Delta Air Lines (DAL) 10-Q 10 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	645,281,221
Entity Central Index Key	0000027904
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 3,969	$ 2,741
Short-term investments	8	1,127
Accounts receivable, net of allowance for uncollectible accounts of $17 and $17	3,550	3,130
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $130 and $123	1,467	1,314
Prepaid expenses and other	2,068	1,957
Total current assets	11,062	10,269
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $22,964 and $21,707	36,862	35,486
Operating lease right-of-use assets	6,686	7,004
Goodwill	9,753	9,753
Identifiable intangibles, net of accumulated amortization of $917 and $911	5,977	5,983
Equity investments	3,272	3,457
Other noncurrent assets	1,756	1,692
Total noncurrent assets	64,306	63,375
Total assets	75,368	73,644
Current Liabilities:
Current maturities of debt and finance leases	3,324	2,983
Current maturities of operating leases	772	759
Accounts payable	4,545	4,446
Accrued salaries and related benefits	4,105	4,561
Fuel card obligation	1,100	1,100
Other accrued liabilities	1,848	1,617
Total current liabilities	28,118	26,418
Noncurrent Liabilities:
Debt and finance leases	14,373	17,071
Pension, postretirement and related benefits	3,404	3,601
Noncurrent operating leases	5,919	6,468
Deferred income taxes, net	1,675	908
Other noncurrent liabilities	3,603	3,561
Total noncurrent liabilities	33,604	36,121
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 654,596,578 and 654,671,194 shares issued	0	0
Additional paid-in capital	11,686	11,641
Retained earnings	7,940	5,650
Accumulated other comprehensive loss	(5,691)	(5,845)
Treasury stock, at cost, 9,315,357 and 11,224,246 shares	(289)	(341)
Total stockholders' equity	13,646	11,105
Total liabilities and stockholders' equity	75,368	73,644
Air traffic liability
Current Liabilities:
Deferred revenue liability, current	8,302	7,044
Loyalty program deferred revenue
Current Liabilities:
Deferred revenue liability, current	4,122	3,908
Noncurrent Liabilities:
Loyalty program deferred revenue	$ 4,630	$ 4,512

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Allowance for uncollectible accounts	$ 17	$ 17
Allowance for obsolescence	130	123
Noncurrent Assets:
Accumulated depreciation and amortization	22,964	21,707
Accumulated amortization	$ 917	$ 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)	654,596,578	654,671,194
Treasury stock, at cost (shares)	9,315,357	11,224,246

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Revenue:
Total operating revenue	$ 15,677	$ 15,488	$ 46,084	$ 43,825
Operating Expense:
Salaries and related costs	4,231	3,760	12,035	10,838
Aircraft fuel and related taxes	2,747	2,936	8,157	8,128
Ancillary businesses and refinery	1,250	1,128	4,083	3,427
Contracted services	1,069	1,004	3,134	3,009
Landing fees and other rents	832	679	2,347	1,880
Aircraft maintenance materials and outside repairs	627	661	1,990	1,860
Depreciation and amortization	643	594	1,878	1,731
Passenger commissions and other selling expenses	643	618	1,865	1,770
Regional carrier expense	600	546	1,731	1,664
Passenger service	463	449	1,339	1,307
Profit sharing	320	417	964	1,084
Aircraft rent	137	131	411	395
Pilot agreement and related expenses	0	0	0	864
Other	718	581	1,872	1,669
Total operating expense	14,280	13,504	41,806	39,626
Operating Income	1,397	1,984	4,278	4,199
Non-Operating Income/(Expense):
Interest expense, net	(173)	(196)	(567)	(627)
Gain/(loss) on investments, net	350	(206)	(73)	45
Loss on extinguishment of debt	0	(13)	(36)	(63)
Miscellaneous, net	(13)	(48)	(146)	(221)
Total non-operating income/(expense), net	164	(463)	(822)	(866)
Income Before Income Taxes	1,561	1,521	3,456	3,333
Income Tax Provision	(289)	(413)	(842)	(761)
Net Income	$ 1,272	$ 1,108	$ 2,614	$ 2,572
Basic Earnings Per Share (USD per share)	$ 1.98	$ 1.73	$ 4.08	$ 4.03
Diluted Earnings Per Share (USD per share)	$ 1.97	$ 1.72	$ 4.04	$ 4
Comprehensive Income	$ 1,321	$ 1,157	$ 2,768	$ 2,713
Passenger
Operating Revenue:
Total operating revenue	13,107	13,119	38,079	36,735
Cargo
Operating Revenue:
Total operating revenue	196	154	574	535
Other
Operating Revenue:
Total operating revenue	$ 2,374	$ 2,215	$ 7,431	$ 6,555

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Net Cash Provided by Operating Activities
Net Cash Provided by Operating Activities	$ 6,131	$ 5,919
Property and equipment additions:
Flight equipment, including advance payments	(2,944)	(2,560)
Ground property and equipment, including technology	(886)	(1,161)
Purchase of short-term investments	0	(2,312)
Redemption of short-term investments	1,130	3,488
Acquisition of strategic investments	0	(152)
Other, net	130	84
Net cash used in investing activities	(2,570)	(2,613)
Cash Flows from Financing Activities:
Payments on debt and finance lease obligations	(2,411)	(3,710)
Cash dividends	(225)	(64)
Other, net	(34)	(36)
Net cash used in financing activities	(2,670)	(3,810)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash Equivalents	891	(504)
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	4,286	2,969
Non-Cash Transactions:
Right-of-use assets acquired or modified under operating leases	217	443
Flight and ground equipment acquired or modified under finance leases	(17)	37
Operating leases converted to finance leases	0	53
Current Assets:
Cash and cash equivalents	3,969	2,835
Restricted cash included in prepaid expenses and other	97	134
Noncurrent Assets:
Restricted cash included in other noncurrent assets	220	0
Total cash, cash equivalents and restricted cash equivalents	$ 4,286	$ 2,969

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)		2,572
Ending balance (shares) at Sep. 30, 2023			655,000,000
Ending balance at Sep. 30, 2023		9,226	$ 0	11,613		3,613	(5,660)	$ (340)
Ending balance (shares) at Sep. 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		(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		33		34	[1]			$ (1)	[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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		1,108				1,108
Dividends declared		(64)				(64)
Other comprehensive income		49					49
Common stock issued for employee equity awards	[1]	33		35				$ (2)
Ending balance (shares) at Sep. 30, 2023			655,000,000
Ending balance at Sep. 30, 2023		9,226	$ 0	11,613		3,613	(5,660)	$ (340)
Ending balance (shares) at Sep. 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		(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)		$ 2,614
Ending balance (shares) at Sep. 30, 2024			655,000,000
Ending balance at Sep. 30, 2024		$ 13,646	$ 0	11,686		7,940	(5,691)	$ (289)
Ending balance (shares) at Sep. 30, 2024		9,315,357						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		(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								9,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		1,272				1,272
Dividends declared		(97)				(97)
Other comprehensive income		49					49
Common stock issued for employee equity awards	[2]	36		39				$ (3)
Ending balance (shares) at Sep. 30, 2024			655,000,000
Ending balance at Sep. 30, 2024		$ 13,646	$ 0	$ 11,686		$ 7,940	$ (5,691)	$ (289)
Ending balance (shares) at Sep. 30, 2024		9,315,357						9,000,000
[1] Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.73, $36.76 and $45.34 in the March 2023 quarter, June 2023 quarter and September 2023 quarter, respectively. (1) Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.83, $50.04 and $43.27 in the March 2024 quarter, June 2024 quarter and September 2024 quarter, respectively.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Cash dividends declared (USD per share)	$ 0.15		$ 0.10	$ 0.10	$ 0.10
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share)	$ 43.27	$ 50.04	$ 39.83	$ 45.34	$ 36.76	$ 39.73
April Dividend
Cash dividends declared (USD per share)		0.10
June Dividend
Cash dividends declared (USD per share)		$ 0.15

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 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 nine months ended September 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	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Passenger Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Ticket $ 11,645 $ 11,733 $ 33,827 $ 32,801 Loyalty travel awards 978 902 2,798 2,547 Travel-related services 484 484 1,454 1,387 Passenger revenue $ 13,107 $ 13,119 $ 38,079 $ 36,735 Ticket We recognized approximately $6.2 billion and $6.7 billion in passenger revenue during the nine months ended September 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 nine months ended September 30, 2024 and 2023, total cash sales from marketing agreements related to our loyalty program were $5.5 billion and $5.2 billion, respectively, which are allocated to travel and other performance obligations. Current Activity of the Loyalty Program. Miles are combined in one homogeneous pool and are not separately identifiable. Therefore, revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period as well as miles that were issued during the period. The timing of mile redemptions can vary widely; however, the majority of miles have historically been redeemed within two years of being earned. The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements. Loyalty program activity (in millions) 2024 2023 Balance at January 1 $ 8,420 $ 7,882 Miles earned 3,303 3,164 Miles redeemed for air travel (2,798) (2,547) Miles redeemed for non-air travel and other (173) (126) Balance at September 30 $ 8,752 $ 8,373 Travel-Related Services Travel-related services are primarily composed of services performed in conjunction with a passenger’s flight and include baggage fees, administrative fees and on-board sales. Other Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Refinery $ 1,083 $ 935 $ 3,520 $ 2,817 Loyalty program 820 791 2,451 2,291 Ancillary businesses 161 212 554 657 Miscellaneous 310 277 906 790 Other revenue $ 2,374 $ 2,215 $ 7,431 $ 6,555 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 September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Domestic $ 8,652 $ 8,662 $ 26,033 $ 25,200 Atlantic 3,029 3,110 7,159 7,157 Latin America 779 788 3,008 2,846 Pacific 647 559 1,879 1,532 Total $ 13,107 $ 13,119 $ 38,079 $ 36,735 Operating revenue by geographic region Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Domestic $ 10,609 $ 10,461 $ 32,216 $ 30,607 Atlantic 3,418 3,497 8,209 8,223 Latin America 889 891 3,432 3,208 Pacific 761 639 2,227 1,787 Total $ 15,677 $ 15,488 $ 46,084 $ 43,825

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (in millions) September 30, Level 1 Level 2 Level 3 Cash equivalents $ 2,718 $ 2,718 $ — $ — Restricted cash equivalents 316 316 — — Short-term investments - Other fixed income securities 8 — 8 — Long-term investments and related 2,723 2,460 149 114 Fuel hedge contracts 1 — 1 — (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 other noncurrent assets and 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 primarily expected to mature in one year or less. Investments with maturities beyond one year when purchased may be classified as short-term investments if they are expected to be available to support our short-term liquidity needs. Long-Term Investments and Related. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheet. Our equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations incorporate certain unobservable inputs, including non-public equity issuances. 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 gains of $89 million and $9 million on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive Income ("income statement") for the three and nine months ended September 30, 2024, respectively, compared to losses of $140 million and $96 million for the three and nine months ended September 30, 2023, respectively. The gains recognized during the first nine months of 2024 were composed of $4 million of mark-to-market losses and

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 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) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 74 $ 110 China Eastern Fair Value 2 % 2 % 143 134 Grupo Aeroméxico Equity Method 20 % 20 % 426 421 Hanjin KAL Fair Value (1) 15 % 15 % 624 561 LATAM Fair Value 10 % 10 % 782 658 Unifi Aviation Equity Method 49 % 49 % 139 162 Wheels Up Fair Value (2) 38 % 38 % 637 903 Other investments Various 447 508 Equity investments $ 3,272 $ 3,457 (1) At September 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%. Wheels Up. During the September 2024 quarter, we and the other lead investors agreed to extend the contractual transfer restrictions on our investments in Wheels Up until September 20, 2025. Following the expiration of this restriction, our equity investment in Wheels Up will continue to be subject to certain, more limited transfer restrictions.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Summary of outstanding debt by category (in millions) Maturity Dates Interest Rate(s) Per Annum at September 30, 2024 September 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% 4,107 4,518 SkyMiles Term Loan (1)(2) 2024 to 2027 9.03% 850 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% 1,033 1,591 Notes (1)(2) 2024 to 2033 7.20% to 7.52% 89 165 Financing arrangements secured by slots, gates and/or routes: Senior Secured Notes 2025 7.00% 812 838 Other financings (1)(2) 2024 to 2030 2.51% to 5.00% 66 67 Corporate Revolving Credit Facility (2) 2026 to 2028 Undrawn — — Other revolving credit facilities (2) 2025 to 2026 Undrawn — — Total secured and unsecured debt $ 16,619 $ 18,693 Unamortized (discount)/premium and debt issue cost, net and other (38) (83) Total debt $ 16,581 $ 18,610 Less: current maturities (2,700) (2,625) Total long-term debt $ 13,881 $ 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 September 30, 2024, we had approximately $2.9 billion undrawn and available under our revolving credit facilities. Early Settlement of Outstanding Notes During the nine months ended September 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. Corporate Revolving Credit Facility In July 2024, Fitch upgraded Delta's credit rating to BBB-, an investment grade metric, which satisfied the collateral release conditions under the Corporate Revolving Credit Facility. As a result, the liens on collateral, including our Pacific route authorities and certain related other assets, were released in the September 2024 quarter. Additionally, the minimum collateral coverage ratio and minimum liquidity covenants were replaced by minimum fixed charge coverage ratio and minimum asset coverage ratio covenants. 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 1 or 2 within the fair value hierarchy. Fair value of outstanding debt (in millions) September 30, December 31, Net carrying amount $ 16,581 $ 18,610 Fair value $ 16,600 $ 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 September 30, 2024.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 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 September 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 Nine Months Ended September 30, Service cost $ — $ — $ 69 $ 54 Interest cost 603 638 136 150 Expected return on plan assets (789) (791) (2) (1) Amortization of prior service credit — — (3) (4) Recognized net actuarial loss 186 179 14 10 Net periodic cost $ — $ 26 $ 214 $ 209 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	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $19.0 billion at September 30, 2024. Aircraft purchase commitments (1) (in millions) Total Three months ending December 31, 2024 $ 940 2025 3,250 2026 4,930 2027 4,770 2028 3,510 Thereafter 1,630 Total $ 19,030 (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 September 30, 2024: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 74 A321-200neo 91 A330-900neo 9 A350-900 11 A350-1000 20 B-737-10 100 Total 305 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. In the September 2024 quarter we amended our purchase agreement with Boeing and received an updated delivery schedule for our Boeing 737-10 orders. We now expect to take delivery of our first 20 aircraft in 2026 and 80 aircraft thereafter. 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	9 Months Ended
	Sep. 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) 197 — (46) 151 Balance at September 30, 2024 $ (6,484) $ 43 $ 750 $ (5,691) Balance at January 1, 2023 $ (6,624) $ 41 $ 782 $ (5,801) Changes in value — (1) — (1) Reclassifications into earnings (1) 185 — (43) 142 Balance at September 30, 2023 $ (6,439) $ 40 $ 739 $ (5,660) (1)

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 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 September 30, 2024 Operating revenue $ 14,594 $ 1,912 $ (829) (1) $ 15,677 Depreciation and amortization 643 29 (29) (2) 643 Operating income/(loss) 1,430 (33) (2) — 1,397 Interest expense/(income), net 173 (8) 8 173 Total assets, end of period 72,954 2,490 (76) 75,368 Capital expenditures 1,312 16 — 1,328 Three Months Ended September 30, 2023 Operating revenue $ 14,553 $ 1,886 $ (951) (1) $ 15,488 Depreciation and amortization 594 23 (23) (2) 594 Operating income 1,865 119 (2) — 1,984 Interest expense, net 196 6 (6) 196 Total assets, end of period 69,851 3,397 (1) 73,247 Capital expenditures 1,201 68 — 1,269 (in millions) Airline Refinery Intersegment Sales/Other Consolidated Nine Months Ended September 30, 2024 Operating revenue $ 42,564 $ 6,011 $ (2,491) (1) $ 46,084 Depreciation and amortization 1,878 86 (86) (2) 1,878 Operating income 4,202 76 (2) — 4,278 Interest expense, net 567 3 (3) 567 Capital expenditures 3,783 47 — 3,830 Nine Months Ended September 30, 2023 Operating revenue $ 41,008 $ 6,274 $ (3,457) (1) $ 43,825 Depreciation and amortization 1,731 69 (69) (2) 1,731 Operating income 3,814 385 (2) — 4,199 Interest expense, net 627 14 (14) 627 Capital expenditures 3,594 127 — 3,721 (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 September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Sales to airline segment (1) $ (369) $ (385) $ (1,147) $ (1,346) Exchanged products (2) (349) (519) (1,147) (1,848) Sales of refined products (111) (47) (197) (263) Total operating revenue intersegment sales/other $ (829) $ (951) $ (2,491) $ (3,457) (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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in millions, except per share data) 2024 2023 2024 2023 Net income $ 1,272 $ 1,108 $ 2,614 $ 2,572 Basic weighted average shares outstanding 641 639 640 639 Dilutive effect of share-based instruments 6 5 7 4 Diluted weighted average shares outstanding 647 644 647 643 Basic earnings per share $ 1.98 $ 1.73 $ 4.08 $ 4.03 Diluted earnings per share $ 1.97 $ 1.72 $ 4.04 $ 4.00

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 other noncurrent assets and 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 primarily expected to mature in one year or less. Investments with maturities beyond one year when purchased may be classified as short-term investments if they are expected to be available to support our short-term liquidity needs. Long-Term Investments and Related.
Fuel Hedge Contracts	Fuel Hedge Contracts.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Passenger Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Ticket $ 11,645 $ 11,733 $ 33,827 $ 32,801 Loyalty travel awards 978 902 2,798 2,547 Travel-related services 484 484 1,454 1,387 Passenger revenue $ 13,107 $ 13,119 $ 38,079 $ 36,735 Other Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Refinery $ 1,083 $ 935 $ 3,520 $ 2,817 Loyalty program 820 791 2,451 2,291 Ancillary businesses 161 212 554 657 Miscellaneous 310 277 906 790 Other revenue $ 2,374 $ 2,215 $ 7,431 $ 6,555
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 3,303 3,164 Miles redeemed for air travel (2,798) (2,547) Miles redeemed for non-air travel and other (173) (126) Balance at September 30 $ 8,752 $ 8,373
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 September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Domestic $ 8,652 $ 8,662 $ 26,033 $ 25,200 Atlantic 3,029 3,110 7,159 7,157 Latin America 779 788 3,008 2,846 Pacific 647 559 1,879 1,532 Total $ 13,107 $ 13,119 $ 38,079 $ 36,735 Operating revenue by geographic region Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Domestic $ 10,609 $ 10,461 $ 32,216 $ 30,607 Atlantic 3,418 3,497 8,209 8,223 Latin America 889 891 3,432 3,208 Pacific 761 639 2,227 1,787 Total $ 15,677 $ 15,488 $ 46,084 $ 43,825

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 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) September 30, Level 1 Level 2 Level 3 Cash equivalents $ 2,718 $ 2,718 $ — $ — Restricted cash equivalents 316 316 — — Short-term investments - Other fixed income securities 8 — 8 — Long-term investments and related 2,723 2,460 149 114 Fuel hedge contracts 1 — 1 — (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)	9 Months Ended
	Sep. 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) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 74 $ 110 China Eastern Fair Value 2 % 2 % 143 134 Grupo Aeroméxico Equity Method 20 % 20 % 426 421 Hanjin KAL Fair Value (1) 15 % 15 % 624 561 LATAM Fair Value 10 % 10 % 782 658 Unifi Aviation Equity Method 49 % 49 % 139 162 Wheels Up Fair Value (2) 38 % 38 % 637 903 Other investments Various 447 508 Equity investments $ 3,272 $ 3,457 (1) At September 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) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 74 $ 110 China Eastern Fair Value 2 % 2 % 143 134 Grupo Aeroméxico Equity Method 20 % 20 % 426 421 Hanjin KAL Fair Value (1) 15 % 15 % 624 561 LATAM Fair Value 10 % 10 % 782 658 Unifi Aviation Equity Method 49 % 49 % 139 162 Wheels Up Fair Value (2) 38 % 38 % 637 903 Other investments Various 447 508 Equity investments $ 3,272 $ 3,457 (1) At September 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)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Summary of outstanding debt by category (in millions) Maturity Dates Interest Rate(s) Per Annum at September 30, 2024 September 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% 4,107 4,518 SkyMiles Term Loan (1)(2) 2024 to 2027 9.03% 850 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% 1,033 1,591 Notes (1)(2) 2024 to 2033 7.20% to 7.52% 89 165 Financing arrangements secured by slots, gates and/or routes: Senior Secured Notes 2025 7.00% 812 838 Other financings (1)(2) 2024 to 2030 2.51% to 5.00% 66 67 Corporate Revolving Credit Facility (2) 2026 to 2028 Undrawn — — Other revolving credit facilities (2) 2025 to 2026 Undrawn — — Total secured and unsecured debt $ 16,619 $ 18,693 Unamortized (discount)/premium and debt issue cost, net and other (38) (83) Total debt $ 16,581 $ 18,610 Less: current maturities (2,700) (2,625) Total long-term debt $ 13,881 $ 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 1 or 2 within the fair value hierarchy. Fair value of outstanding debt (in millions) September 30, December 31, Net carrying amount $ 16,581 $ 18,610 Fair value $ 16,600 $ 18,400

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 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 September 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 Nine Months Ended September 30, Service cost $ — $ — $ 69 $ 54 Interest cost 603 638 136 150 Expected return on plan assets (789) (791) (2) (1) Amortization of prior service credit — — (3) (4) Recognized net actuarial loss 186 179 14 10 Net periodic cost $ — $ 26 $ 214 $ 209

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Aircraft Purchase Commitments	Our future aircraft purchase commitments totaled approximately $19.0 billion at September 30, 2024. Aircraft purchase commitments (1) (in millions) Total Three months ending December 31, 2024 $ 940 2025 3,250 2026 4,930 2027 4,770 2028 3,510 Thereafter 1,630 Total $ 19,030 (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 September 30, 2024: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 74 A321-200neo 91 A330-900neo 9 A350-900 11 A350-1000 20 B-737-10 100 Total 305

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 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) 197 — (46) 151 Balance at September 30, 2024 $ (6,484) $ 43 $ 750 $ (5,691) Balance at January 1, 2023 $ (6,624) $ 41 $ 782 $ (5,801) Changes in value — (1) — (1) Reclassifications into earnings (1) 185 — (43) 142 Balance at September 30, 2023 $ (6,439) $ 40 $ 739 $ (5,660) (1)

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 Operating revenue $ 14,594 $ 1,912 $ (829) (1) $ 15,677 Depreciation and amortization 643 29 (29) (2) 643 Operating income/(loss) 1,430 (33) (2) — 1,397 Interest expense/(income), net 173 (8) 8 173 Total assets, end of period 72,954 2,490 (76) 75,368 Capital expenditures 1,312 16 — 1,328 Three Months Ended September 30, 2023 Operating revenue $ 14,553 $ 1,886 $ (951) (1) $ 15,488 Depreciation and amortization 594 23 (23) (2) 594 Operating income 1,865 119 (2) — 1,984 Interest expense, net 196 6 (6) 196 Total assets, end of period 69,851 3,397 (1) 73,247 Capital expenditures 1,201 68 — 1,269 (in millions) Airline Refinery Intersegment Sales/Other Consolidated Nine Months Ended September 30, 2024 Operating revenue $ 42,564 $ 6,011 $ (2,491) (1) $ 46,084 Depreciation and amortization 1,878 86 (86) (2) 1,878 Operating income 4,202 76 (2) — 4,278 Interest expense, net 567 3 (3) 567 Capital expenditures 3,783 47 — 3,830 Nine Months Ended September 30, 2023 Operating revenue $ 41,008 $ 6,274 $ (3,457) (1) $ 43,825 Depreciation and amortization 1,731 69 (69) (2) 1,731 Operating income 3,814 385 (2) — 4,199 Interest expense, net 627 14 (14) 627 Capital expenditures 3,594 127 — 3,721 (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 September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Sales to airline segment (1) $ (369) $ (385) $ (1,147) $ (1,346) Exchanged products (2) (349) (519) (1,147) (1,848) Sales of refined products (111) (47) (197) (263) Total operating revenue intersegment sales/other $ (829) $ (951) $ (2,491) $ (3,457) (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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in millions, except per share data) 2024 2023 2024 2023 Net income $ 1,272 $ 1,108 $ 2,614 $ 2,572 Basic weighted average shares outstanding 641 639 640 639 Dilutive effect of share-based instruments 6 5 7 4 Diluted weighted average shares outstanding 647 644 647 643 Basic earnings per share $ 1.98 $ 1.73 $ 4.08 $ 4.03 Diluted earnings per share $ 1.97 $ 1.72 $ 4.04 $ 4.00

REVENUE RECOGNITION - Passenger

REVENUE RECOGNITION - Passenger Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Passenger revenue	$ 15,677	$ 15,488	$ 46,084	$ 43,825
Passenger
Disaggregation of Revenue [Line Items]
Passenger revenue	13,107	13,119	38,079	36,735
Ticket
Disaggregation of Revenue [Line Items]
Passenger revenue	11,645	11,733	33,827	32,801
Loyalty travel awards
Disaggregation of Revenue [Line Items]
Passenger revenue	978	902	2,798	2,547
Travel-related services
Disaggregation of Revenue [Line Items]
Passenger revenue	$ 484	$ 484	$ 1,454	$ 1,387

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Billions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 6.2	$ 6.7
Cash sales of mileage credits	$ 5.5	$ 5.2
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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Loyalty program activity
Current and noncurrent deferred revenue, beginning	$ 8,420	$ 7,882
Miles earned	3,303	3,164
Miles redeemed for air travel	(2,798)	(2,547)
Miles redeemed for non-air travel and other	(173)	(126)
Current and noncurrent deferred revenue, ending	$ 8,752	$ 8,373

REVENUE RECOGNITION - Other Rev

REVENUE RECOGNITION - Other Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 15,677	$ 15,488	$ 46,084	$ 43,825
Other
Disaggregation of Revenue [Line Items]
Operating revenue	2,374	2,215	7,431	6,555
Refinery
Disaggregation of Revenue [Line Items]
Operating revenue	1,083	935	3,520	2,817
Loyalty program
Disaggregation of Revenue [Line Items]
Operating revenue	820	791	2,451	2,291
Ancillary businesses
Disaggregation of Revenue [Line Items]
Operating revenue	161	212	554	657
Miscellaneous
Disaggregation of Revenue [Line Items]
Operating revenue	$ 310	$ 277	$ 906	$ 790

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 15,677	$ 15,488	$ 46,084	$ 43,825
Domestic
Disaggregation of Revenue [Line Items]
Operating revenue	10,609	10,461	32,216	30,607
Atlantic
Disaggregation of Revenue [Line Items]
Operating revenue	3,418	3,497	8,209	8,223
Latin America
Disaggregation of Revenue [Line Items]
Operating revenue	889	891	3,432	3,208
Pacific
Disaggregation of Revenue [Line Items]
Operating revenue	761	639	2,227	1,787
Passenger
Disaggregation of Revenue [Line Items]
Operating revenue	13,107	13,119	38,079	36,735
Passenger | Domestic
Disaggregation of Revenue [Line Items]
Operating revenue	8,652	8,662	26,033	25,200
Passenger | Atlantic
Disaggregation of Revenue [Line Items]
Operating revenue	3,029	3,110	7,159	7,157
Passenger | Latin America
Disaggregation of Revenue [Line Items]
Operating revenue	779	788	3,008	2,846
Passenger | Pacific
Disaggregation of Revenue [Line Items]
Operating revenue	$ 647	$ 559	$ 1,879	$ 1,532

FAIR VALUE MEASUREMENTS - Measu

FAIR VALUE MEASUREMENTS - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Cash equivalents	$ 2,718	$ 1,545
Restricted cash equivalents	316	653
Long-term investments and related	2,723	2,867
Fuel hedge contracts	1	5
U.S. Government securities
Fair Value
Short-term investments		859
Corporate obligations
Fair Value
Short-term investments		218
Short-term investments - Other fixed income securities
Fair Value
Short-term investments	8	50
Level 1
Fair Value
Cash equivalents	2,718	1,545
Restricted cash equivalents	316	653
Long-term investments and related	2,460	2,614
Fuel hedge contracts	0	0
Level 1 | U.S. Government securities
Fair Value
Short-term investments		204
Level 1 | Corporate obligations
Fair Value
Short-term investments		0
Level 1 | Short-term investments - 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	149	134
Fuel hedge contracts	1	5
Level 2 | U.S. Government securities
Fair Value
Short-term investments		655
Level 2 | Corporate obligations
Fair Value
Short-term investments		218
Level 2 | Short-term investments - Other fixed income securities
Fair Value
Short-term investments	8	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
Level 3 | Corporate obligations
Fair Value
Short-term investments		0
Level 3 | Short-term investments - 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on derivatives recognized	$ 89	$ (140)	$ 9	$ (96)
Mark-to-Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on derivative			4
Settlement Losses on Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on derivative			$ 13

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments [Line Items]
Equity investments	$ 3,272	$ 3,457
Grupo Aeromexico
Investments [Line Items]
Ownership interest (percent)	20%	20%
Carrying value	$ 426	$ 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	$ 74	$ 110
China Eastern
Investments [Line Items]
Ownership interest (percent)	2%	2%
Carrying value	$ 143	$ 134
Hanjin KAL
Investments [Line Items]
Ownership interest (percent)	15%	15%
Carrying value	$ 624	$ 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	$ 782	$ 658
Wheels Up
Investments [Line Items]
Ownership interest (percent)	38%	38%
Carrying value	$ 637	$ 903
Voting rights, shares held threshold	29.90%
Other investments
Investments [Line Items]
Carrying value	$ 447	$ 508

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt, gross	$ 16,619	$ 18,693
Unamortized (discount)/premium and debt issue cost, net and other	(38)	(83)
Total debt	16,581	18,610
Less: current maturities	(2,700)	(2,625)
Total long-term debt	$ 13,881	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	$ 4,107	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)	9.03%
Debt, gross	$ 850	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	$ 1,033	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	$ 89	165
Financing secured by aircraft - Notes | Secured debt | Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	7.20%
Financing secured by aircraft - Notes | Secured debt | Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	7.52%
Senior Secured Notes | Secured debt
Debt Instrument [Line Items]
Maturity date	Dec. 31, 2025
Interest rate per annum (percent)	7%
Debt, gross	$ 812	838
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%
Corporate 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 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	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 0	$ 13	$ 36	$ 63
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	Sep. 30, 2024	Dec. 31, 2023
Debt
Net carrying amount	$ 16,581	$ 18,610
Fair value	$ 16,600	$ 18,400

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Benefits
Defined Benefit Plan Disclosure
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	201	213	603	638
Expected return on plan assets	(263)	(264)	(789)	(791)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss	62	60	186	179
Net periodic cost	0	9	0	26
Other Postretirement and Postemployment Benefits
Defined Benefit Plan Disclosure
Service cost	23	18	69	54
Interest cost	45	50	136	150
Expected return on plan assets	(1)	0	(2)	(1)
Amortization of prior service credit	(1)	(1)	(3)	(4)
Recognized net actuarial loss	5	3	14	10
Net periodic cost	$ 71	$ 70	$ 214	$ 209

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Year (Details) $ in Millions	Sep. 30, 2024 USD ($)
Future aircraft purchase commitments:
Total	$ 19,000
Future aircraft purchase commitments
Future aircraft purchase commitments:
Three months ending December 31, 2024	940
2025	3,250
2026	4,930
2027	4,770
2028	3,510
Thereafter	1,630
Total	$ 19,030

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments	Sep. 30, 2024 aircraft
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	305
A220-300
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	74
A321-200neo
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	91
A330-900neo
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	9
A350-900
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	11
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	3 Months Ended
	Jan. 31, 2024 aircraft	Sep. 30, 2024 USD ($) aircraft
Commitments and Contingencies Disclosure [Abstract]
Future aircraft purchase commitments | $		$ 19
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
B-737-10
Future Purchase Commitments
Number of aircraft expected delivery in 2026		20
Number of aircraft expecting delivery in thereafter		80

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 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	0
Changes in value (net of tax effect)	3	(1)
Reclassifications into earnings, tax effect	(46)	(43)
Reclassification into earnings (net of tax effect)	151	142
Ending balance, tax effect	750	739
Ending balance	13,646	9,226
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(5,845)	(5,801)
Ending balance	(5,691)	(5,660)
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	197	185
Ending balance, AOCI before tax	(6,484)	(6,439)
Other
AOCI Attributable to Parent, Net of Tax
Beginning balance, AOCI before tax	40	41
Changes in value	3	(1)
Reclassifications into earnings	0	0
Ending balance, AOCI before tax	$ 43	$ 40

SEGMENTS (Details)

SEGMENTS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information, Profit (Loss)
Operating revenue	$ 15,677	$ 15,488	$ 46,084	$ 43,825
Depreciation and amortization	643	594	1,878	1,731
Operating income/(loss)	1,397	1,984	4,278	4,199
Interest expense/(income), net	173	196	567	627
Total assets, end of period	75,368	73,247	75,368	73,247	$ 73,644
Capital expenditures	1,328	1,269	3,830	3,721
Operating Segments | Airline
Segment Reporting Information, Profit (Loss)
Operating revenue	14,594	14,553	42,564	41,008
Depreciation and amortization	643	594	1,878	1,731
Operating income/(loss)	1,430	1,865	4,202	3,814
Interest expense/(income), net	173	196	567	627
Total assets, end of period	72,954	69,851	72,954	69,851
Capital expenditures	1,312	1,201	3,783	3,594
Operating Segments | Refinery
Segment Reporting Information, Profit (Loss)
Operating revenue	1,912	1,886	6,011	6,274
Depreciation and amortization	29	23	86	69
Operating income/(loss)	(33)	119	76	385
Interest expense/(income), net	(8)	6	3	14
Total assets, end of period	2,490	3,397	2,490	3,397
Capital expenditures	16	68	47	127
Intersegment Sales/Other
Segment Reporting Information, Profit (Loss)
Operating revenue	(829)	(951)	(2,491)	(3,457)
Depreciation and amortization	(29)	(23)	(86)	(69)
Operating income/(loss)	0	0	0	0
Interest expense/(income), net	8	(6)	(3)	(14)
Total assets, end of period	(76)	(1)	(76)	(1)
Capital expenditures	0	0	0	0
Intersegment Sales/Other | Sales to airline segment
Segment Reporting Information, Profit (Loss)
Operating revenue	(369)	(385)	(1,147)	(1,346)
Intersegment Sales/Other | Exchanged products
Segment Reporting Information, Profit (Loss)
Operating revenue	(349)	(519)	(1,147)	(1,848)
Intersegment Sales/Other | Sales of refined products
Segment Reporting Information, Profit (Loss)
Operating revenue	$ (111)	$ (47)	$ (197)	$ (263)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 1,272	$ 1,305	$ 37	$ 1,108	$ 1,827	$ (363)	$ 2,614	$ 2,572
Basic weighted average shares outstanding (shares)	641			639			640	639
Dilutive effect of share-based instruments (shares)	6			5			7	4
Diluted weighted average shares outstanding (shares)	647			644			647	643
Basic earnings per share (USD per share)	$ 1.98			$ 1.73			$ 4.08	$ 4.03
Diluted earnings per share (USD per share)	$ 1.97			$ 1.72			$ 4.04	$ 4