Delta Air Lines (DAL) 10-Q 12 Oct 23 2023 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding	643,463,433

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 2,835	$ 3,266
Short-term investments	2,170	3,268
Accounts receivable, net of allowance for uncollectible accounts of $17 and $23	3,214	3,176
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $128 and $136	1,507	1,424
Prepaid expenses and other	2,529	1,877
Total current assets	12,255	13,011
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $21,235 and $20,370	34,593	33,109
Operating lease right-of-use assets	6,962	7,036
Goodwill	9,753	9,753
Identifiable intangibles, net of accumulated amortization of $909 and $902	5,985	5,992
Equity investments	2,291	2,128
Other noncurrent assets	1,408	1,259
Total noncurrent assets	60,992	59,277
Total assets	73,247	72,288
Current Liabilities:
Current maturities of debt and finance leases	1,981	2,359
Current maturities of operating leases	728	714
Accounts payable	5,320	5,106
Accrued salaries and related benefits	4,003	3,288
Fuel card obligation	1,100	1,100
Other accrued liabilities	1,769	1,779
Total current liabilities	27,556	25,940
Noncurrent Liabilities:
Debt and finance leases	17,532	20,671
Pension, postretirement and related benefits	3,618	3,707
Noncurrent operating leases	6,558	6,866
Other noncurrent liabilities	4,301	4,074
Total noncurrent liabilities	36,465	39,766
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 654,674,447 and 651,800,786 shares issued	0	0
Additional paid-in capital	11,613	11,526
Retained earnings	3,613	1,170
Accumulated other comprehensive loss	(5,660)	(5,801)
Treasury stock, at cost, 11,211,014 and 10,535,033 shares	(340)	(313)
Total stockholders' equity	9,226	6,582
Total liabilities and stockholders' equity	73,247	72,288
Air traffic
Current Liabilities:
Deferred revenue liability, current	8,738	8,160
Noncurrent Liabilities:
Loyalty program deferred revenue		100
Loyalty program
Current Liabilities:
Deferred revenue liability, current	3,917	3,434
Noncurrent Liabilities:
Loyalty program deferred revenue	$ 4,456	$ 4,448

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Allowance for uncollectible accounts	$ 17	$ 23
Allowance for obsolescence	128	136
Noncurrent Assets:
Accumulated depreciation and amortization	21,235	20,370
Accumulated amortization	$ 909	$ 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)	654,674,447	651,800,786
Treasury stock, at cost (shares)	11,211,014	10,535,033

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Revenue:
Total operating revenue	$ 15,488	$ 13,975	$ 43,825	$ 37,147
Operating Expense:
Salaries and related costs	3,760	3,050	10,838	8,832
Aircraft fuel and related taxes	2,936	3,318	8,128	8,633
Ancillary businesses and refinery	1,128	1,349	3,427	4,449
Contracted services	1,004	881	3,009	2,425
Landing fees and other rents	679	562	1,880	1,611
Aircraft maintenance materials and outside repairs	661	487	1,860	1,474
Passenger commissions and other selling expenses	618	546	1,770	1,385
Depreciation and amortization	594	538	1,731	1,554
Regional carrier expense	546	528	1,664	1,547
Passenger service	449	406	1,307	1,050
Profit sharing	417	237	1,084	291
Pilot agreement and related expenses	0	0	864	0
Aircraft rent	131	131	395	380
Other	581	486	1,669	1,325
Total operating expense	13,504	12,519	39,626	34,956
Operating Income	1,984	1,456	4,199	2,191
Non-Operating Expense:
Interest expense, net	(196)	(248)	(627)	(791)
Gain/(loss) on investments, net	(206)	(245)	45	(613)
Loss on extinguishment of debt	(13)	(34)	(63)	(100)
Pension and related (expense)/benefit	(61)	73	(183)	218
Miscellaneous, net	13	(40)	(38)	(111)
Total non-operating expense, net	(463)	(494)	(866)	(1,397)
Income Before Income Taxes	1,521	962	3,333	794
Income Tax Provision	(413)	(267)	(761)	(305)
Net Income	$ 1,108	$ 695	$ 2,572	$ 489
Basic Earnings Per Share (USD per share)	$ 1.73	$ 1.09	$ 4.03	$ 0.77
Diluted Earnings Per Share (USD per share)	$ 1.72	$ 1.08	$ 4	$ 0.76
Comprehensive Income	$ 1,157	$ 757	$ 2,713	$ 673
Passenger
Operating Revenue:
Total operating revenue	13,119	11,464	36,735	29,329
Cargo
Operating Revenue:
Total operating revenue	154	240	535	801
Other
Operating Revenue:
Total operating revenue	$ 2,215	$ 2,271	$ 6,555	$ 7,017

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Net Cash Provided by Operating Activities
Net Cash Provided by Operating Activities	$ 5,919	$ 5,175
Property and equipment additions:
Flight equipment, including advance payments	(2,560)	(2,852)
Ground property and equipment, including technology	(1,161)	(1,314)
Purchase of short-term investments	(2,312)	(575)
Redemption of short-term investments	3,488	2,584
Acquisition of strategic investments	(152)	(153)
Other, net	84	121
Net cash used in investing activities	(2,613)	(2,189)
Cash Flows from Financing Activities:
Payments on debt and finance lease obligations	(3,710)	(4,190)
Cash dividends	(64)	0
Other, net	(36)	(40)
Net cash used in financing activities	(3,810)	(4,230)
Net Decrease in Cash, Cash Equivalents and Restricted Cash Equivalents	(504)	(1,244)
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	2,969	7,325
Non-Cash Transactions:
Right-of-use assets acquired under operating leases	443	372
Flight and ground equipment acquired under finance leases	37	84
Operating leases converted to finance leases	53	279
Equity investments and other financings	0	330
Current Assets:
Cash and cash equivalents	2,835	7,023
Restricted cash included in prepaid expenses and other	134	149
Noncurrent Assets:
Restricted cash included in other noncurrent assets	0	153
Total cash, cash equivalents and restricted cash equivalents	$ 2,969	$ 7,325

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, 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)		489
Ending balance (shares) at Sep. 30, 2022			652,000,000
Ending balance at Sep. 30, 2022		4,590	$ 0	11,507	342	(6,946)	$ (313)
Ending balance, Treasury Stock (shares) at Sep. 30, 2022							11,000,000
Beginning balance (shares) at Mar. 31, 2022			652,000,000
Beginning balance at Mar. 31, 2022		2,991	$ 0	11,462	(1,088)	(7,071)	$ (312)
Beginning balance, Treasury Stock (shares) at Mar. 31, 2022							11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		735			735
Other comprehensive income		63				63
Common stock issued for employee equity awards	[1]	22		23			$ (1)
Ending balance (shares) at Jun. 30, 2022			652,000,000
Ending balance at Jun. 30, 2022		3,811	$ 0	11,485	(353)	(7,008)	$ (313)
Ending balance, Treasury Stock (shares) at Jun. 30, 2022							11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		695			695
Other comprehensive income		62				62
Common stock issued for employee equity awards	[1]	22		22			$ 0
Ending balance (shares) at Sep. 30, 2022			652,000,000
Ending balance at Sep. 30, 2022		4,590	$ 0	11,507	342	(6,946)	$ (313)
Ending balance, Treasury Stock (shares) at Sep. 30, 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							11,000,000
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)		$ 2,572
Ending balance (shares) at Sep. 30, 2023			655,000,000
Ending balance at Sep. 30, 2023		$ 9,226	$ 0	11,613	3,613	(5,660)	$ (340)
Ending balance, Treasury Stock (shares) at Sep. 30, 2023		11,211,014					11,000,000
Beginning balance (shares) at Mar. 31, 2023			654,000,000
Beginning balance at Mar. 31, 2023		$ 6,260	$ 0	11,544	807	(5,754)	$ (337)
Beginning balance, Treasury Stock (shares) at Mar. 31, 2023							11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		1,827			1,827
Dividends declared ($0.10 per share)		(65)			(65)
Other comprehensive income		45				45
Common stock issued for employee equity awards (shares)	[2]		1,000,000
Common stock issued for employee equity awards	[2]	33		34			$ (1)
Ending balance (shares) at Jun. 30, 2023			655,000,000
Ending balance at Jun. 30, 2023		8,100	$ 0	11,578	2,569	(5,709)	$ (338)
Ending balance, Treasury Stock (shares) at Jun. 30, 2023							11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		1,108			1,108
Dividends declared ($0.10 per share)		(64)			(64)
Other comprehensive income		49				49
Common stock issued for employee equity awards	[2]	33		35			$ (2)
Ending balance (shares) at Sep. 30, 2023			655,000,000
Ending balance at Sep. 30, 2023		$ 9,226	$ 0	$ 11,613	$ 3,613	$ (5,660)	$ (340)
Ending balance, Treasury Stock (shares) at Sep. 30, 2023		11,211,014					11,000,000
[1]Treasury shares were withheld for payment of taxes, at a weighted average price per share of $41.00, $38.11 and $30.66 in the March 2022 quarter, June 2022 quarter and September 2022 quarter, respectively.[2]Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.73, $36.76 and $45.34 in the March 2023 quarter, June 2023 quarter and September 2023 quarter, respectively.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash Dividends Declared Per Share (USD per share)	$ 0.10	$ 0.10
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share)	$ 45.34	$ 36.76	$ 39.73	$ 30.66	$ 38.11	$ 41

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Passenger Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Ticket $ 11,733 $ 10,247 $ 32,801 $ 26,005 Loyalty travel awards 902 786 2,547 2,073 Travel-related services 484 431 1,387 1,251 Passenger revenue $ 13,119 $ 11,464 $ 36,735 $ 29,329 Ticket We recognized approximately $6.7 billion and $3.9 billion in passenger revenue during the nine months ended September 30, 2023 and 2022, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods. As of September 30, 2023, all of 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 nine months ended September 30, 2023 and 2022, total cash sales from marketing agreements related to our loyalty program were $5.2 billion and $4.1 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 3,164 2,496 Miles redeemed for air travel (2,547) (2,073) Miles redeemed for non-air travel and other (126) (122) Balance at September 30 $ 8,373 $ 7,860 Travel-Related Services Travel-related services are primarily composed of services performed in conjunction with a passenger’s flight and include baggage fees, administrative fees, and on-board sales. Other Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Refinery $ 935 $ 1,134 $ 2,817 $ 3,835 Loyalty program 791 655 2,291 1,877 Ancillary businesses 212 249 657 665 Miscellaneous 277 233 790 640 Other revenue $ 2,215 $ 2,271 $ 6,555 $ 7,017 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 September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Domestic $ 8,662 $ 8,154 $ 25,200 $ 22,035 Atlantic 3,110 2,313 7,157 4,553 Latin America 788 659 2,846 2,084 Pacific 559 338 1,532 657 Total $ 13,119 $ 11,464 $ 36,735 $ 29,329 Operating revenue by geographic region Operating Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Domestic $ 10,461 $ 10,118 $ 30,607 $ 28,322 Atlantic 3,497 2,705 8,223 5,538 Latin America 891 752 3,208 2,417 Pacific 639 400 1,787 870 Total $ 15,488 $ 13,975 $ 43,825 $ 37,147

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (in millions) September 30, Level 1 Level 2 Level 3 Cash equivalents $ 1,854 $ 1,854 $ — $ — Restricted cash equivalents 134 134 — — Short-term investments U.S. Government securities 1,162 239 923 — Corporate obligations 857 — 857 — Asset-backed securities 86 — 86 — Other fixed income securities 65 — 65 — Long-term investments and related 1,647 1,342 130 175 Fuel hedge contracts 12 — 12 — (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. Restricted cash equivalents are recorded in prepaid expenses and other 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 September 30, 2023, the estimated fair value of our short-term investments was $2.2 billion. Of these investments, $2.1 billion are expected to mature in one year or less, with the remainder maturing by the first quarter of 2026. 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 and Related. 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. As of September 30, 2023 our equity investment in Wheels Up Experience Inc. ("Wheels Up") is classified as Level 3 in the fair value hierarchy. In prior periods, this investment was classified as Level 1. We determined the quoted price of its publicly-traded shares does not represent fair value after the closing of Wheels Up's $500 million credit facility on September 20, 2023. In addition to the quoted price, the valuation of our equity investment in Wheels Up considered certain unobservable inputs, including Wheels Up's financial projections, using both market and income approach valuation techniques. 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 the transaction with Wheels Up and our other 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 losses of $140 million and $96 million on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive Income ("income statement") for the three and nine months ended September 30, 2023, respectively, compared to gains of $139 million and losses of $339 million for the three and nine months ended September 30, 2022, respectively. The losses

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 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 certain companies, particularly those 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) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Air France-KLM Fair Value 3 % 3 % $ 92 $ 97 China Eastern Fair Value 2 % 2 % 159 189 CLEAR Fair Value 5 % 5 % 158 227 Grupo Aeroméxico Equity Method (1) 20 % 20 % 459 412 Hanjin KAL Fair Value (2) 15 % 15 % 313 296 LATAM Fair Value 10 % 10 % 548 403 Unifi Aviation Equity Method (3) 49 % 49 % 174 165 Wheels Up Fair Value (4) 39 % 21 % 59 54 Other investments Various 329 285 Equity investments $ 2,291 $ 2,128 (1) Results are included in miscellaneous, net in our income statement under non-operating expense. (2) At September 30, 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) See below for additional information about our ownership interest and voting rights. Wheels Up. We, along with Certares Management LLC, Knighthead Capital Management LLC and Cox Enterprises, Inc. announced the closing on September 20, 2023 of an expanded strategic partnership with Wheels Up, which includes an agreement for a $500 million credit facility to Wheels Up. At closing, the credit facility was comprised of a $350 million term loan, of which we contributed $150 million, and a $100 million liquidity facility that we made available to Wheels Up in the event the company's liquidity falls below $100 million. The terms of the credit facility permit one or more new lenders to provide an aggregate incremental $50 million term loan after the closing date. In connection with the closing, the term loan investors received newly issued shares of Wheels Up's common stock representing 80% of Wheels Up's outstanding equity as of the closing of the credit facility on a fully diluted basis. Upon approval by Wheels Up's stockholders of an amendment to its certificate of incorporation, Wheels Up is expected to issue to the lenders additional new shares such that the lenders will own 95% of Wheels Up's outstanding equity as of the closing of the credit facility on a fully diluted basis. The $150 million cash contribution was reflected as an investing outflow in our Condensed Consolidated Statement of Cash Flows and allocated on a relative fair value basis to a loan receivable within other noncurrent assets and an equity investment on our balance sheet. Combined with our previous ownership stake, this new investment provides us with a 39% equity stake in Wheels Up calculated based on Wheels Up's outstanding equity as of September 20, 2023. Our current percentage ownership does not reflect the anticipated dilutive effect from the additional shares to be issued to the lenders (including potentially to one or more new lenders under the term loan) upon approval by Wheels Up's stockholders and common stock grants expected to be made under Wheels Up's equity compensation plans. Furthermore, Delta's voting rights with respect to its Wheels Up equity stake are capped at 29.9%. As a result of the transaction, we concluded that Wheels Up is a variable interest entity ("VIE"). A VIE requires consolidation by the entity’s primary beneficiary. We determined that we are not the primary beneficiary after assessing the decision-making process for the significant activities of Wheels Up, concluding that Wheels Up's Board of Directors continues to possess the decision-making authority over the significant activities, and we do not control Wheels Up's Board. Based on this assessment, Wheels Up is not consolidated in our financial statements. We continue to account for our equity interest under the fair value option, as originally elected as part of our initial acquisition of Wheels Up shares in 2020. We will also account for our loan receivable at fair value, as the fair value option is applied to all of an investor's financial interests in the same entity. None of the $100 million liquidity facility has been drawn as of September 30, 2023.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Summary of outstanding debt by category Maturity Interest Rate(s) Per Annum at September 30, December 31, (in millions) Dates September 30, 2023 2023 2022 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% $ 3,496 $ 3,496 Unsecured notes 2024 to 2029 2.90% to 7.38% 2,590 2,997 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2023 to 2028 4.50% and 4.75% 4,655 5,144 SkyMiles Term Loan (1)(2) 2023 to 2027 9.08% 1,882 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% 1,632 1,802 Notes (1)(2) 2023 to 2033 6.76% to 8.00% 173 813 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 838 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 to 2024 Undrawn — — Total secured and unsecured debt $ 18,111 $ 21,519 Unamortized (discount)/premium and debt issue cost, net and other (83) (138) Total debt $ 18,028 $ 21,381 Less: current maturities (1,681) (2,055) Total long-term debt $ 16,347 $ 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 Secured Overnight Financing Rate ("SOFR") (generally subject to a floor) or another index rate, plus a specified margin. Availability Under Revolving Credit Facilities As of September 30, 2023, we had approximately $2.8 billion undrawn and available under our revolving credit facilities. In addition, we had approximately $400 million outstanding letters of credit as of September 30, 2023 that did not affect the availability of our revolving credit facilities. Early Settlement of Outstanding Notes During the nine months ended September 30, 2023, we repurchased a principal amount of $1.4 billion of various secured and unsecured notes and a portion of the SkyMiles Term Loan on the open market and made early principal repayments of $585 million on various notes secured by aircraft. These payments resulted in a $63 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) September 30, December 31, Net carrying amount $ 18,028 $ 21,381 Fair value $ 17,300 $ 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 September 30, 2023.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 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 September 30, 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 Nine Months Ended September 30, Service cost $ — $ — $ 54 $ 53 Interest cost 638 459 150 96 Expected return on plan assets (791) (990) (1) (12) Amortization of prior service credit — — (4) (4) Recognized net actuarial loss 179 191 10 41 Net periodic cost (benefit) $ 26 $ (340) $ 209 $ 174 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	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $17.8 billion at September 30, 2023. Aircraft purchase commitments (1) (in millions) Total Three months ending December 31, 2023 $ 920 2024 3,520 2025 5,410 2026 3,850 2027 2,720 Thereafter 1,410 Total $ 17,830 (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 September 30, 2023: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 68 A321-200neo 113 A330-900neo 16 A350-900 16 B-737-10 100 Total 313 Aircraft Orders During the June 2023 quarter, we agreed to acquire one A330-900 with delivery expected to occur in 2025. We also exercised purchase rights for 12 A220-300 with delivery expected to start in 2027. Legal Contingencies We are involved in various legal proceedings related to employment practices, environmental issues, commercial disputes, antitrust and other regulatory 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 the March 2023 quarter, 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	9 Months Ended
	Sep. 30, 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) Changes in value — (1) — (1) Reclassifications into earnings (1) 185 — (43) 142 Balance at September 30, 2023 $ (6,439) $ 40 $ 739 $ (5,660) Balance at January 1, 2022 $ (8,355) $ 41 $ 1,184 $ (7,130) Reclassifications into earnings (1) 240 — (56) 184 Balance at September 30, 2022 $ (8,115) $ 41 $ 1,128 $ (6,946)

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 30, 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 non-jet fuel products produced by the refinery for jet fuel consumed in our airline operations. The gross fair value of the products exchanged under these agreements during the three and nine months ended September 30, 2023 was $519 million and $1.8 billion, respectively, compared to $834 million and $2.6 billion for the three and nine months ended September 30, 2022, 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 September 30, 2023 Operating revenue: $ 14,553 $ 1,886 $ 15,488 Sales to airline segment $ (385) (1) Exchanged products (519) (2) Sales of refined products (47) Depreciation and amortization 594 23 (23) (3) 594 Operating income 1,865 119 (3) — 1,984 Interest expense, net 196 6 (6) 196 Total assets, end of period 69,851 3,397 (1) 73,247 Net fair value obligations, end of period — (9) — (9) Capital expenditures 1,201 68 — 1,269 Three Months Ended September 30, 2022 Operating revenue: $ 12,841 $ 2,599 $ 13,975 Sales to airline segment $ (504) (1) Exchanged products (834) (2) Sales of refined products (127) Depreciation and amortization 538 23 (23) (3) 538 Operating income 1,264 192 (3) — 1,456 Interest expense, net 248 3 (3) 248 Total assets, end of period 69,680 2,977 (61) 72,596 Net fair value obligations, end of period — (291) — (291) Capital expenditures 1,393 49 — 1,442 (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. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Nine Months Ended September 30, 2023 Operating revenue: $ 41,008 $ 6,274 $ 43,825 Sales to airline segment $ (1,346) (1) Exchanged products (1,848) (2) Sales of refined products (263) Depreciation and amortization 1,731 69 (69) (3) 1,731 Operating income 3,814 385 (3) — 4,199 Interest expense, net 627 14 (14) 627 Capital expenditures 3,594 127 — 3,721 Nine Months Ended September 30, 2022 Operating revenue: $ 33,312 $ 8,265 $ 37,147 Sales to airline segment $ (1,557) (1) Exchanged products (2,623) (2) Sales of refined products (250) Depreciation and amortization 1,554 70 (70) (3) 1,554 Operating income 1,676 515 (3) — 2,191 Interest expense, net 791 7 (7) 791 Capital expenditures 4,069 97 — 4,166 (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 September 30, 2023 was calculated using the U.S. Environmental Protection Agency's ("EPA") Renewable Fuel Standard ("RFS") volume requirements, which were finalized in 2022 for the 2021 and 2022 obligations, and proposed in 2022 for 2023 obligations. In the March 2023 quarter, we settled a portion of our 2021 Renewable Identification Numbers ("RINs") obligation with the EPA. We expect to settle the remaining 2021 and our entire 2022 RINs obligation by the 2022 compliance deadline in the December 2023 quarter.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE We calculate basic earnings per share by di viding net income by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based instruments, including stock options, restricted stock awards and 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 per share: Basic and diluted earnings per share Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2023 2022 2023 2022 Net income $ 1,108 $ 695 $ 2,572 $ 489 Basic weighted average shares outstanding 639 638 639 638 Dilutive effect of share-based instruments 5 3 4 3 Diluted weighted average shares outstanding 644 641 643 641 Basic earnings per share $ 1.73 $ 1.09 $ 4.03 $ 0.77 Diluted earnings per share $ 1.72 $ 1.08 $ 4.00 $ 0.76

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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. Restricted cash equivalents are recorded in prepaid expenses and other 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 certain companies, particularly those 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)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Passenger Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Ticket $ 11,733 $ 10,247 $ 32,801 $ 26,005 Loyalty travel awards 902 786 2,547 2,073 Travel-related services 484 431 1,387 1,251 Passenger revenue $ 13,119 $ 11,464 $ 36,735 $ 29,329 Other Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Refinery $ 935 $ 1,134 $ 2,817 $ 3,835 Loyalty program 791 655 2,291 1,877 Ancillary businesses 212 249 657 665 Miscellaneous 277 233 790 640 Other revenue $ 2,215 $ 2,271 $ 6,555 $ 7,017
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 3,164 2,496 Miles redeemed for air travel (2,547) (2,073) Miles redeemed for non-air travel and other (126) (122) Balance at September 30 $ 8,373 $ 7,860
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 September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Domestic $ 8,662 $ 8,154 $ 25,200 $ 22,035 Atlantic 3,110 2,313 7,157 4,553 Latin America 788 659 2,846 2,084 Pacific 559 338 1,532 657 Total $ 13,119 $ 11,464 $ 36,735 $ 29,329 Operating revenue by geographic region Operating Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Domestic $ 10,461 $ 10,118 $ 30,607 $ 28,322 Atlantic 3,497 2,705 8,223 5,538 Latin America 891 752 3,208 2,417 Pacific 639 400 1,787 870 Total $ 15,488 $ 13,975 $ 43,825 $ 37,147

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 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) September 30, Level 1 Level 2 Level 3 Cash equivalents $ 1,854 $ 1,854 $ — $ — Restricted cash equivalents 134 134 — — Short-term investments U.S. Government securities 1,162 239 923 — Corporate obligations 857 — 857 — Asset-backed securities 86 — 86 — Other fixed income securities 65 — 65 — Long-term investments and related 1,647 1,342 130 175 Fuel hedge contracts 12 — 12 — (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)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of equity investments ownership and carrying value - fair value	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) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Air France-KLM Fair Value 3 % 3 % $ 92 $ 97 China Eastern Fair Value 2 % 2 % 159 189 CLEAR Fair Value 5 % 5 % 158 227 Grupo Aeroméxico Equity Method (1) 20 % 20 % 459 412 Hanjin KAL Fair Value (2) 15 % 15 % 313 296 LATAM Fair Value 10 % 10 % 548 403 Unifi Aviation Equity Method (3) 49 % 49 % 174 165 Wheels Up Fair Value (4) 39 % 21 % 59 54 Other investments Various 329 285 Equity investments $ 2,291 $ 2,128 (1) Results are included in miscellaneous, net in our income statement under non-operating expense. (2) At September 30, 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) See below for additional information about our ownership interest and voting rights.
Summary of equity investments ownership and carrying value - equity method	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) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Air France-KLM Fair Value 3 % 3 % $ 92 $ 97 China Eastern Fair Value 2 % 2 % 159 189 CLEAR Fair Value 5 % 5 % 158 227 Grupo Aeroméxico Equity Method (1) 20 % 20 % 459 412 Hanjin KAL Fair Value (2) 15 % 15 % 313 296 LATAM Fair Value 10 % 10 % 548 403 Unifi Aviation Equity Method (3) 49 % 49 % 174 165 Wheels Up Fair Value (4) 39 % 21 % 59 54 Other investments Various 329 285 Equity investments $ 2,291 $ 2,128 (1) Results are included in miscellaneous, net in our income statement under non-operating expense. (2) At September 30, 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) See below for additional information about our ownership interest and voting rights.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of debt	Summary of outstanding debt by category Maturity Interest Rate(s) Per Annum at September 30, December 31, (in millions) Dates September 30, 2023 2023 2022 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% $ 3,496 $ 3,496 Unsecured notes 2024 to 2029 2.90% to 7.38% 2,590 2,997 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2023 to 2028 4.50% and 4.75% 4,655 5,144 SkyMiles Term Loan (1)(2) 2023 to 2027 9.08% 1,882 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% 1,632 1,802 Notes (1)(2) 2023 to 2033 6.76% to 8.00% 173 813 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 838 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 to 2024 Undrawn — — Total secured and unsecured debt $ 18,111 $ 21,519 Unamortized (discount)/premium and debt issue cost, net and other (83) (138) Total debt $ 18,028 $ 21,381 Less: current maturities (1,681) (2,055) Total long-term debt $ 16,347 $ 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 Secured Overnight Financing Rate ("SOFR") (generally subject to a floor) 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) September 30, December 31, Net carrying amount $ 18,028 $ 21,381 Fair value $ 17,300 $ 20,700

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 Nine Months Ended September 30, Service cost $ — $ — $ 54 $ 53 Interest cost 638 459 150 96 Expected return on plan assets (791) (990) (1) (12) Amortization of prior service credit — — (4) (4) Recognized net actuarial loss 179 191 10 41 Net periodic cost (benefit) $ 26 $ (340) $ 209 $ 174

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of future aircraft purchase commitments	Our future aircraft purchase commitments totaled approximately $17.8 billion at September 30, 2023. Aircraft purchase commitments (1) (in millions) Total Three months ending December 31, 2023 $ 920 2024 3,520 2025 5,410 2026 3,850 2027 2,720 Thereafter 1,410 Total $ 17,830 (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 September 30, 2023: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 68 A321-200neo 113 A330-900neo 16 A350-900 16 B-737-10 100 Total 313

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 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) Changes in value — (1) — (1) Reclassifications into earnings (1) 185 — (43) 142 Balance at September 30, 2023 $ (6,439) $ 40 $ 739 $ (5,660) Balance at January 1, 2022 $ (8,355) $ 41 $ 1,184 $ (7,130) Reclassifications into earnings (1) 240 — (56) 184 Balance at September 30, 2022 $ (8,115) $ 41 $ 1,128 $ (6,946)

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of segment reporting information	Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended September 30, 2023 Operating revenue: $ 14,553 $ 1,886 $ 15,488 Sales to airline segment $ (385) (1) Exchanged products (519) (2) Sales of refined products (47) Depreciation and amortization 594 23 (23) (3) 594 Operating income 1,865 119 (3) — 1,984 Interest expense, net 196 6 (6) 196 Total assets, end of period 69,851 3,397 (1) 73,247 Net fair value obligations, end of period — (9) — (9) Capital expenditures 1,201 68 — 1,269 Three Months Ended September 30, 2022 Operating revenue: $ 12,841 $ 2,599 $ 13,975 Sales to airline segment $ (504) (1) Exchanged products (834) (2) Sales of refined products (127) Depreciation and amortization 538 23 (23) (3) 538 Operating income 1,264 192 (3) — 1,456 Interest expense, net 248 3 (3) 248 Total assets, end of period 69,680 2,977 (61) 72,596 Net fair value obligations, end of period — (291) — (291) Capital expenditures 1,393 49 — 1,442 (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. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Nine Months Ended September 30, 2023 Operating revenue: $ 41,008 $ 6,274 $ 43,825 Sales to airline segment $ (1,346) (1) Exchanged products (1,848) (2) Sales of refined products (263) Depreciation and amortization 1,731 69 (69) (3) 1,731 Operating income 3,814 385 (3) — 4,199 Interest expense, net 627 14 (14) 627 Capital expenditures 3,594 127 — 3,721 Nine Months Ended September 30, 2022 Operating revenue: $ 33,312 $ 8,265 $ 37,147 Sales to airline segment $ (1,557) (1) Exchanged products (2,623) (2) Sales of refined products (250) Depreciation and amortization 1,554 70 (70) (3) 1,554 Operating income 1,676 515 (3) — 2,191 Interest expense, net 791 7 (7) 791 Capital expenditures 4,069 97 — 4,166 (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.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 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 earnings per share: Basic and diluted earnings per share Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2023 2022 2023 2022 Net income $ 1,108 $ 695 $ 2,572 $ 489 Basic weighted average shares outstanding 639 638 639 638 Dilutive effect of share-based instruments 5 3 4 3 Diluted weighted average shares outstanding 644 641 643 641 Basic earnings per share $ 1.73 $ 1.09 $ 4.03 $ 0.77 Diluted earnings per share $ 1.72 $ 1.08 $ 4.00 $ 0.76

REVENUE RECOGNITION - Passenger

REVENUE RECOGNITION - Passenger Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Passenger revenue	$ 15,488	$ 13,975	$ 43,825	$ 37,147
Passenger
Disaggregation of Revenue [Line Items]
Passenger revenue	13,119	11,464	36,735	29,329
Ticket
Disaggregation of Revenue [Line Items]
Passenger revenue	11,733	10,247	32,801	26,005
Loyalty travel awards
Disaggregation of Revenue [Line Items]
Passenger revenue	902	786	2,547	2,073
Travel-related services
Disaggregation of Revenue [Line Items]
Passenger revenue	$ 484	$ 431	$ 1,387	$ 1,251

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue recognized that was previously deferred	$ 6,700	$ 3,900
Cash sales of mileage credits	$ 5,200	$ 4,100
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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Loyalty program activity
Current and noncurrent deferred revenue, beginning	$ 7,882	$ 7,559
Miles earned	3,164	2,496
Miles redeemed for air travel	(2,547)	(2,073)
Miles redeemed for non-air travel and other	(126)	(122)
Current and noncurrent deferred revenue, ending	$ 8,373	$ 7,860

REVENUE RECOGNITION - Other Rev

REVENUE RECOGNITION - Other Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Operating revenue	$ 15,488	$ 13,975	$ 43,825	$ 37,147
Other
Disaggregation of Revenue [Line Items]
Operating revenue	2,215	2,271	6,555	7,017
Refinery
Disaggregation of Revenue [Line Items]
Operating revenue	935	1,134	2,817	3,835
Loyalty program
Disaggregation of Revenue [Line Items]
Operating revenue	791	655	2,291	1,877
Ancillary businesses
Disaggregation of Revenue [Line Items]
Operating revenue	212	249	657	665
Miscellaneous
Disaggregation of Revenue [Line Items]
Operating revenue	$ 277	$ 233	$ 790	$ 640

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Operating revenue	$ 15,488	$ 13,975	$ 43,825	$ 37,147
Domestic
Disaggregation of Revenue [Line Items]
Operating revenue	10,461	10,118	30,607	28,322
Atlantic
Disaggregation of Revenue [Line Items]
Operating revenue	3,497	2,705	8,223	5,538
Latin America
Disaggregation of Revenue [Line Items]
Operating revenue	891	752	3,208	2,417
Pacific
Disaggregation of Revenue [Line Items]
Operating revenue	639	400	1,787	870
Passenger
Disaggregation of Revenue [Line Items]
Operating revenue	13,119	11,464	36,735	29,329
Passenger | Domestic
Disaggregation of Revenue [Line Items]
Operating revenue	8,662	8,154	25,200	22,035
Passenger | Atlantic
Disaggregation of Revenue [Line Items]
Operating revenue	3,110	2,313	7,157	4,553
Passenger | Latin America
Disaggregation of Revenue [Line Items]
Operating revenue	788	659	2,846	2,084
Passenger | Pacific
Disaggregation of Revenue [Line Items]
Operating revenue	$ 559	$ 338	$ 1,532	$ 657

FAIR VALUE MEASUREMENTS - Measu

FAIR VALUE MEASUREMENTS - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Cash equivalents	$ 1,854	$ 2,021
Restricted cash equivalents	134	206
Long-term investments and related	1,647	1,450
Fuel hedge contracts	12	(47)
U.S. Government securities
Fair Value
Short-term investments	1,162	1,587
Corporate obligations
Fair Value
Short-term investments	857	1,614
Asset-backed securities
Fair Value
Short-term investments	86
Other fixed income securities
Fair Value
Short-term investments	65	67
Level 1
Fair Value
Cash equivalents	1,854	2,021
Restricted cash equivalents	134	206
Long-term investments and related	1,342	1,305
Fuel hedge contracts	0	0
Level 1 | U.S. Government securities
Fair Value
Short-term investments	239	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 and related	130	38
Fuel hedge contracts	12	(47)
Level 2 | U.S. Government securities
Fair Value
Short-term investments	923	1,465
Level 2 | Corporate obligations
Fair Value
Short-term investments	857	1,614
Level 2 | Asset-backed securities
Fair Value
Short-term investments	86
Level 2 | Other fixed income securities
Fair Value
Short-term investments	65	67
Level 3
Fair Value
Cash equivalents	0	0
Restricted cash equivalents	0	0
Long-term investments and related	175	107
Fuel hedge contracts	0	0
Level 3 | U.S. Government securities
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 ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 2,170,000,000		$ 2,170,000,000		$ 3,268,000,000
Short-term investments expected to mature in one year or less	2,100,000,000		2,100,000,000
Wheels Up | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit maximum capacity	500,000,000		500,000,000
Fuel hedge contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on derivatives recognized	$ (140,000,000)	$ 139,000,000	(96,000,000)	$ (339,000,000)
Fuel hedge contracts | Mark-to-Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on derivative			59,000,000
Fuel hedge contracts | Settlement Gains On Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on derivative			$ 155,000,000

INVESTMENTS - Equity Investment

INVESTMENTS - Equity Investments Ownership Interest and Carrying Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Equity Investments
Equity investments	$ 2,291	$ 2,128
Air France-KLM
Equity Investments
Ownership interest (percent)	3%	3%
Carrying value	$ 92	$ 97
China Eastern
Equity Investments
Ownership interest (percent)	2%	2%
Carrying value	$ 159	$ 189
CLEAR
Equity Investments
Ownership interest (percent)	5%	5%
Carrying value	$ 158	$ 227
Hanjin-KAL
Equity Investments
Ownership interest (percent)	15%	15%
Carrying value	$ 313	$ 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	$ 548	$ 403
Wheels Up
Equity Investments
Ownership interest (percent)	39%	21%
Carrying value	$ 59	$ 54
Other investments
Equity Investments
Carrying value	$ 329	$ 285
Grupo Aeromexico
Equity Investments
Ownership interest (percent)	20%	20%
Carrying value	$ 459	$ 412
Unifi Aviation
Equity Investments
Ownership interest (percent)	49%	49%
Carrying value	$ 174	$ 165

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	Sep. 30, 2023	Aug. 15, 2023	Dec. 31, 2022
Wheels Up
Investments [Line Items]
Liquidity threshold		$ 100,000,000
Ownership interest (percent)	39%		21%
Voting rights, shares held threshold	29.90%
Wheels Up | Line of Credit
Investments [Line Items]
Line of credit maximum capacity	$ 500,000,000
Wheels Up | Line of Credit | New Lender
Investments [Line Items]
Line of credit maximum capacity		50,000,000
Wheels Up | Line of Credit | Delta
Investments [Line Items]
Line of credit maximum capacity		100,000,000
Line of credit		0
Wheels Up | Line of Credit | Secured debt
Investments [Line Items]
Debt instrument amount		350,000,000
Wheels Up | Line of Credit | Secured debt | Delta
Investments [Line Items]
Debt instrument amount		$ 150,000,000
Wheels Up
Investments [Line Items]
Equity issuable		80%
Wheels Up | Maximum
Investments [Line Items]
Equity issuable		95%

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt, gross	$ 18,111	$ 21,519
Unamortized (discount)/premium and debt issue cost, net and other	(83)	(138)
Total debt	18,028	21,381
Less: current maturities	(1,681)	(2,055)
Total long-term debt	$ 16,347	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, 2024
Maturity dates range, end	Dec. 31, 2029
Debt, gross	$ 2,590	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	$ 4,655	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)	9.08%
Debt, gross	$ 1,882	2,820
NYTDC Special Facilities Revenue Bonds | Bonds
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2024
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	$ 1,632	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	$ 173	813
Financing secured by aircraft - Notes | Secured debt | Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	6.76%
Financing secured by aircraft - Notes | Secured debt | Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	8%
2020 Senior Secured Notes | Secured debt
Debt Instrument [Line Items]
Maturity date	Dec. 31, 2025
Interest rate per annum (percent)	7%
Debt, gross	$ 838	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 | Bonds
Debt Instrument [Line Items]
Maturity dates range, start	Jan. 01, 2024
Other revolving credit facilities | Revolving credit facility
Debt Instrument [Line Items]
Maturity date	Dec. 31, 2025
Debt, gross	$ 0	$ 0

DEBT - Availability Under Revol

DEBT - Availability Under Revolving Credit Facilities (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revolving credit facility
Debt Instrument [Line Items]
Undrawn credit facilities	$ 2,800
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Extinguishment of Debt [Line Items]
Repaid principal			$ 585
Loss on extinguishment of debt	$ 13	$ 34	63	$ 100
Secured and unsecured debt
Extinguishment of Debt [Line Items]
Repurchase amount	$ 1,400		1,400
Loss on extinguishment of debt			$ 63

DEBT - Fair Value of Debt (Deta

DEBT - Fair Value of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt
Net carrying amount	$ 18,028	$ 21,381
Fair value	$ 17,300	$ 20,700

EMPLOYEE BENEFIT PLANS - Compon

EMPLOYEE BENEFIT PLANS - Components of Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pension Benefits
Defined Benefit Plan Disclosure
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	213	153	638	459
Expected return on plan assets	(264)	(330)	(791)	(990)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss	60	64	179	191
Net periodic cost (benefit)	9	(113)	26	(340)
Other Postretirement and Postemployment Benefits
Defined Benefit Plan Disclosure
Service cost	18	18	54	53
Interest cost	50	32	150	96
Expected return on plan assets	0	(4)	(1)	(12)
Amortization of prior service credit	(1)	(1)	(4)	(4)
Recognized net actuarial loss	3	13	10	41
Net periodic cost (benefit)	$ 70	$ 58	$ 209	$ 174

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	3 Months Ended
	Jun. 30, 2023 aircraft	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jan. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Future aircraft purchase commitments			$ 17,800
Future Purchase Commitments
Collective bargaining agreement term		4 years
Pilot pay rate increase				18%
Pilot agreement expense		$ 735
Adjustments to other benefit-related items		$ 130
A330-900
Future Purchase Commitments
Number of aircraft agreed to be acquired | aircraft	1
A220-300
Future Purchase Commitments
Number of aircraft purchase rights exercised | aircraft	12

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Year (Details) $ in Millions	Sep. 30, 2023 USD ($)
Future aircraft purchase commitments:
Total	$ 17,800
Future aircraft purchase commitments
Future aircraft purchase commitments:
Three months ending December 31, 2023	920
2024	3,520
2025	5,410
2026	3,850
2027	2,720
Thereafter	1,410
Total	$ 17,830

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments	Sep. 30, 2023 aircraft
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	313
A220-300
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	68
A321-200neo
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	113
A330-900neo
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	16
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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 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	(43)	(56)
Reclassification into earnings (net of tax effect)	142	184
Changes in value, tax effect	0
Changes in value (net of tax effect)	(1)
Ending balance, tax effect	739	1,128
Ending balance	9,226	4,590
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(5,801)	(7,130)
Ending balance	(5,660)	(6,946)
Pension and Other Benefits Liabilities
AOCI Attributable to Parent, Net of Tax
Beginning balance, AOCI before tax	(6,624)	(8,355)
Reclassifications into earnings	185	240
Changes in value	0
Ending balance, AOCI before tax	(6,439)	(8,115)
Other
AOCI Attributable to Parent, Net of Tax
Beginning balance, AOCI before tax	41	41
Reclassifications into earnings	0	0
Changes in value	(1)
Ending balance, AOCI before tax	$ 40	$ 41

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information, Profit (Loss)
Operating revenue	$ 15,488	$ 13,975	$ 43,825	$ 37,147
Intersegment Sales/Other | Exchanged products
Segment Reporting Information, Profit (Loss)
Operating revenue	$ (519)	$ (834)	$ (1,848)	$ (2,623)

SEGMENTS - Segment Reporting (D

SEGMENTS - Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information, Profit (Loss)
Operating revenue	$ 15,488	$ 13,975	$ 43,825	$ 37,147
Depreciation and amortization	594	538	1,731	1,554
Operating income	1,984	1,456	4,199	2,191
Interest expense, net	196	248	627	791
Total assets, end of period	73,247	72,596	73,247	72,596	$ 72,288
Net fair value obligations, end of period	(9)	(291)	(9)	(291)
Capital expenditures	1,269	1,442	3,721	4,166
Operating Segments | Airline
Segment Reporting Information, Profit (Loss)
Operating revenue	14,553	12,841	41,008	33,312
Depreciation and amortization	594	538	1,731	1,554
Operating income	1,865	1,264	3,814	1,676
Interest expense, net	196	248	627	791
Total assets, end of period	69,851	69,680	69,851	69,680
Net fair value obligations, end of period	0	0	0	0
Capital expenditures	1,201	1,393	3,594	4,069
Operating Segments | Refinery
Segment Reporting Information, Profit (Loss)
Operating revenue	1,886	2,599	6,274	8,265
Depreciation and amortization	23	23	69	70
Operating income	119	192	385	515
Interest expense, net	6	3	14	7
Total assets, end of period	3,397	2,977	3,397	2,977
Net fair value obligations, end of period	(9)	(291)	(9)	(291)
Capital expenditures	68	49	127	97
Intersegment Sales/Other
Segment Reporting Information, Profit (Loss)
Depreciation and amortization	(23)	(23)	(69)	(70)
Operating income	0	0	0	0
Interest expense, net	(6)	(3)	(14)	(7)
Total assets, end of period	(1)	(61)	(1)	(61)
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	(385)	(504)	(1,346)	(1,557)
Intersegment Sales/Other | Exchanged products
Segment Reporting Information, Profit (Loss)
Operating revenue	(519)	(834)	(1,848)	(2,623)
Intersegment Sales/Other | Sales of refined products
Segment Reporting Information, Profit (Loss)
Operating revenue	$ (47)	$ (127)	$ (263)	$ (250)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 1,108	$ 1,827	$ (363)	$ 695	$ 735	$ (940)	$ 2,572	$ 489
Basic weighted average shares outstanding (shares)	639			638			639	638
Dilutive effect of share-based instruments (shares)	5			3			4	3
Diluted weighted average shares outstanding (shares)	644			641			643	641
Basic earnings per share (USD per share)	$ 1.73			$ 1.09			$ 4.03	$ 0.77
Diluted earnings per share (USD per share)	$ 1.72			$ 1.08			$ 4	$ 0.76