Cover
Cover | 3 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
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 $0.0001 per share |
Trading Symbol | DAL |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0000027904 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 645,312,283 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 3,877 | $ 2,741 |
Short-term investments | 589 | 1,127 |
Accounts receivable, net of allowance for uncollectible accounts of $16 and $17 | 3,748 | 3,130 |
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $124 and $123 | 1,452 | 1,314 |
Prepaid expenses and other | 1,913 | 1,957 |
Total current assets | 11,579 | 10,269 |
Noncurrent Assets: | ||
Property and equipment, net of accumulated depreciation and amortization of $22,156 and $21,707 | 35,915 | 35,486 |
Operating lease right-of-use assets | 6,785 | 7,004 |
Goodwill | 9,753 | 9,753 |
Identifiable intangibles, net of accumulated amortization of $913 and $911 | 5,981 | 5,983 |
Equity investments | 3,247 | 3,457 |
Other noncurrent assets | 1,709 | 1,692 |
Total noncurrent assets | 63,390 | 63,375 |
Total assets | 74,969 | 73,644 |
Current Liabilities: | ||
Current maturities of debt and finance leases | 2,809 | 2,983 |
Current maturities of operating leases | 742 | 759 |
Accounts payable | 4,541 | 4,446 |
Accrued salaries and related benefits | 3,037 | 4,561 |
Fuel card obligation | 1,100 | 1,100 |
Other accrued liabilities | 2,038 | 1,617 |
Total current liabilities | 28,478 | 26,418 |
Noncurrent Liabilities: | ||
Debt and finance leases | 16,555 | 17,071 |
Pension, postretirement and related benefits | 3,524 | 3,601 |
Noncurrent operating leases | 6,203 | 6,468 |
Deferred income taxes, net | 994 | 908 |
Other noncurrent liabilities | 3,541 | 3,561 |
Total noncurrent liabilities | 35,340 | 36,121 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 657,166,677 and 654,671,194 shares issued | 0 | 0 |
Additional paid-in capital | 11,688 | 11,641 |
Retained earnings | 5,622 | 5,650 |
Accumulated other comprehensive loss | (5,793) | (5,845) |
Treasury stock, at cost, 11,854,394 and 11,224,246 shares | (366) | (341) |
Total stockholders' equity | 11,151 | 11,105 |
Total liabilities and stockholders' equity | 74,969 | 73,644 |
Air traffic | ||
Current Liabilities: | ||
Deferred revenue liability, current | 10,193 | 7,044 |
Loyalty program | ||
Current Liabilities: | ||
Deferred revenue liability, current | 4,018 | 3,908 |
Noncurrent Liabilities: | ||
Loyalty program deferred revenue | $ 4,523 | $ 4,512 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Allowance for uncollectible accounts | $ 16 | $ 17 |
Allowance for obsolescence | 124 | 123 |
Noncurrent Assets: | ||
Accumulated depreciation and amortization | 22,156 | 21,707 |
Accumulated amortization | $ 913 | $ 911 |
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) | 657,166,677 | 654,671,194 |
Treasury stock, at cost (shares) | 11,854,394 | 11,224,246 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Revenue: | ||
Total operating revenue | $ 13,748 | $ 12,759 |
Operating Expense: | ||
Salaries and related costs | 3,791 | 3,386 |
Aircraft fuel and related taxes | 2,598 | 2,676 |
Ancillary businesses and refinery | 1,370 | 1,125 |
Contracted services | 1,024 | 1,010 |
Landing fees and other rents | 748 | 584 |
Aircraft maintenance materials and outside repairs | 679 | 585 |
Depreciation and amortization | 615 | 564 |
Regional carrier expense | 550 | 559 |
Passenger commissions and other selling expenses | 550 | 500 |
Passenger service | 413 | 416 |
Aircraft rent | 136 | 132 |
Profit sharing | 125 | 72 |
Pilot agreement and related expenses | 0 | 864 |
Other | 535 | 563 |
Total operating expense | 13,134 | 13,036 |
Operating Income/(Loss) | 614 | (277) |
Non-Operating Expense: | ||
Interest expense, net | (205) | (227) |
Gain/(loss) on investments, net | (227) | 122 |
Loss on extinguishment of debt | (4) | (22) |
Miscellaneous, net | (56) | (102) |
Total non-operating expense, net | (492) | (229) |
Income/(Loss) Before Income Taxes | 122 | (506) |
Income Tax (Provision)/Benefit | (85) | 143 |
Net Income/(Loss) | $ 37 | $ (363) |
Basic Earnings/(Loss) Per Share (USD per share) | $ 0.06 | $ (0.57) |
Diluted Earnings/(Loss) Per Share (USD per share) | $ 0.06 | $ (0.57) |
Comprehensive Income/(Loss) | $ 89 | $ (316) |
Passenger | ||
Operating Revenue: | ||
Total operating revenue | 11,131 | 10,411 |
Cargo | ||
Operating Revenue: | ||
Total operating revenue | 178 | 209 |
Other | ||
Operating Revenue: | ||
Total operating revenue | $ 2,439 | $ 2,139 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Cash Provided by Operating Activities | ||
Net Cash Provided by Operating Activities | $ 2,408 | $ 2,235 |
Property and equipment additions: | ||
Flight equipment, including advance payments | (883) | (630) |
Ground property and equipment, including technology | (310) | (370) |
Purchase of short-term investments | 0 | (999) |
Redemption of short-term investments | 546 | 897 |
Other, net | 10 | 2 |
Net cash used in investing activities | (637) | (1,100) |
Cash Flows from Financing Activities: | ||
Payments on debt and finance lease obligations | (712) | (1,166) |
Cash dividends | (64) | 0 |
Other, net | (11) | (13) |
Net cash used in financing activities | (787) | (1,179) |
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash Equivalents | 984 | (44) |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 3,395 | 3,473 |
Cash, cash equivalents and restricted cash equivalents at end of period | 4,379 | 3,429 |
Non-Cash Transactions: | ||
Right-of-use assets acquired or modified under operating leases | (34) | 208 |
Flight and ground equipment acquired or modified under finance leases | 6 | 25 |
Operating leases converted to finance leases | 0 | 30 |
Current Assets: | ||
Cash and cash equivalents | 3,877 | 3,215 |
Restricted cash included in prepaid expenses and other | 126 | 160 |
Noncurrent Assets: | ||
Restricted cash included in other noncurrent assets | 376 | 54 |
Total cash, cash equivalents and restricted cash equivalents | $ 4,379 | $ 3,429 |
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, 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 | 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) | [1] | 2,000,000 | |||||
Common stock issued for employee equity awards | [1] | (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, 2023 | 655,000,000 | ||||||
Beginning balance at Dec. 31, 2023 | $ 11,105 | $ 0 | 11,641 | 5,650 | (5,845) | $ (341) | |
Beginning balance, Treasury Stock (shares) at Dec. 31, 2023 | 11,224,246 | 11,000,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income/(loss) | $ 37 | 37 | |||||
Dividends declared ($0.10 per share) | (65) | (65) | |||||
Other comprehensive income | 52 | 52 | |||||
Common stock issued for employee equity awards (shares) | [2] | 2,000,000 | 1,000,000 | ||||
Common stock issued for employee equity awards | [2] | 22 | 47 | $ (25) | |||
Ending balance (shares) at Mar. 31, 2024 | 657,000,000 | ||||||
Ending balance at Mar. 31, 2024 | $ 11,151 | $ 0 | $ 11,688 | $ 5,622 | $ (5,793) | $ (366) | |
Ending balance, Treasury Stock (shares) at Mar. 31, 2024 | 11,854,394 | 12,000,000 | |||||
[1] Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.73 in the March 2023 quarter. (1) Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.83 in the March 2024 quarter. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (USD per share) | $ 0.10 | |
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share) | $ 39.83 | $ 39.73 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. 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, 2024 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, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION Passenger Revenue Three Months Ended March 31, (in millions) 2024 2023 Ticket $ 9,833 $ 9,239 Loyalty travel awards 844 743 Travel-related services 454 429 Passenger revenue $ 11,131 $ 10,411 Ticket We recognized approximately $3.9 billion in passenger revenue during both the three months ended March 31, 2024 and 2023 that had been recorded in our air traffic liability balance at the beginning of those periods. Loyalty Travel Awards Loyalty travel awards revenue is related to the redemption of mileage credits ("miles") for air travel. Our SkyMiles loyalty program allows customers to earn miles by flying on Delta, Delta Connection and other airlines that participate in the loyalty program. Customers can also earn miles through participating companies, such as credit card, retail, ridesharing, car rental and hotel 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, 2024 and 2023, total cash sales from marketing agreements related to our loyalty program were $1.8 billion and $1.7 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) 2024 2023 Balance at January 1 $ 8,420 $ 7,882 Miles earned 1,021 999 Miles redeemed for air travel (844) (743) Miles redeemed for non-air travel and other (56) (40) Balance at March 31 $ 8,541 $ 8,098 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 March 31, (in millions) 2024 2023 Refinery $ 1,185 $ 916 Loyalty program 795 726 Ancillary businesses 180 231 Miscellaneous 279 266 Other revenue $ 2,439 $ 2,139 Refinery. This represents refinery sales to third parties. See Note 9, "Segments," for more information on revenue recognition within our refinery segment. Loyalty Program. This relates to revenues from brand usage by third parties and other performance obligations embedded in miles sold, which are included within the total cash sales from marketing agreements, discussed above. This also includes the redemption of miles for non-air travel and other awards. Ancillary Businesses. This includes aircraft maintenance services we provide to third parties and our vacation wholesale operations. Miscellaneous. This is primarily composed of lounge access, including access provided to certain American Express cardholders, and codeshare revenues. 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 Three Months Ended March 31, (in millions) 2024 2023 Domestic $ 7,983 $ 7,594 Atlantic 1,305 1,244 Latin America 1,265 1,132 Pacific 578 441 Total $ 11,131 $ 10,411 Operating revenue by geographic region Three Months Ended March 31, (in millions) 2024 2023 Domestic $ 10,031 $ 9,396 Atlantic 1,581 1,548 Latin America 1,442 1,280 Pacific 694 535 Total $ 13,748 $ 12,759 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 2,495 $ 2,495 $ — $ — Restricted cash equivalents 501 501 — — Short-term investments U.S. Government securities 473 101 372 — Corporate obligations 86 — 86 — Other fixed income securities 30 — 30 — Long-term investments and related 2,641 2,387 139 115 Fuel hedge contracts (22) — (22) — (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 1,545 $ 1,545 $ — $ — Restricted cash equivalents 653 653 — — Short-term investments U.S. Government securities 859 204 655 — Corporate obligations 218 — 218 — Other fixed income securities 50 — 50 — Long-term investments and related 2,867 2,614 134 119 Fuel hedge contracts 5 — 5 — 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. Restricted cash equivalents primarily relate to proceeds from debt issued to finance, among other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport as well as certain self-insurance obligations and airport commitments. Restricted cash equivalents are recorded in prepaid expenses and other on our Consolidated Balance Sheet ("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. These investments are expected to mature in one year or less. 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. 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 related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). We recognized losses of $96 million and gains of $31 million on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) ("income statement") for the three months ended March 31, 2024 and 2023, respectively. The losses |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 82 $ 110 China Eastern Fair Value 2 % 2 % 116 134 Grupo Aeroméxico Equity Method 20 % 20 % 441 421 Hanjin KAL Fair Value (1) 15 % 15 % 439 561 LATAM Fair Value 10 % 10 % 756 658 Unifi Aviation Equity Method 49 % 49 % 161 162 Wheels Up Fair Value (2) 38 % 38 % 756 903 Other investments Various 496 508 Equity investments $ 3,247 $ 3,457 (1) At March 31, 2024, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (2) Our voting rights with respect to Wheels Up are capped at 29.9%. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2024 2023 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% $ 3,496 $ 3,496 Unsecured notes 2024 to 2029 2.90% to 7.38% 2,575 2,590 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2024 to 2028 4.50% and 4.75% 4,381 4,518 SkyMiles Term Loan (1)(2) 2024 to 2027 9.07% 1,598 1,772 NYTDC Special Facilities Revenue Bonds (1) 2025 to 2045 4.00% to 6.00% 3,591 3,656 Financing arrangements secured by aircraft: Certificates (1) 2024 to 2028 2.00% to 8.00% 1,582 1,591 Notes (1)(2) 2024 to 2033 4.00% to 7.59% 94 165 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 812 838 2018 Revolving Credit Facility (2) 2026 to 2028 Undrawn — — Other financings (1)(2) 2024 to 2030 2.51% to 5.00% 67 67 Other revolving credit facilities (2) 2024 to 2026 Undrawn — — Total secured and unsecured debt $ 18,196 $ 18,693 Unamortized (discount)/premium and debt issue cost, net and other (69) (83) Total debt $ 18,127 $ 18,610 Less: current maturities (2,551) (2,625) Total long-term debt $ 15,576 $ 15,985 (1) Due in installments during the years shown above. (2) Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate, plus a specified margin. Availability Under Revolving Credit Facilities As of March 31, 2024, we had approximately $2.9 billion undrawn and available under our revolving credit facilities. Fair Value of Debt Market risk associated with our fixed- and variable-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair value of debt shown below is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and 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 $ 18,127 $ 18,610 Fair value $ 18,000 $ 18,400 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, 2024. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Employee benefit plans net periodic cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2024 2023 2024 2023 Three Months Ended March 31, Service cost $ 3 $ — $ 23 $ 18 Interest cost 201 213 45 50 Expected return on plan assets (263) (264) (1) — Amortization of prior service credit — — (1) (1) Recognized net actuarial loss 62 60 5 3 Net periodic cost $ 3 $ 9 $ 71 $ 70 Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within miscellaneous, net under non-operating expense. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $20.7 billion at March 31, 2024. Aircraft purchase commitments (1) (in millions) Total Nine months ending December 31, 2024 $ 2,990 2025 3,970 2026 4,990 2027 5,020 2028 2,980 Thereafter 770 Total $ 20,720 (1) The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints. Our future aircraft purchase commitments included the following aircraft at March 31, 2024: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 76 A321-200neo 101 A330-900neo 12 A350-900 16 A350-1000 20 B-737-10 100 Total 325 Aircraft Orders In January 2024, we entered into a purchase agreement with Airbus for 20 A350-1000 aircraft, with an option to purchase an additional 20 widebody aircraft. Deliveries of these aircraft are scheduled to begin in 2026. 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. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 $ (6,681) $ 40 $ 796 $ (5,845) Reclassifications into earnings (1) 66 — (14) 52 Balance at March 31, 2024 $ (6,615) $ 40 $ 782 $ (5,793) 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) (1) |
SEGMENTS
SEGMENTS | 3 Months Ended |
Mar. 31, 2024 | |
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. 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, 2024 Operating revenue $ 12,563 $ 2,049 $ (864) (1) $ 13,748 Depreciation and amortization 615 27 (27) (2) 615 Operating income (2) 565 49 — 614 Interest expense, net 205 5 (5) 205 Total assets, end of period 72,875 2,123 (29) 74,969 Capital expenditures 1,178 15 — 1,193 Three Months Ended March 31, 2023 Operating revenue $ 11,843 $ 2,352 $ (1,436) (1) $ 12,759 Depreciation and amortization 564 23 (23) (2) 564 Operating (loss)/income (2) (499) 222 — (277) Interest expense, net 227 4 (4) 227 Total assets, end of period 70,183 3,005 (54) 73,134 Capital expenditures 971 29 — 1,000 (1) See table below for detail of the intersegment operating revenue amounts. (2) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. Operating Revenue Intersegment Sales/Other Three Months Ended March 31, (in millions) 2024 2023 Sales to airline segment (1) $ (386) $ (596) Exchanged products (2) (439) (714) Sales of refined products (39) (126) Total Operating Revenue Intersegment Sales/Other $ (864) $ (1,436) (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. |
EARNINGS_(LOSS) PER SHARE
EARNINGS/(LOSS) PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS/(LOSS) PER SHARE | EARNINGS/(LOSS) PER SHARE We calculate basic earnings/(loss) per share and diluted loss per share by di viding net income/(loss) by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based 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/(loss) per share: Basic and diluted earnings/(loss) per share Three Months Ended March 31, (in millions, except per share data) 2024 2023 Net income/(loss) $ 37 $ (363) Basic weighted average shares outstanding 640 639 Dilutive effect of share-based instruments 5 — Diluted weighted average shares outstanding 645 639 Basic earnings/(loss) per share $ 0.06 $ (0.57) Diluted earnings/(loss) per share $ 0.06 $ (0.57) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. 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, 2024 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. Restricted cash equivalents primarily relate to proceeds from debt issued to finance, among other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport as well as certain self-insurance obligations and airport commitments. Restricted cash equivalents are recorded in prepaid expenses and other on our Consolidated Balance Sheet ("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. These investments are expected to mature in one year or less. Long-Term Investments and Related. |
Fuel Hedge Contracts | Fuel Hedge Contracts. |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | Passenger Revenue Three Months Ended March 31, (in millions) 2024 2023 Ticket $ 9,833 $ 9,239 Loyalty travel awards 844 743 Travel-related services 454 429 Passenger revenue $ 11,131 $ 10,411 Other Revenue Three Months Ended March 31, (in millions) 2024 2023 Refinery $ 1,185 $ 916 Loyalty program 795 726 Ancillary businesses 180 231 Miscellaneous 279 266 Other revenue $ 2,439 $ 2,139 |
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) 2024 2023 Balance at January 1 $ 8,420 $ 7,882 Miles earned 1,021 999 Miles redeemed for air travel (844) (743) Miles redeemed for non-air travel and other (56) (40) Balance at March 31 $ 8,541 $ 8,098 |
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 Three Months Ended March 31, (in millions) 2024 2023 Domestic $ 7,983 $ 7,594 Atlantic 1,305 1,244 Latin America 1,265 1,132 Pacific 578 441 Total $ 11,131 $ 10,411 Operating revenue by geographic region Three Months Ended March 31, (in millions) 2024 2023 Domestic $ 10,031 $ 9,396 Atlantic 1,581 1,548 Latin America 1,442 1,280 Pacific 694 535 Total $ 13,748 $ 12,759 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 2,495 $ 2,495 $ — $ — Restricted cash equivalents 501 501 — — Short-term investments U.S. Government securities 473 101 372 — Corporate obligations 86 — 86 — Other fixed income securities 30 — 30 — Long-term investments and related 2,641 2,387 139 115 Fuel hedge contracts (22) — (22) — (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 1,545 $ 1,545 $ — $ — Restricted cash equivalents 653 653 — — Short-term investments U.S. Government securities 859 204 655 — Corporate obligations 218 — 218 — Other fixed income securities 50 — 50 — Long-term investments and related 2,867 2,614 134 119 Fuel hedge contracts 5 — 5 — |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 82 $ 110 China Eastern Fair Value 2 % 2 % 116 134 Grupo Aeroméxico Equity Method 20 % 20 % 441 421 Hanjin KAL Fair Value (1) 15 % 15 % 439 561 LATAM Fair Value 10 % 10 % 756 658 Unifi Aviation Equity Method 49 % 49 % 161 162 Wheels Up Fair Value (2) 38 % 38 % 756 903 Other investments Various 496 508 Equity investments $ 3,247 $ 3,457 (1) At March 31, 2024, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (2) Our voting rights with respect to Wheels Up are capped at 29.9%. |
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, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 82 $ 110 China Eastern Fair Value 2 % 2 % 116 134 Grupo Aeroméxico Equity Method 20 % 20 % 441 421 Hanjin KAL Fair Value (1) 15 % 15 % 439 561 LATAM Fair Value 10 % 10 % 756 658 Unifi Aviation Equity Method 49 % 49 % 161 162 Wheels Up Fair Value (2) 38 % 38 % 756 903 Other investments Various 496 508 Equity investments $ 3,247 $ 3,457 (1) At March 31, 2024, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (2) Our voting rights with respect to Wheels Up are capped at 29.9%. |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2024 2023 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% $ 3,496 $ 3,496 Unsecured notes 2024 to 2029 2.90% to 7.38% 2,575 2,590 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2024 to 2028 4.50% and 4.75% 4,381 4,518 SkyMiles Term Loan (1)(2) 2024 to 2027 9.07% 1,598 1,772 NYTDC Special Facilities Revenue Bonds (1) 2025 to 2045 4.00% to 6.00% 3,591 3,656 Financing arrangements secured by aircraft: Certificates (1) 2024 to 2028 2.00% to 8.00% 1,582 1,591 Notes (1)(2) 2024 to 2033 4.00% to 7.59% 94 165 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 812 838 2018 Revolving Credit Facility (2) 2026 to 2028 Undrawn — — Other financings (1)(2) 2024 to 2030 2.51% to 5.00% 67 67 Other revolving credit facilities (2) 2024 to 2026 Undrawn — — Total secured and unsecured debt $ 18,196 $ 18,693 Unamortized (discount)/premium and debt issue cost, net and other (69) (83) Total debt $ 18,127 $ 18,610 Less: current maturities (2,551) (2,625) Total long-term debt $ 15,576 $ 15,985 (1) Due in installments during the years shown above. (2) Certain financings are comprised of variable rate debt. All variable rates are equal to 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) March 31, December 31, Net carrying amount $ 18,127 $ 18,610 Fair value $ 18,000 $ 18,400 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of components net periodic cost | Employee benefit plans net periodic cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2024 2023 2024 2023 Three Months Ended March 31, Service cost $ 3 $ — $ 23 $ 18 Interest cost 201 213 45 50 Expected return on plan assets (263) (264) (1) — Amortization of prior service credit — — (1) (1) Recognized net actuarial loss 62 60 5 3 Net periodic cost $ 3 $ 9 $ 71 $ 70 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future aircraft purchase commitments | Our future aircraft purchase commitments totaled approximately $20.7 billion at March 31, 2024. Aircraft purchase commitments (1) (in millions) Total Nine months ending December 31, 2024 $ 2,990 2025 3,970 2026 4,990 2027 5,020 2028 2,980 Thereafter 770 Total $ 20,720 (1) The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints. Our future aircraft purchase commitments included the following aircraft at March 31, 2024: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 76 A321-200neo 101 A330-900neo 12 A350-900 16 A350-1000 20 B-737-10 100 Total 325 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 $ (6,681) $ 40 $ 796 $ (5,845) Reclassifications into earnings (1) 66 — (14) 52 Balance at March 31, 2024 $ (6,615) $ 40 $ 782 $ (5,793) 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) (1) |
SEGMENTS (Tables)
SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended March 31, 2024 Operating revenue $ 12,563 $ 2,049 $ (864) (1) $ 13,748 Depreciation and amortization 615 27 (27) (2) 615 Operating income (2) 565 49 — 614 Interest expense, net 205 5 (5) 205 Total assets, end of period 72,875 2,123 (29) 74,969 Capital expenditures 1,178 15 — 1,193 Three Months Ended March 31, 2023 Operating revenue $ 11,843 $ 2,352 $ (1,436) (1) $ 12,759 Depreciation and amortization 564 23 (23) (2) 564 Operating (loss)/income (2) (499) 222 — (277) Interest expense, net 227 4 (4) 227 Total assets, end of period 70,183 3,005 (54) 73,134 Capital expenditures 971 29 — 1,000 (1) See table below for detail of the intersegment operating revenue amounts. (2) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. Operating Revenue Intersegment Sales/Other Three Months Ended March 31, (in millions) 2024 2023 Sales to airline segment (1) $ (386) $ (596) Exchanged products (2) (439) (714) Sales of refined products (39) (126) Total Operating Revenue Intersegment Sales/Other $ (864) $ (1,436) (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. |
EARNINGS_(LOSS) PER SHARE (Tabl
EARNINGS/(LOSS) PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings/(loss) per share | The following table shows the computation of basic and diluted earnings/(loss) per share: Basic and diluted earnings/(loss) per share Three Months Ended March 31, (in millions, except per share data) 2024 2023 Net income/(loss) $ 37 $ (363) Basic weighted average shares outstanding 640 639 Dilutive effect of share-based instruments 5 — Diluted weighted average shares outstanding 645 639 Basic earnings/(loss) per share $ 0.06 $ (0.57) Diluted earnings/(loss) per share $ 0.06 $ (0.57) |
REVENUE RECOGNITION - Passenger
REVENUE RECOGNITION - Passenger Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Passenger revenue | $ 13,748 | $ 12,759 |
Passenger | ||
Disaggregation of Revenue [Line Items] | ||
Passenger revenue | 11,131 | 10,411 |
Ticket | ||
Disaggregation of Revenue [Line Items] | ||
Passenger revenue | 9,833 | 9,239 |
Loyalty travel awards | ||
Disaggregation of Revenue [Line Items] | ||
Passenger revenue | 844 | 743 |
Travel-related services | ||
Disaggregation of Revenue [Line Items] | ||
Passenger revenue | $ 454 | $ 429 |
REVENUE RECOGNITION - Narrative
REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Billions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized that was previously deferred | $ 3.9 | $ 3.9 |
Cash sales of mileage credits | $ 1.8 | $ 1.7 |
Redemption period for majority of new miles (in years) | 2 years |
REVENUE RECOGNITION - Loyalty P
REVENUE RECOGNITION - Loyalty Program Liability (Details) - Loyalty program - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Loyalty program activity | ||
Current and noncurrent deferred revenue, beginning | $ 8,420 | $ 7,882 |
Miles earned | 1,021 | 999 |
Miles redeemed for air travel | (844) | (743) |
Miles redeemed for non-air travel and other | (56) | (40) |
Current and noncurrent deferred revenue, ending | $ 8,541 | $ 8,098 |
REVENUE RECOGNITION - Other Rev
REVENUE RECOGNITION - Other Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 13,748 | $ 12,759 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 2,439 | 2,139 |
Refinery | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,185 | 916 |
Loyalty program | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 795 | 726 |
Ancillary businesses | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 180 | 231 |
Miscellaneous | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 279 | $ 266 |
REVENUE RECOGNITION - Revenue b
REVENUE RECOGNITION - Revenue by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 13,748 | $ 12,759 |
Domestic | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 10,031 | 9,396 |
Atlantic | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,581 | 1,548 |
Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,442 | 1,280 |
Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 694 | 535 |
Passenger | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 11,131 | 10,411 |
Passenger | Domestic | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 7,983 | 7,594 |
Passenger | Atlantic | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,305 | 1,244 |
Passenger | Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,265 | 1,132 |
Passenger | Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 578 | $ 441 |
FAIR VALUE MEASUREMENTS - Measu
FAIR VALUE MEASUREMENTS - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value | ||
Cash equivalents | $ 2,495 | $ 1,545 |
Restricted cash equivalents | 501 | 653 |
Long-term investments and related | 2,641 | 2,867 |
Fuel hedge contracts | (22) | 5 |
U.S. Government securities | ||
Fair Value | ||
Short-term investments | 473 | 859 |
Corporate obligations | ||
Fair Value | ||
Short-term investments | 86 | 218 |
Other fixed income securities | ||
Fair Value | ||
Short-term investments | 30 | 50 |
Level 1 | ||
Fair Value | ||
Cash equivalents | 2,495 | 1,545 |
Restricted cash equivalents | 501 | 653 |
Long-term investments and related | 2,387 | 2,614 |
Fuel hedge contracts | 0 | 0 |
Level 1 | U.S. Government securities | ||
Fair Value | ||
Short-term investments | 101 | 204 |
Level 1 | Corporate obligations | ||
Fair Value | ||
Short-term investments | 0 | 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 | 139 | 134 |
Fuel hedge contracts | (22) | 5 |
Level 2 | U.S. Government securities | ||
Fair Value | ||
Short-term investments | 372 | 655 |
Level 2 | Corporate obligations | ||
Fair Value | ||
Short-term investments | 86 | 218 |
Level 2 | Other fixed income securities | ||
Fair Value | ||
Short-term investments | 30 | 50 |
Level 3 | ||
Fair Value | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Long-term investments and related | 115 | 119 |
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 | Other fixed income securities | ||
Fair Value | ||
Short-term investments | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - Fuel hedge contracts - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
(Loss) gain on derivatives recognized | $ (96) | $ 31 |
Mark-to-Market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss on derivative | 27 | |
Settlement Gains On Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss on derivative | $ 69 |
INVESTMENTS - Equity Investment
INVESTMENTS - Equity Investments Ownership Interest and Carrying Value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments [Line Items] | ||
Equity investments | $ 3,247 | $ 3,457 |
Air France-KLM | ||
Investments [Line Items] | ||
Ownership interest (percent) | 3% | 3% |
Carrying value | $ 82 | $ 110 |
China Eastern | ||
Investments [Line Items] | ||
Ownership interest (percent) | 2% | 2% |
Carrying value | $ 116 | $ 134 |
Hanjin-KAL | ||
Investments [Line Items] | ||
Ownership interest (percent) | 15% | 15% |
Carrying value | $ 439 | $ 561 |
Hanjin-KAL | Common and Preferred Shares | ||
Investments [Line Items] | ||
Ownership interest (percent) | 14.80% | |
Hanjin-KAL | Common Stock | ||
Investments [Line Items] | ||
Ownership interest (percent) | 14.90% | |
LATAM | ||
Investments [Line Items] | ||
Ownership interest (percent) | 10% | 10% |
Carrying value | $ 756 | $ 658 |
Wheels Up | ||
Investments [Line Items] | ||
Ownership interest (percent) | 38% | 38% |
Carrying value | $ 756 | $ 903 |
Voting rights, shares held threshold | 29.90% | |
Other investments | ||
Investments [Line Items] | ||
Carrying value | $ 496 | $ 508 |
Grupo Aeromexico | ||
Investments [Line Items] | ||
Ownership interest (percent) | 20% | 20% |
Carrying value | $ 441 | $ 421 |
Unifi Aviation | ||
Investments [Line Items] | ||
Ownership interest (percent) | 49% | 49% |
Carrying value | $ 161 | $ 162 |
DEBT - Summary of Debt (Details
DEBT - Summary of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Debt, gross | $ 18,196 | $ 18,693 |
Unamortized (discount)/premium and debt issue cost, net and other | (69) | (83) |
Total debt | 18,127 | 18,610 |
Less: current maturities | (2,551) | (2,625) |
Total long-term debt | $ 15,576 | 15,985 |
Unsecured Payroll Support Program Loans | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Dec. 31, 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 | Dec. 31, 2024 | |
Maturity dates range, end | Dec. 31, 2029 | |
Debt, gross | $ 2,575 | 2,590 |
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 | Dec. 31, 2024 | |
Maturity dates range, end | Dec. 31, 2028 | |
Debt, gross | $ 4,381 | 4,518 |
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 | Dec. 31, 2024 | |
Maturity dates range, end | Dec. 31, 2027 | |
Interest rate per annum (percent) | 9.07% | |
Debt, gross | $ 1,598 | 1,772 |
NYTDC Special Facilities Revenue Bonds | Bonds | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Dec. 31, 2025 | |
Maturity dates range, end | Dec. 31, 2045 | |
Debt, gross | $ 3,591 | 3,656 |
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) | 6% | |
Financing secured by aircraft - Certificates | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Dec. 31, 2024 | |
Maturity dates range, end | Dec. 31, 2028 | |
Debt, gross | $ 1,582 | 1,591 |
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 | Dec. 31, 2024 | |
Maturity dates range, end | Dec. 31, 2033 | |
Debt, gross | $ 94 | 165 |
Financing secured by aircraft - Notes | Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 4% | |
Financing secured by aircraft - Notes | Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 7.59% | |
2020 Senior Secured Notes | Secured debt | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 7% | |
Debt, gross | $ 812 | 838 |
2018 Revolving Credit Facility | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2025 | |
2018 Revolving Credit Facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Dec. 31, 2026 | |
Maturity dates range, end | Dec. 31, 2028 | |
Debt, gross | $ 0 | 0 |
Other financings | Secured and unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Dec. 31, 2024 | |
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 dates range, start | Dec. 31, 2024 | |
Maturity dates range, end | Dec. 31, 2026 | |
Debt, gross | $ 0 | $ 0 |
DEBT - Availability Under Revol
DEBT - Availability Under Revolving Credit Facilities (Details) $ in Billions | Mar. 31, 2024 USD ($) |
Revolving credit facility | |
Debt Instrument [Line Items] | |
Undrawn credit facilities | $ 2.9 |
DEBT - Fair Value of Debt (Deta
DEBT - Fair Value of Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt | ||
Net carrying amount | $ 18,127 | $ 18,610 |
Fair value | $ 18,000 | $ 18,400 |
EMPLOYEE BENEFIT PLANS - Compon
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure | ||
Service cost | $ 3 | $ 0 |
Interest cost | 201 | 213 |
Expected return on plan assets | (263) | (264) |
Amortization of prior service credit | 0 | 0 |
Recognized net actuarial loss | 62 | 60 |
Net periodic cost | 3 | 9 |
Other Postretirement and Postemployment Benefits | ||
Defined Benefit Plan Disclosure | ||
Service cost | 23 | 18 |
Interest cost | 45 | 50 |
Expected return on plan assets | (1) | 0 |
Amortization of prior service credit | (1) | (1) |
Recognized net actuarial loss | 5 | 3 |
Net periodic cost | $ 71 | $ 70 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Billions | 1 Months Ended | |
Jan. 31, 2024 aircraft | Mar. 31, 2024 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Future aircraft purchase commitments | $ | $ 20.7 | |
A350-1000 | ||
Future Purchase Commitments | ||
Number of aircraft agreed to be acquired | 20 | |
A350-1000 Widebody | ||
Future Purchase Commitments | ||
Number of optional additional aircrafts | 20 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Year (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Future aircraft purchase commitments: | |
Total | $ 20,700 |
Future aircraft purchase commitments | |
Future aircraft purchase commitments: | |
Nine months ending December 31, 2024 | 2,990 |
2024 | 3,970 |
2025 | 4,990 |
2026 | 5,020 |
2027 | 2,980 |
Thereafter | 770 |
Total | $ 20,720 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments | Mar. 31, 2024 aircraft |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 325 |
A220-300 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 76 |
A321-200neo | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 101 |
A330-900neo | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 12 |
A350-900 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 16 |
A350-1000 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 20 |
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, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance, tax effect | $ 796 | $ 782 |
Beginning balance | 11,105 | 6,582 |
Reclassifications into earnings, tax effect | (14) | (15) |
Reclassification into earnings (net of tax effect) | 52 | 47 |
Ending balance, tax effect | 782 | 767 |
Ending balance | 11,151 | 6,260 |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | (5,845) | (5,801) |
Ending balance | (5,793) | (5,754) |
Pension and Other Benefits Liabilities | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance, AOCI before tax | (6,681) | (6,624) |
Reclassifications into earnings | 66 | 62 |
Ending balance, AOCI before tax | (6,615) | (6,562) |
Other | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance, AOCI before tax | 40 | 41 |
Reclassifications into earnings | 0 | 0 |
Ending balance, AOCI before tax | $ 40 | $ 41 |
SEGMENTS - Segment Reporting (D
SEGMENTS - Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information, Profit (Loss) | |||
Operating revenue | $ 13,748 | $ 12,759 | |
Depreciation and amortization | 615 | 564 | |
Operating (loss)/income | 614 | (277) | |
Interest expense, net | 205 | 227 | |
Total assets, end of period | 74,969 | 73,134 | $ 73,644 |
Capital expenditures | 1,193 | 1,000 | |
Operating Segments | Airline | |||
Segment Reporting Information, Profit (Loss) | |||
Operating revenue | 12,563 | 11,843 | |
Depreciation and amortization | 615 | 564 | |
Operating (loss)/income | 565 | (499) | |
Interest expense, net | 205 | 227 | |
Total assets, end of period | 72,875 | 70,183 | |
Capital expenditures | 1,178 | 971 | |
Operating Segments | Refinery | |||
Segment Reporting Information, Profit (Loss) | |||
Operating revenue | 2,049 | 2,352 | |
Depreciation and amortization | 27 | 23 | |
Operating (loss)/income | 49 | 222 | |
Interest expense, net | 5 | 4 | |
Total assets, end of period | 2,123 | 3,005 | |
Capital expenditures | 15 | 29 | |
Intersegment Sales/Other | |||
Segment Reporting Information, Profit (Loss) | |||
Operating revenue | (864) | (1,436) | |
Depreciation and amortization | (27) | (23) | |
Operating (loss)/income | 0 | 0 | |
Interest expense, net | (5) | (4) | |
Total assets, end of period | (29) | (54) | |
Capital expenditures | 0 | 0 | |
Intersegment Sales/Other | Sales to airline segment | |||
Segment Reporting Information, Profit (Loss) | |||
Operating revenue | (386) | (596) | |
Intersegment Sales/Other | Exchanged products | |||
Segment Reporting Information, Profit (Loss) | |||
Operating revenue | (439) | (714) | |
Intersegment Sales/Other | Sales of refined products | |||
Segment Reporting Information, Profit (Loss) | |||
Operating revenue | $ (39) | $ (126) |
EARNINGS_(LOSS) PER SHARE (Deta
EARNINGS/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income/(loss) | $ 37 | $ (363) |
Basic weighted average shares outstanding (shares) | 640 | 639 |
Dilutive effect of share-based instruments (shares) | 5 | 0 |
Diluted weighted average shares outstanding (shares) | 645 | 639 |
Basic earnings/(loss) per share (USD per share) | $ 0.06 | $ (0.57) |
Diluted earnings/(loss) per share (USD per share) | $ 0.06 | $ (0.57) |