Dec. 31, 2029
Debt, gross	$ 2,997	2,997
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%
SkyMiles Notes | Secured debt
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2023
Maturity dates range, end	Dec. 31, 2028
Debt, gross	$ 5,007	5,144
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. 01, 2023
Maturity dates range, end	Dec. 31, 2027
Interest rate per annum (percent)	8.56%
Debt, gross	$ 2,478	2,820
NYTDC Special Facilities Revenue Bonds | Bonds
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2023
Maturity dates range, end	Dec. 31, 2045
Debt, gross	$ 2,778	2,838
NYTDC Special Facilities Revenue Bonds | Bonds | Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	4%
NYTDC Special Facilities Revenue Bonds | Bonds | Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	5%
Financing secured by aircraft - Certificates | Secured debt
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2023
Maturity dates range, end	Dec. 31, 2028
Debt, gross	$ 1,790	1,802
Financing secured by aircraft - Certificates | Secured debt | Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	2%
Financing secured by aircraft - Certificates | Secured debt | Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	8%
Financing secured by aircraft - Notes | Secured debt
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2023
Maturity dates range, end	Dec. 31, 2033
Debt, gross	$ 553	813
Financing secured by aircraft - Notes | Secured debt | Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	6.11%
Financing secured by aircraft - Notes | Secured debt | Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	7.22%
2020 Senior Secured Notes | Secured debt
Debt Instrument [Line Items]
Maturity date	Dec. 31, 2025
Interest rate per annum (percent)	7%
Debt, gross	$ 1,274	1,542
2018 Revolving Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2024
Maturity dates range, end	Dec. 31, 2025
Debt, gross	$ 0	0
Other financings | Secured and unsecured debt
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2023
Maturity dates range, end	Dec. 31, 2030
Debt, gross	$ 67	67
Other financings | Secured and unsecured debt | Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	2.51%
Other financings | Secured and unsecured debt | Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	5%
Other revolving credit facilities | Revolving credit facility
Debt Instrument [Line Items]
Maturity date	Dec. 31, 2025
Debt, gross	$ 0	$ 0
Other revolving credit facilities | Secured and unsecured debt
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2023

DEBT - Availability Under Revol

DEBT - Availability Under Revolving Credit Facilities (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revolving credit facility
Debt Instrument [Line Items]
Undrawn credit facilities	$ 2,900
Letter of Credit
Debt Instrument [Line Items]
Outstanding letters of credit that do not affect availability of revolvers	$ 400

DEBT - Early Settlement of Outs

DEBT - Early Settlement of Outstanding Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Extinguishment of Debt [Line Items]
Repaid principal	$ 227
Loss on extinguishment of debt	22	$ 25
Secured and unsecured debt
Extinguishment of Debt [Line Items]
Repurchase amount	468
Loss on extinguishment of debt	$ 22

DEBT - Fair Value of Debt (Deta

DEBT - Fair Value of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt
Net carrying amount	$ 20,320	$ 21,381
Fair value	$ 19,900	$ 20,700

EMPLOYEE BENEFIT PLANS - Compon

EMPLOYEE BENEFIT PLANS - Components of Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Benefits
Defined Benefit Plan Disclosure
Service cost	$ 0	$ 0
Interest cost	213	153
Expected return on plan assets	(264)	(330)
Amortization of prior service credit	0	0
Recognized net actuarial loss	60	64
Net periodic cost (benefit)	9	(113)
Other Postretirement and Postemployment Benefits
Defined Benefit Plan Disclosure
Service cost	18	18
Interest cost	50	32
Expected return on plan assets	0	(4)
Amortization of prior service credit	(1)	(1)
Recognized net actuarial loss	3	13
Net periodic cost (benefit)	$ 70	$ 58

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Jan. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Future aircraft purchase commitments	$ 18,700	$ 18,700
Collective bargaining agreement term	4 years
Pilot pay rate increase			18%
Pilot agreement expense		735
Adjustments to other benefit-related items		$ 130

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Year (Details) $ in Millions	Mar. 31, 2023 USD ($)
Future aircraft purchase commitments:
Total	$ 18,700
Future aircraft purchase commitments
Future aircraft purchase commitments:
Nine months ending December 31, 2023	2,360
2023	4,460
2024	4,290
2025	3,830
2026	2,580
Thereafter	1,200
Total	$ 18,720

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments	Mar. 31, 2023 aircraft
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	322
A220-300
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	59
A321-200neo
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	130
A330-900neo
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	17
A350-900
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	16
B-737-10
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	100

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax
Beginning balance, tax effect	$ 782	$ 1,184
Beginning balance	6,582	3,887
Reclassifications into earnings, tax effect	(15)	(18)
Reclassification into earnings (net of tax effect)	47	59
Ending balance, tax effect	767	1,166
Ending balance	6,260	2,991
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(5,801)	(7,130)
Ending balance	(5,754)	(7,071)
Pension and Other Benefits Liabilities
AOCI Attributable to Parent, Net of Tax
Beginning balance, AOCI before tax	(6,624)	(8,355)
Reclassifications into earnings	62	77
Ending balance, AOCI before tax	(6,562)	(8,278)
Other
AOCI Attributable to Parent, Net of Tax
Beginning balance, AOCI before tax	41	41
Reclassifications into earnings	0	0
Ending balance, AOCI before tax	$ 41	$ 41

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information, Profit (Loss)
Operating revenue	$ 12,759	$ 9,348
Intersegment Sales/Other | Exchanged products
Segment Reporting Information, Profit (Loss)
Operating revenue	$ (714)	$ (809)

SEGMENTS - Segment Reporting (D

SEGMENTS - Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information, Profit (Loss)
Operating revenue	$ 12,759	$ 9,348
Operating income (loss)	(277)	(783)
Interest expense, net	227	274
Depreciation and amortization	564	506
Total assets, end of period	73,134	73,748	$ 72,288
Net fair value obligations, end of period	(38)	(430)
Capital expenditures	1,000	1,766
Operating Segments | Airline
Segment Reporting Information, Profit (Loss)
Operating revenue	11,843	8,161
Operating income (loss)	(499)	(836)
Interest expense, net	227	274
Depreciation and amortization	564	506
Total assets, end of period	70,183	71,392
Net fair value obligations, end of period	0	0
Capital expenditures	971	1,749
Operating Segments | Refinery
Segment Reporting Information, Profit (Loss)
Operating revenue	2,352	2,313
Operating income (loss)	222	53
Interest expense, net	4	2
Depreciation and amortization	23	23
Total assets, end of period	3,005	2,382
Net fair value obligations, end of period	(38)	(430)
Capital expenditures	29	17
Intersegment Sales/Other
Segment Reporting Information, Profit (Loss)
Operating income (loss)	0	0
Interest expense, net	(4)	(2)
Depreciation and amortization	(23)	(23)
Total assets, end of period	(54)	(26)
Net fair value obligations, end of period	0	0
Capital expenditures	0	0
Intersegment Sales/Other | Sales to airline segment
Segment Reporting Information, Profit (Loss)
Operating revenue	(596)	(291)
Intersegment Sales/Other | Exchanged products
Segment Reporting Information, Profit (Loss)
Operating revenue	(714)	(809)
Intersegment Sales/Other | Sales of refined products
Segment Reporting Information, Profit (Loss)
Operating revenue	$ (126)	$ (26)

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (363)	$ (940)
Basic weighted average shares outstanding (shares)	639	637
Dilutive effect of share-based awards (shares)	0	0
Diluted weighted average shares outstanding (shares)	639	637
Basic loss per share (USD per share)	$ (0.57)	$ (1.48)
Diluted loss per share (USD per share)	$ (0.57)	$ (1.48)