Delta Air Lines (DAL) 10-Q 11 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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 Common Stock, Shares Outstanding	645,419,328
Entity Central Index Key	0000027904
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 4,110	$ 2,741
Short-term investments	124	1,127
Accounts receivable, net of allowance for uncollectible accounts of $16 and $17	3,812	3,130
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $129 and $123	1,486	1,314
Prepaid expenses and other	2,056	1,957
Total current assets	11,588	10,269
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $22,477 and $21,707	36,339	35,486
Operating lease right-of-use assets	6,808	7,004
Goodwill	9,753	9,753
Identifiable intangibles, net of accumulated amortization of $915 and $911	5,979	5,983
Equity investments	3,022	3,457
Other noncurrent assets	1,708	1,692
Total noncurrent assets	63,609	63,375
Total assets	75,197	73,644
Current Liabilities:
Current maturities of debt and finance leases	2,950	2,983
Current maturities of operating leases	775	759
Accounts payable	4,876	4,446
Accrued salaries and related benefits	3,655	4,561
Fuel card obligation	1,100	1,100
Other accrued liabilities	1,928	1,617
Total current liabilities	28,759	26,418
Noncurrent Liabilities:
Debt and finance leases	15,033	17,071
Pension, postretirement and related benefits	3,453	3,601
Noncurrent operating leases	6,053	6,468
Deferred income taxes, net	1,410	908
Other noncurrent liabilities	3,507	3,561
Total noncurrent liabilities	34,052	36,121
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 654,682,022 and 654,671,194 shares issued	0	0
Additional paid-in capital	11,647	11,641
Retained earnings	6,765	5,650
Accumulated other comprehensive loss	(5,740)	(5,845)
Treasury stock, at cost, 9,262,694 and 11,224,246 shares	(286)	(341)
Total stockholders' equity	12,386	11,105
Total liabilities and stockholders' equity	75,197	73,644
Air traffic liability
Current Liabilities:
Deferred revenue liability, current	9,437	7,044
Loyalty program
Current Liabilities:
Deferred revenue liability, current	4,038	3,908
Noncurrent Liabilities:
Loyalty program deferred revenue	$ 4,596	$ 4,512

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Allowance for uncollectible accounts	$ 16	$ 17
Allowance for obsolescence	129	123
Noncurrent Assets:
Accumulated depreciation and amortization	22,477	21,707
Accumulated amortization	$ 915	$ 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)	654,682,022	654,671,194
Treasury stock, at cost (shares)	9,262,694	11,224,246

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenue:
Total operating revenue	$ 16,658	$ 15,578	$ 30,406	$ 28,337
Operating Expense:
Salaries and related costs	4,012	3,692	7,803	7,078
Aircraft fuel and related taxes	2,813	2,516	5,410	5,192
Ancillary businesses and refinery	1,463	1,173	2,833	2,298
Contracted services	1,041	994	2,065	2,004
Landing fees and other rents	766	617	1,515	1,201
Aircraft maintenance materials and outside repairs	684	614	1,363	1,199
Depreciation and amortization	620	573	1,235	1,137
Passenger commissions and other selling expenses	672	651	1,222	1,152
Regional carrier expense	580	559	1,130	1,117
Passenger service	463	442	876	859
Profit sharing	519	595	644	667
Aircraft rent	138	132	274	264
Pilot agreement and related expenses	0	0	0	864
Other	620	529	1,155	1,090
Total operating expense	14,391	13,087	27,525	26,122
Operating Income	2,267	2,491	2,881	2,215
Non-Operating Expense:
Interest expense, net	(188)	(203)	(394)	(430)
Gain/(loss) on investments, net	(196)	128	(423)	251
Loss on extinguishment of debt	(32)	(29)	(36)	(50)
Miscellaneous, net	(78)	(70)	(133)	(174)
Total non-operating expense, net	(494)	(174)	(986)	(403)
Income Before Income Taxes	1,773	2,317	1,895	1,812
Income Tax Provision	(468)	(490)	(553)	(348)
Net Income	$ 1,305	$ 1,827	$ 1,342	$ 1,464
Basic Earnings Per Share (USD per share)	$ 2.04	$ 2.86	$ 2.10	$ 2.29
Diluted Earnings Per Share (USD per share)	$ 2.01	$ 2.84	$ 2.08	$ 2.28
Comprehensive Income	$ 1,358	$ 1,872	$ 1,447	$ 1,556
Passenger
Operating Revenue:
Total operating revenue	13,841	13,205	24,972	23,616
Cargo
Operating Revenue:
Total operating revenue	199	172	377	381
Other
Operating Revenue:
Total operating revenue	$ 2,618	$ 2,201	$ 5,057	$ 4,340

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net Cash Provided by Operating Activities
Net Cash Provided by Operating Activities	$ 4,857	$ 4,843
Property and equipment additions:
Flight equipment, including advance payments	(1,891)	(1,704)
Ground property and equipment, including technology	(611)	(748)
Purchase of short-term investments	0	(2,011)
Redemption of short-term investments	1,013	1,961
Other, net	43	20
Net cash used in investing activities	(1,446)	(2,482)
Cash Flows from Financing Activities:
Payments on debt and finance lease obligations	(2,149)	(2,986)
Cash dividends	(128)	0
Other, net	(22)	(24)
Net cash used in financing activities	(2,299)	(3,010)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash Equivalents	1,112	(649)
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	4,507	2,824
Non-Cash Transactions:
Right-of-use assets acquired or modified under operating leases	161	144
Flight and ground equipment acquired or modified under finance leases	18	36
Operating leases converted to finance leases	0	43
Current Assets:
Cash and cash equivalents	4,110	2,668
Restricted cash included in prepaid expenses and other	114	156
Noncurrent Assets:
Restricted cash included in other noncurrent assets	283	0
Total cash, cash equivalents and restricted cash equivalents	$ 4,507	$ 2,824

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 (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 (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 (shares) at Dec. 31, 2022							11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		1,464
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 (shares) at Jun. 30, 2023							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 (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)	[1]		1,000,000
Common stock issued for employee equity awards	[1]	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 (shares) at Jun. 30, 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 (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 (shares) at Mar. 31, 2024							12,000,000
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 (shares) at Dec. 31, 2023		11,224,246					11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		$ 1,342
Ending balance (shares) at Jun. 30, 2024			655,000,000
Ending balance at Jun. 30, 2024		$ 12,386	$ 0	11,647	6,765	(5,740)	$ (286)
Ending balance (shares) at Jun. 30, 2024		9,262,694					9,000,000
Beginning balance (shares) at Mar. 31, 2024			657,000,000
Beginning balance at Mar. 31, 2024		$ 11,151	$ 0	11,688	5,622	(5,793)	$ (366)
Beginning balance (shares) at Mar. 31, 2024							12,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		1,305			1,305
Dividends declared ($0.10 per share)		(162)			(162)
Other comprehensive income		53				53
Common stock issued for employee equity awards (shares)	[2]		(2,000,000)				(3,000,000)
Common stock issued for employee equity awards	[2]	39		(41)			$ 80
Ending balance (shares) at Jun. 30, 2024			655,000,000
Ending balance at Jun. 30, 2024		$ 12,386	$ 0	$ 11,647	$ 6,765	$ (5,740)	$ (286)
Ending balance (shares) at Jun. 30, 2024		9,262,694					9,000,000
[1] Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.73 and $36.76 in the March 2023 quarter and June 2023 quarter, respectively. (1) Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.83 and $50.04 in the March 2024 quarter and June 2024 quarter, respectively.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Cash dividends declared (USD per share)		$ 0.10	$ 0.10
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share)	$ 50.04	$ 39.83	$ 36.76	$ 39.73
June Dividend
Cash dividends declared (USD per share)	0.15
April Dividend
Cash dividends declared (USD per share)	$ 0.10

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Passenger Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Ticket $ 12,349 $ 11,829 $ 22,182 $ 21,068 Loyalty travel awards 975 902 1,820 1,645 Travel-related services 517 474 970 903 Passenger revenue $ 13,841 $ 13,205 $ 24,972 $ 23,616 Ticket We recognized approximately $5.6 billion and $5.7 billion in passenger revenue during the six months ended June 30, 2024 and 2023, respectively, 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 six months ended June 30, 2024 and 2023, total cash sales from marketing agreements related to our loyalty program were $3.6 billion and $3.4 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 2,148 2,110 Miles redeemed for air travel (1,820) (1,645) Miles redeemed for non-air travel and other (114) (80) Balance at June 30 $ 8,634 $ 8,267 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 June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Refinery $ 1,251 $ 965 $ 2,436 $ 1,882 Loyalty program 836 774 1,631 1,500 Ancillary businesses 213 214 393 445 Miscellaneous 318 248 597 513 Other revenue $ 2,618 $ 2,201 $ 5,057 $ 4,340 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 revenues from aircraft maintenance services we provide to third parties and our vacation wholesale operations. Miscellaneous. This is primarily composed of revenues related to lounge access, including access provided to certain American Express cardholders, codeshare agreements and certain other commercial relationships. 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 June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Domestic $ 9,398 $ 8,944 $ 17,381 $ 16,538 Atlantic 2,825 2,803 4,130 4,047 Latin America 964 926 2,229 2,058 Pacific 654 532 1,232 973 Total $ 13,841 $ 13,205 $ 24,972 $ 23,616 Operating revenue by geographic region Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Domestic $ 11,575 $ 10,749 $ 21,607 $ 20,145 Atlantic 3,210 3,178 4,791 4,726 Latin America 1,102 1,037 2,543 2,317 Pacific 771 614 1,465 1,149 Total $ 16,658 $ 15,578 $ 30,406 $ 28,337

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (in millions) June 30, Level 1 Level 2 Level 3 Cash equivalents $ 2,840 $ 2,840 $ — $ — Restricted cash equivalents 397 397 — — Short-term investments U.S. Government securities 100 — 100 — Corporate obligations 10 — 10 — Other fixed income securities 14 — 14 — Long-term investments and related 2,445 2,188 143 114 Fuel hedge contracts (23) — (23) — (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.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 65 $ 110 China Eastern Fair Value 2 % 2 % 117 134 Grupo Aeroméxico Equity Method 20 % 20 % 438 421 Hanjin KAL Fair Value (1) 15 % 15 % 467 561 LATAM Fair Value 10 % 10 % 829 658 Unifi Aviation Equity Method 49 % 49 % 139 162 Wheels Up Fair Value (2) 38 % 38 % 498 903 Other investments Various 469 508 Equity investments $ 3,022 $ 3,457 (1) At June 30, 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	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Summary of outstanding debt by category (in millions) Maturity Dates Interest Rate(s) Per Annum at June 30, 2024 June 30, 2024 December 31, 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% 4,244 4,518 SkyMiles Term Loan (1)(2) 2024 to 2027 9.07% 915 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% 1,041 1,591 Notes (1)(2) 2024 to 2033 7.58% to 7.60% 92 165 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% 66 67 Other revolving credit facilities (2) 2025 to 2026 Undrawn — — Total secured and unsecured debt $ 16,832 $ 18,693 Unamortized (discount)/premium and debt issue cost, net and other (49) (83) Total debt $ 16,783 $ 18,610 Less: current maturities (2,699) (2,625) Total long-term debt $ 14,084 $ 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 June 30, 2024, we had approximately $2.9 billion undrawn and available under our revolving credit facilities. Early Settlement of Outstanding Notes During the six months ended June 30, 2024, through early principal repayments and open market repurchases, we extinguished an aggregate principal amount of $744 million related to a portion of the SkyMiles Term Loan and various secured and unsecured notes. These payments resulted in a $36 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) June 30, December 31, Net carrying amount $ 16,783 $ 18,610 Fair value $ 16,700 $ 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 June 30, 2024.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS We sponsor defined benefit and defined contribution pension plans, healthcare plans and disability and survivorship plans for eligible employees and retirees and their eligible family members. The net periodic cost table below includes our domestic defined benefit pension plans and postretirement healthcare plans. Employee benefit plans net periodic cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2024 2023 2024 2023 Three Months Ended June 30, Service cost $ — $ — $ 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 $ — $ 9 $ 71 $ 70 Six Months Ended June 30, Service cost $ — $ — $ 46 $ 36 Interest cost 402 426 91 100 Expected return on plan assets (526) (528) (1) — Amortization of prior service credit — — (2) (3) Recognized net actuarial loss 124 119 9 6 Net periodic cost $ — $ 17 $ 143 $ 139 Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within miscellaneous, net under non-operating expense. We also sponsor defined benefit pension plans for eligible employees in certain foreign countries and a market based cash balance plan for eligible pilots, which have immaterial obligations. These plans are not included in the net periodic cost table above.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $19.9 billion at June 30, 2024. Aircraft purchase commitments (1) (in millions) Total Six months ending December 31, 2024 $ 1,850 2025 4,320 2026 4,970 2027 5,010 2028 2,980 Thereafter 770 Total $ 19,900 (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 June 30, 2024: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 74 A321-200neo 94 A330-900neo 12 A350-900 14 A350-1000 20 B-737-10 100 Total 314 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	6 Months Ended
	Jun. 30, 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) Changes in value — 3 — 3 Reclassifications into earnings (1) 133 — (31) 102 Balance at June 30, 2024 $ (6,548) $ 43 $ 765 $ (5,740) Balance at January 1, 2023 $ (6,624) $ 41 $ 782 $ (5,801) Changes in value — (3) 1 (2) Reclassifications into earnings (1) 122 — (28) 94 Balance at June 30, 2023 $ (6,502) $ 38 $ 755 $ (5,709) (1)

SEGMENTS

SEGMENTS	6 Months Ended
	Jun. 30, 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 June 30, 2024 Operating revenue $ 15,407 $ 2,051 $ (800) (1) $ 16,658 Depreciation and amortization 620 30 (30) (2) 620 Operating income 2,207 60 (2) — 2,267 Interest expense, net 188 6 (6) 188 Total assets, end of period 72,938 2,337 (78) 75,197 Capital expenditures 1,292 16 — 1,308 Three Months Ended June 30, 2023 Operating revenue $ 14,613 $ 2,037 $ (1,072) (1) $ 15,578 Depreciation and amortization 573 23 (23) (2) 573 Operating income 2,447 44 (2) — 2,491 Interest expense, net 203 3 (3) 203 Total assets, end of period 70,265 3,309 (77) 73,497 Capital expenditures 1,422 30 — 1,452 (in millions) Airline Refinery Intersegment Sales/Other Consolidated Six Months Ended June 30, 2024 Operating revenue $ 27,970 $ 4,100 $ (1,664) (1) $ 30,406 Depreciation and amortization 1,235 57 (57) (2) 1,235 Operating income 2,773 108 (2) — 2,881 Interest expense, net 394 11 (11) 394 Capital expenditures 2,472 30 — 2,502 Six Months Ended June 30, 2023 Operating revenue $ 26,455 $ 4,388 $ (2,506) (1) $ 28,337 Depreciation and amortization 1,137 46 (46) (2) 1,137 Operating income 1,949 266 (2) — 2,215 Interest expense, net 430 8 (8) 430 Capital expenditures 2,393 59 — 2,452 (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 June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Sales to airline segment (1) $ (393) $ (365) $ (780) $ (961) Exchanged products (2) (361) (618) (798) (1,330) Sales of refined products (46) (89) (86) (215) Total operating revenue intersegment sales/other $ (800) $ (1,072) $ (1,664) $ (2,506) (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 PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, (in millions, except per share data) 2024 2023 2024 2023 Net income $ 1,305 $ 1,827 $ 1,342 $ 1,464 Basic weighted average shares outstanding 641 639 640 639 Dilutive effect of share-based instruments 7 3 7 3 Diluted weighted average shares outstanding 648 642 647 642 Basic earnings per share $ 2.04 $ 2.86 $ 2.10 $ 2.29 Diluted earnings per share $ 2.01 $ 2.84 $ 2.08 $ 2.28

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Passenger Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Ticket $ 12,349 $ 11,829 $ 22,182 $ 21,068 Loyalty travel awards 975 902 1,820 1,645 Travel-related services 517 474 970 903 Passenger revenue $ 13,841 $ 13,205 $ 24,972 $ 23,616 Other Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Refinery $ 1,251 $ 965 $ 2,436 $ 1,882 Loyalty program 836 774 1,631 1,500 Ancillary businesses 213 214 393 445 Miscellaneous 318 248 597 513 Other revenue $ 2,618 $ 2,201 $ 5,057 $ 4,340
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 2,148 2,110 Miles redeemed for air travel (1,820) (1,645) Miles redeemed for non-air travel and other (114) (80) Balance at June 30 $ 8,634 $ 8,267
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 June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Domestic $ 9,398 $ 8,944 $ 17,381 $ 16,538 Atlantic 2,825 2,803 4,130 4,047 Latin America 964 926 2,229 2,058 Pacific 654 532 1,232 973 Total $ 13,841 $ 13,205 $ 24,972 $ 23,616 Operating revenue by geographic region Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Domestic $ 11,575 $ 10,749 $ 21,607 $ 20,145 Atlantic 3,210 3,178 4,791 4,726 Latin America 1,102 1,037 2,543 2,317 Pacific 771 614 1,465 1,149 Total $ 16,658 $ 15,578 $ 30,406 $ 28,337

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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) June 30, Level 1 Level 2 Level 3 Cash equivalents $ 2,840 $ 2,840 $ — $ — Restricted cash equivalents 397 397 — — Short-term investments U.S. Government securities 100 — 100 — Corporate obligations 10 — 10 — Other fixed income securities 14 — 14 — Long-term investments and related 2,445 2,188 143 114 Fuel hedge contracts (23) — (23) — (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)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Equity Investments Ownership and Carrying Value - Fair Value	Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 65 $ 110 China Eastern Fair Value 2 % 2 % 117 134 Grupo Aeroméxico Equity Method 20 % 20 % 438 421 Hanjin KAL Fair Value (1) 15 % 15 % 467 561 LATAM Fair Value 10 % 10 % 829 658 Unifi Aviation Equity Method 49 % 49 % 139 162 Wheels Up Fair Value (2) 38 % 38 % 498 903 Other investments Various 469 508 Equity investments $ 3,022 $ 3,457 (1) At June 30, 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%.
Schedule of Equity Investments Ownership and Carrying Value - Equity Method	Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 65 $ 110 China Eastern Fair Value 2 % 2 % 117 134 Grupo Aeroméxico Equity Method 20 % 20 % 438 421 Hanjin KAL Fair Value (1) 15 % 15 % 467 561 LATAM Fair Value 10 % 10 % 829 658 Unifi Aviation Equity Method 49 % 49 % 139 162 Wheels Up Fair Value (2) 38 % 38 % 498 903 Other investments Various 469 508 Equity investments $ 3,022 $ 3,457 (1) At June 30, 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)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Summary of outstanding debt by category (in millions) Maturity Dates Interest Rate(s) Per Annum at June 30, 2024 June 30, 2024 December 31, 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% 4,244 4,518 SkyMiles Term Loan (1)(2) 2024 to 2027 9.07% 915 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% 1,041 1,591 Notes (1)(2) 2024 to 2033 7.58% to 7.60% 92 165 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% 66 67 Other revolving credit facilities (2) 2025 to 2026 Undrawn — — Total secured and unsecured debt $ 16,832 $ 18,693 Unamortized (discount)/premium and debt issue cost, net and other (49) (83) Total debt $ 16,783 $ 18,610 Less: current maturities (2,699) (2,625) Total long-term debt $ 14,084 $ 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) June 30, December 31, Net carrying amount $ 16,783 $ 18,610 Fair value $ 16,700 $ 18,400

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of 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 June 30, Service cost $ — $ — $ 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 $ — $ 9 $ 71 $ 70 Six Months Ended June 30, Service cost $ — $ — $ 46 $ 36 Interest cost 402 426 91 100 Expected return on plan assets (526) (528) (1) — Amortization of prior service credit — — (2) (3) Recognized net actuarial loss 124 119 9 6 Net periodic cost $ — $ 17 $ 143 $ 139

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Aircraft Purchase Commitments	Our future aircraft purchase commitments totaled approximately $19.9 billion at June 30, 2024. Aircraft purchase commitments (1) (in millions) Total Six months ending December 31, 2024 $ 1,850 2025 4,320 2026 4,970 2027 5,010 2028 2,980 Thereafter 770 Total $ 19,900 (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 June 30, 2024: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 74 A321-200neo 94 A330-900neo 12 A350-900 14 A350-1000 20 B-737-10 100 Total 314

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 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) Changes in value — 3 — 3 Reclassifications into earnings (1) 133 — (31) 102 Balance at June 30, 2024 $ (6,548) $ 43 $ 765 $ (5,740) Balance at January 1, 2023 $ (6,624) $ 41 $ 782 $ (5,801) Changes in value — (3) 1 (2) Reclassifications into earnings (1) 122 — (28) 94 Balance at June 30, 2023 $ (6,502) $ 38 $ 755 $ (5,709) (1)

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended June 30, 2024 Operating revenue $ 15,407 $ 2,051 $ (800) (1) $ 16,658 Depreciation and amortization 620 30 (30) (2) 620 Operating income 2,207 60 (2) — 2,267 Interest expense, net 188 6 (6) 188 Total assets, end of period 72,938 2,337 (78) 75,197 Capital expenditures 1,292 16 — 1,308 Three Months Ended June 30, 2023 Operating revenue $ 14,613 $ 2,037 $ (1,072) (1) $ 15,578 Depreciation and amortization 573 23 (23) (2) 573 Operating income 2,447 44 (2) — 2,491 Interest expense, net 203 3 (3) 203 Total assets, end of period 70,265 3,309 (77) 73,497 Capital expenditures 1,422 30 — 1,452 (in millions) Airline Refinery Intersegment Sales/Other Consolidated Six Months Ended June 30, 2024 Operating revenue $ 27,970 $ 4,100 $ (1,664) (1) $ 30,406 Depreciation and amortization 1,235 57 (57) (2) 1,235 Operating income 2,773 108 (2) — 2,881 Interest expense, net 394 11 (11) 394 Capital expenditures 2,472 30 — 2,502 Six Months Ended June 30, 2023 Operating revenue $ 26,455 $ 4,388 $ (2,506) (1) $ 28,337 Depreciation and amortization 1,137 46 (46) (2) 1,137 Operating income 1,949 266 (2) — 2,215 Interest expense, net 430 8 (8) 430 Capital expenditures 2,393 59 — 2,452 (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 June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Sales to airline segment (1) $ (393) $ (365) $ (780) $ (961) Exchanged products (2) (361) (618) (798) (1,330) Sales of refined products (46) (89) (86) (215) Total operating revenue intersegment sales/other $ (800) $ (1,072) $ (1,664) $ (2,506) (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 PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table shows the computation of basic and diluted earnings per share: Basic and diluted earnings per share Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2024 2023 2024 2023 Net income $ 1,305 $ 1,827 $ 1,342 $ 1,464 Basic weighted average shares outstanding 641 639 640 639 Dilutive effect of share-based instruments 7 3 7 3 Diluted weighted average shares outstanding 648 642 647 642 Basic earnings per share $ 2.04 $ 2.86 $ 2.10 $ 2.29 Diluted earnings per share $ 2.01 $ 2.84 $ 2.08 $ 2.28

REVENUE RECOGNITION - Passenger

REVENUE RECOGNITION - Passenger Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Passenger revenue	$ 16,658	$ 15,578	$ 30,406	$ 28,337
Passenger
Disaggregation of Revenue [Line Items]
Passenger revenue	13,841	13,205	24,972	23,616
Ticket
Disaggregation of Revenue [Line Items]
Passenger revenue	12,349	11,829	22,182	21,068
Loyalty travel awards
Disaggregation of Revenue [Line Items]
Passenger revenue	975	902	1,820	1,645
Travel-related services
Disaggregation of Revenue [Line Items]
Passenger revenue	$ 517	$ 474	$ 970	$ 903

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Billions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 5.6	$ 5.7
Cash sales of mileage credits	$ 3.6	$ 3.4
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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Loyalty program activity
Current and noncurrent deferred revenue, beginning	$ 8,420	$ 7,882
Miles earned	2,148	2,110
Miles redeemed for air travel	(1,820)	(1,645)
Miles redeemed for non-air travel and other	(114)	(80)
Current and noncurrent deferred revenue, ending	$ 8,634	$ 8,267

REVENUE RECOGNITION - Other Rev

REVENUE RECOGNITION - Other Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 16,658	$ 15,578	$ 30,406	$ 28,337
Other
Disaggregation of Revenue [Line Items]
Operating revenue	2,618	2,201	5,057	4,340
Refinery
Disaggregation of Revenue [Line Items]
Operating revenue	1,251	965	2,436	1,882
Loyalty program
Disaggregation of Revenue [Line Items]
Operating revenue	836	774	1,631	1,500
Ancillary businesses
Disaggregation of Revenue [Line Items]
Operating revenue	213	214	393	445
Miscellaneous
Disaggregation of Revenue [Line Items]
Operating revenue	$ 318	$ 248	$ 597	$ 513

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 16,658	$ 15,578	$ 30,406	$ 28,337
Domestic
Disaggregation of Revenue [Line Items]
Operating revenue	11,575	10,749	21,607	20,145
Atlantic
Disaggregation of Revenue [Line Items]
Operating revenue	3,210	3,178	4,791	4,726
Latin America
Disaggregation of Revenue [Line Items]
Operating revenue	1,102	1,037	2,543	2,317
Pacific
Disaggregation of Revenue [Line Items]
Operating revenue	771	614	1,465	1,149
Passenger
Disaggregation of Revenue [Line Items]
Operating revenue	13,841	13,205	24,972	23,616
Passenger | Domestic
Disaggregation of Revenue [Line Items]
Operating revenue	9,398	8,944	17,381	16,538
Passenger | Atlantic
Disaggregation of Revenue [Line Items]
Operating revenue	2,825	2,803	4,130	4,047
Passenger | Latin America
Disaggregation of Revenue [Line Items]
Operating revenue	964	926	2,229	2,058
Passenger | Pacific
Disaggregation of Revenue [Line Items]
Operating revenue	$ 654	$ 532	$ 1,232	$ 973

FAIR VALUE MEASUREMENTS - Measu

FAIR VALUE MEASUREMENTS - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value
Cash equivalents	$ 2,840	$ 1,545
Restricted cash equivalents	397	653
Long-term investments and related	2,445	2,867
Fuel hedge contracts	(23)	5
U.S. Government securities
Fair Value
Short-term investments	100	859
Corporate obligations
Fair Value
Short-term investments	10	218
Other fixed income securities
Fair Value
Short-term investments	14	50
Level 1
Fair Value
Cash equivalents	2,840	1,545
Restricted cash equivalents	397	653
Long-term investments and related	2,188	2,614
Fuel hedge contracts	0	0
Level 1 | U.S. Government securities
Fair Value
Short-term investments	0	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	143	134
Fuel hedge contracts	(23)	5
Level 2 | U.S. Government securities
Fair Value
Short-term investments	100	655
Level 2 | Corporate obligations
Fair Value
Short-term investments	10	218
Level 2 | Other fixed income securities
Fair Value
Short-term investments	14	50
Level 3
Fair Value
Cash equivalents	0	0
Restricted cash equivalents	0	0
Long-term investments and related	114	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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on derivatives recognized	$ 16	$ 12	$ (80)	$ 43
Mark-to-Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on derivative			28
Settlement Gains On Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on derivative			$ 52

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments [Line Items]
Equity investments	$ 3,022	$ 3,457
Grupo Aeromexico
Investments [Line Items]
Ownership interest (percent)	20%	20%
Carrying value	$ 438	$ 421
Unifi Aviation
Investments [Line Items]
Ownership interest (percent)	49%	49%
Carrying value	$ 139	$ 162
Air France-KLM
Investments [Line Items]
Ownership interest (percent)	3%	3%
Carrying value	$ 65	$ 110
China Eastern
Investments [Line Items]
Ownership interest (percent)	2%	2%
Carrying value	$ 117	$ 134
Hanjin-KAL
Investments [Line Items]
Ownership interest (percent)	15%	15%
Carrying value	$ 467	$ 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	$ 829	$ 658
Wheels Up
Investments [Line Items]
Ownership interest (percent)	38%	38%
Carrying value	$ 498	$ 903
Voting rights, shares held threshold	29.90%
Other investments
Investments [Line Items]
Carrying value	$ 469	$ 508

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt, gross	$ 16,832	$ 18,693
Unamortized (discount)/premium and debt issue cost, net and other	(49)	(83)
Total debt	16,783	18,610
Less: current maturities	(2,699)	(2,625)
Total long-term debt	$ 14,084	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	$ 4,244	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	$ 915	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	$ 1,041	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	$ 92	165
Financing secured by aircraft - Notes | Secured debt | Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	7.58%
Financing secured by aircraft - Notes | Secured debt | Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	7.60%
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	$ 66	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, 2025
Maturity dates range, end	Dec. 31, 2026
Debt, gross	$ 0	$ 0

DEBT - Availability Under Revol

DEBT - Availability Under Revolving Credit Facilities (Details) $ in Billions	Jun. 30, 2024 USD ($)
Revolving credit facility
Debt Instrument [Line Items]
Undrawn credit facilities	$ 2.9

DEBT - Early Settlement of Outs

DEBT - Early Settlement of Outstanding Notes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 32	$ 29	$ 36	$ 50
Secured and unsecured debt
Extinguishment of Debt [Line Items]
Repurchase amount	$ 744		744
Loss on extinguishment of debt			$ 36

DEBT - Fair Value of Debt (Deta

DEBT - Fair Value of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt
Net carrying amount	$ 16,783	$ 18,610
Fair value	$ 16,700	$ 18,400

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Periodic Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefits
Defined Benefit Plan Disclosure
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	201	213	402	426
Expected return on plan assets	(263)	(264)	(526)	(528)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss	62	60	124	119
Net periodic cost	0	9	0	17
Other Postretirement and Postemployment Benefits
Defined Benefit Plan Disclosure
Service cost	23	18	46	36
Interest cost	45	50	91	100
Expected return on plan assets	(1)	0	(1)	0
Amortization of prior service credit	(1)	(1)	(2)	(3)
Recognized net actuarial loss	5	3	9	6
Net periodic cost	$ 71	$ 70	$ 143	$ 139

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Year (Details) $ in Millions	Jun. 30, 2024 USD ($)
Future aircraft purchase commitments:
Total	$ 19,900
Future aircraft purchase commitments
Future aircraft purchase commitments:
Six months ending December 31, 2024	1,850
2025	4,320
2026	4,970
2027	5,010
2028	2,980
Thereafter	770
Total	$ 19,900

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments	Jun. 30, 2024 aircraft
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	314
A220-300
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	74
A321-200neo
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	94
A330-900neo
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	12
A350-900
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	14
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

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Billions	1 Months Ended
	Jan. 31, 2024 aircraft	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Future aircraft purchase commitments | $		$ 19.9
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

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax
Beginning balance, tax effect	$ 796	$ 782
Beginning balance	11,105	6,582
Changes in value, tax effect	0	1
Changes in value (net of tax effect)	3	(2)
Reclassifications into earnings, tax effect	(31)	(28)
Reclassification into earnings (net of tax effect)	102	94
Ending balance, tax effect	765	755
Ending balance	12,386	8,100
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(5,845)	(5,801)
Ending balance	(5,740)	(5,709)
Pension and Other Benefit Liabilities
AOCI Attributable to Parent, Net of Tax
Beginning balance, AOCI before tax	(6,681)	(6,624)
Changes in value	0	0
Reclassifications into earnings	133	122
Ending balance, AOCI before tax	(6,548)	(6,502)
Other
AOCI Attributable to Parent, Net of Tax
Beginning balance, AOCI before tax	40	41
Changes in value	3	(3)
Reclassifications into earnings	0	0
Ending balance, AOCI before tax	$ 43	$ 38

SEGMENTS (Details)

SEGMENTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information, Profit (Loss)
Operating revenue	$ 16,658	$ 15,578	$ 30,406	$ 28,337
Depreciation and amortization	620	573	1,235	1,137
Operating income	2,267	2,491	2,881	2,215
Interest expense, net	188	203	394	430
Total assets, end of period	75,197	73,497	75,197	73,497	$ 73,644
Capital expenditures	1,308	1,452	2,502	2,452
Operating Segments | Airline
Segment Reporting Information, Profit (Loss)
Operating revenue	15,407	14,613	27,970	26,455
Depreciation and amortization	620	573	1,235	1,137
Operating income	2,207	2,447	2,773	1,949
Interest expense, net	188	203	394	430
Total assets, end of period	72,938	70,265	72,938	70,265
Capital expenditures	1,292	1,422	2,472	2,393
Operating Segments | Refinery
Segment Reporting Information, Profit (Loss)
Operating revenue	2,051	2,037	4,100	4,388
Depreciation and amortization	30	23	57	46
Operating income	60	44	108	266
Interest expense, net	6	3	11	8
Total assets, end of period	2,337	3,309	2,337	3,309
Capital expenditures	16	30	30	59
Intersegment Sales/Other
Segment Reporting Information, Profit (Loss)
Operating revenue	(800)	(1,072)	(1,664)	(2,506)
Depreciation and amortization	(30)	(23)	(57)	(46)
Operating income	0	0	0	0
Interest expense, net	(6)	(3)	(11)	(8)
Total assets, end of period	(78)	(77)	(78)	(77)
Capital expenditures	0	0	0	0
Intersegment Sales/Other | Sales to airline segment
Segment Reporting Information, Profit (Loss)
Operating revenue	(393)	(365)	(780)	(961)
Intersegment Sales/Other | Exchanged products
Segment Reporting Information, Profit (Loss)
Operating revenue	(361)	(618)	(798)	(1,330)
Intersegment Sales/Other | Sales of refined products
Segment Reporting Information, Profit (Loss)
Operating revenue	$ (46)	$ (89)	$ (86)	$ (215)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 1,305	$ 37	$ 1,827	$ (363)	$ 1,342	$ 1,464
Basic weighted average shares outstanding (shares)	641		639		640	639
Dilutive effect of share-based instruments (shares)	7		3		7	3
Diluted weighted average shares outstanding (shares)	648		642		647	642
Basic Earnings Per Share (USD per share)	$ 2.04		$ 2.86		$ 2.10	$ 2.29
Diluted Earnings Per Share (USD per share)	$ 2.01		$ 2.84		$ 2.08	$ 2.28