DELTA AIR LINES, INC., 10-Q filed on 10/12/2023
Quarterly Report
v3.23.3
Cover
 9 Months Ended
Sep. 30, 2023
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2023
Document Transition Report false
Entity File Number 001-5424
Entity Registrant Name DELTA AIR LINES, INC.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 58-0218548
Entity Address, Address Line One Post Office Box 20706
Entity Address, City or Town Atlanta
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30320-6001
City Area Code 404
Local Phone Number 715-2600
Title of 12(b) Security Common Stock, par value $0.0001 per share
Trading Symbol DAL
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Central Index Key 0000027904
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q3
Amendment Flag false
Entity Common Stock, Shares Outstanding 643,463,433
v3.23.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 2,835 $ 3,266
Short-term investments 2,170 3,268
Accounts receivable, net of allowance for uncollectible accounts of $17 and $23 3,214 3,176
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $128 and $136 1,507 1,424
Prepaid expenses and other 2,529 1,877
Total current assets 12,255 13,011
Noncurrent Assets:    
Property and equipment, net of accumulated depreciation and amortization of $21,235 and $20,370 34,593 33,109
Operating lease right-of-use assets 6,962 7,036
Goodwill 9,753 9,753
Identifiable intangibles, net of accumulated amortization of $909 and $902 5,985 5,992
Equity investments 2,291 2,128
Other noncurrent assets 1,408 1,259
Total noncurrent assets 60,992 59,277
Total assets 73,247 72,288
Current Liabilities:    
Current maturities of debt and finance leases 1,981 2,359
Current maturities of operating leases 728 714
Accounts payable 5,320 5,106
Accrued salaries and related benefits 4,003 3,288
Fuel card obligation 1,100 1,100
Other accrued liabilities 1,769 1,779
Total current liabilities 27,556 25,940
Noncurrent Liabilities:    
Debt and finance leases 17,532 20,671
Pension, postretirement and related benefits 3,618 3,707
Noncurrent operating leases 6,558 6,866
Other noncurrent liabilities 4,301 4,074
Total noncurrent liabilities 36,465 39,766
Commitments and Contingencies
Stockholders' Equity:    
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 654,674,447 and 651,800,786 shares issued 0 0
Additional paid-in capital 11,613 11,526
Retained earnings 3,613 1,170
Accumulated other comprehensive loss (5,660) (5,801)
Treasury stock, at cost, 11,211,014 and 10,535,033 shares (340) (313)
Total stockholders' equity 9,226 6,582
Total liabilities and stockholders' equity 73,247 72,288
Air traffic    
Current Liabilities:    
Deferred revenue liability, current 8,738 8,160
Noncurrent Liabilities:    
Loyalty program deferred revenue   100
Loyalty program    
Current Liabilities:    
Deferred revenue liability, current 3,917 3,434
Noncurrent Liabilities:    
Loyalty program deferred revenue $ 4,456 $ 4,448
v3.23.3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Current Assets:    
Allowance for uncollectible accounts $ 17 $ 23
Allowance for obsolescence 128 136
Noncurrent Assets:    
Accumulated depreciation and amortization 21,235 20,370
Accumulated amortization $ 909 $ 902
Stockholders' Equity:    
Common stock, par value (USD per share) $ 0.0001 $ 0.0001
Common stock, authorized (shares) 1,500,000,000 1,500,000,000
Common stock, issued (shares) 654,674,447 651,800,786
Treasury stock, at cost (shares) 11,211,014 10,535,033
v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating Revenue:        
Total operating revenue $ 15,488 $ 13,975 $ 43,825 $ 37,147
Operating Expense:        
Salaries and related costs 3,760 3,050 10,838 8,832
Aircraft fuel and related taxes 2,936 3,318 8,128 8,633
Ancillary businesses and refinery 1,128 1,349 3,427 4,449
Contracted services 1,004 881 3,009 2,425
Landing fees and other rents 679 562 1,880 1,611
Aircraft maintenance materials and outside repairs 661 487 1,860 1,474
Passenger commissions and other selling expenses 618 546 1,770 1,385
Depreciation and amortization 594 538 1,731 1,554
Regional carrier expense 546 528 1,664 1,547
Passenger service 449 406 1,307 1,050
Profit sharing 417 237 1,084 291
Pilot agreement and related expenses 0 0 864 0
Aircraft rent 131 131 395 380
Other 581 486 1,669 1,325
Total operating expense 13,504 12,519 39,626 34,956
Operating Income 1,984 1,456 4,199 2,191
Non-Operating Expense:        
Interest expense, net (196) (248) (627) (791)
Gain/(loss) on investments, net (206) (245) 45 (613)
Loss on extinguishment of debt (13) (34) (63) (100)
Pension and related (expense)/benefit (61) 73 (183) 218
Miscellaneous, net 13 (40) (38) (111)
Total non-operating expense, net (463) (494) (866) (1,397)
Income Before Income Taxes 1,521 962 3,333 794
Income Tax Provision (413) (267) (761) (305)
Net Income $ 1,108 $ 695 $ 2,572 $ 489
Basic Earnings Per Share (USD per share) $ 1.73 $ 1.09 $ 4.03 $ 0.77
Diluted Earnings Per Share (USD per share) $ 1.72 $ 1.08 $ 4.00 $ 0.76
Comprehensive Income $ 1,157 $ 757 $ 2,713 $ 673
Passenger        
Operating Revenue:        
Total operating revenue 13,119 11,464 36,735 29,329
Cargo        
Operating Revenue:        
Total operating revenue 154 240 535 801
Other        
Operating Revenue:        
Total operating revenue $ 2,215 $ 2,271 $ 6,555 $ 7,017
v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Net Cash Provided by Operating Activities    
Net Cash Provided by Operating Activities $ 5,919 $ 5,175
Property and equipment additions:    
Flight equipment, including advance payments (2,560) (2,852)
Ground property and equipment, including technology (1,161) (1,314)
Purchase of short-term investments (2,312) (575)
Redemption of short-term investments 3,488 2,584
Acquisition of strategic investments (152) (153)
Other, net 84 121
Net cash used in investing activities (2,613) (2,189)
Cash Flows from Financing Activities:    
Payments on debt and finance lease obligations (3,710) (4,190)
Cash dividends (64) 0
Other, net (36) (40)
Net cash used in financing activities (3,810) (4,230)
Net Decrease in Cash, Cash Equivalents and Restricted Cash Equivalents (504) (1,244)
Cash, cash equivalents and restricted cash equivalents at beginning of period 3,473 8,569
Cash, cash equivalents and restricted cash equivalents at end of period 2,969 7,325
Non-Cash Transactions:    
Right-of-use assets acquired under operating leases 443 372
Flight and ground equipment acquired under finance leases 37 84
Operating leases converted to finance leases 53 279
Equity investments and other financings 0 330
Current Assets:    
Cash and cash equivalents 2,835 7,023
Restricted cash included in prepaid expenses and other 134 149
Noncurrent Assets:    
Restricted cash included in other noncurrent assets 0 153
Total cash, cash equivalents and restricted cash equivalents $ 2,969 $ 7,325
v3.23.3
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance (shares) at Dec. 31, 2021   650,000,000        
Beginning balance at Dec. 31, 2021 $ 3,887 $ 0 $ 11,447 $ (148) $ (7,130) $ (282)
Beginning balance, Treasury Stock (shares) at Dec. 31, 2021           10,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (940)     (940)    
Other comprehensive income 59       59  
Common stock issued for employee equity awards (shares) [1]   2,000,000       1,000,000
Common stock issued for employee equity awards [1] (15)   15     $ (30)
Ending balance (shares) at Mar. 31, 2022   652,000,000        
Ending balance at Mar. 31, 2022 2,991 $ 0 11,462 (1,088) (7,071) $ (312)
Ending balance, Treasury Stock (shares) at Mar. 31, 2022           11,000,000
Beginning balance (shares) at Dec. 31, 2021   650,000,000        
Beginning balance at Dec. 31, 2021 3,887 $ 0 11,447 (148) (7,130) $ (282)
Beginning balance, Treasury Stock (shares) at Dec. 31, 2021           10,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 489          
Ending balance (shares) at Sep. 30, 2022   652,000,000        
Ending balance at Sep. 30, 2022 4,590 $ 0 11,507 342 (6,946) $ (313)
Ending balance, Treasury Stock (shares) at Sep. 30, 2022           11,000,000
Beginning balance (shares) at Mar. 31, 2022   652,000,000        
Beginning balance at Mar. 31, 2022 2,991 $ 0 11,462 (1,088) (7,071) $ (312)
Beginning balance, Treasury Stock (shares) at Mar. 31, 2022           11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 735     735    
Other comprehensive income 63       63  
Common stock issued for employee equity awards [1] 22   23     $ (1)
Ending balance (shares) at Jun. 30, 2022   652,000,000        
Ending balance at Jun. 30, 2022 3,811 $ 0 11,485 (353) (7,008) $ (313)
Ending balance, Treasury Stock (shares) at Jun. 30, 2022           11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 695     695    
Other comprehensive income 62       62  
Common stock issued for employee equity awards [1] 22   22     $ 0
Ending balance (shares) at Sep. 30, 2022   652,000,000        
Ending balance at Sep. 30, 2022 4,590 $ 0 11,507 342 (6,946) $ (313)
Ending balance, Treasury Stock (shares) at Sep. 30, 2022           11,000,000
Beginning balance (shares) at Dec. 31, 2022   652,000,000        
Beginning balance at Dec. 31, 2022 $ 6,582 $ 0 11,526 1,170 (5,801) $ (313)
Beginning balance, Treasury Stock (shares) at Dec. 31, 2022 10,535,033         11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) $ (363)     (363)    
Other comprehensive income 47       47  
Common stock issued for employee equity awards (shares) [2]   2,000,000        
Common stock issued for employee equity awards [2] (6)   18     $ (24)
Ending balance (shares) at Mar. 31, 2023   654,000,000        
Ending balance at Mar. 31, 2023 6,260 $ 0 11,544 807 (5,754) $ (337)
Ending balance, Treasury Stock (shares) at Mar. 31, 2023           11,000,000
Beginning balance (shares) at Dec. 31, 2022   652,000,000        
Beginning balance at Dec. 31, 2022 $ 6,582 $ 0 11,526 1,170 (5,801) $ (313)
Beginning balance, Treasury Stock (shares) at Dec. 31, 2022 10,535,033         11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) $ 2,572          
Ending balance (shares) at Sep. 30, 2023   655,000,000        
Ending balance at Sep. 30, 2023 $ 9,226 $ 0 11,613 3,613 (5,660) $ (340)
Ending balance, Treasury Stock (shares) at Sep. 30, 2023 11,211,014         11,000,000
Beginning balance (shares) at Mar. 31, 2023   654,000,000        
Beginning balance at Mar. 31, 2023 $ 6,260 $ 0 11,544 807 (5,754) $ (337)
Beginning balance, Treasury Stock (shares) at Mar. 31, 2023           11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 1,827     1,827    
Dividends declared ($0.10 per share) (65)     (65)    
Other comprehensive income 45       45  
Common stock issued for employee equity awards (shares) [2]   1,000,000        
Common stock issued for employee equity awards [2] 33   34     $ (1)
Ending balance (shares) at Jun. 30, 2023   655,000,000        
Ending balance at Jun. 30, 2023 8,100 $ 0 11,578 2,569 (5,709) $ (338)
Ending balance, Treasury Stock (shares) at Jun. 30, 2023           11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 1,108     1,108    
Dividends declared ($0.10 per share) (64)     (64)    
Other comprehensive income 49       49  
Common stock issued for employee equity awards [2] 33   35     $ (2)
Ending balance (shares) at Sep. 30, 2023   655,000,000        
Ending balance at Sep. 30, 2023 $ 9,226 $ 0 $ 11,613 $ 3,613 $ (5,660) $ (340)
Ending balance, Treasury Stock (shares) at Sep. 30, 2023 11,211,014         11,000,000
[1] Treasury shares were withheld for payment of taxes, at a weighted average price per share of $41.00, $38.11 and $30.66 in the March 2022 quarter, June 2022 quarter and September 2022 quarter, respectively.
[2] Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.73, $36.76 and $45.34 in the March 2023 quarter, June 2023 quarter and September 2023 quarter, respectively.
v3.23.3
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]            
Cash Dividends Declared Per Share (USD per share) $ 0.10 $ 0.10        
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share) $ 45.34 $ 36.76 $ 39.73 $ 30.66 $ 38.11 $ 41.00
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2022.

Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented.

Due to seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of operating results for the entire year.

We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.
v3.23.3
REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Passenger Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2023202220232022
Ticket$11,733 $10,247 $32,801 $26,005 
Loyalty travel awards902 786 2,547 2,073 
Travel-related services484 431 1,387 1,251 
Passenger revenue$13,119 $11,464 $36,735 $29,329 

Ticket

We recognized approximately $6.7 billion and $3.9 billion in passenger revenue during the nine months ended September 30, 2023 and 2022, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods.

As of September 30, 2023, all of our air traffic liability was recorded as a current liability. As of December 31, 2022, our air traffic liability was $8.3 billion, of which $100 million was included in other noncurrent liabilities on our Consolidated Balance Sheet ("balance sheet").

Loyalty Travel Awards

Our SkyMiles loyalty program allows customers to earn mileage credits ("miles") by flying on Delta, Delta Connection and other airlines that participate in the loyalty program. Loyalty travel awards revenue is related to the redemption of miles for air travel. Customers can also earn miles through participating companies, such as credit card companies, hotels, car rental agencies and ridesharing companies, who purchase miles from us. Our most significant contract to sell miles relates to our co-brand credit card relationship with American Express. During the nine months ended September 30, 2023 and 2022, total cash sales from marketing agreements related to our loyalty program were $5.2 billion and $4.1 billion, respectively, which are allocated to travel and other performance obligations.
Current Activity of the Loyalty Program. Miles are combined in one homogeneous pool and are not separately identifiable. Therefore, revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period as well as miles that were issued during the period. The timing of mile redemptions can vary widely; however, the majority of miles have historically been redeemed within two years of being earned.

The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements.

Loyalty program activity
(in millions)20232022
Balance at January 1$7,882 $7,559 
Miles earned3,164 2,496 
Miles redeemed for air travel(2,547)(2,073)
Miles redeemed for non-air travel and other(126)(122)
Balance at September 30
$8,373 $7,860 

Travel-Related Services

Travel-related services are primarily composed of services performed in conjunction with a passenger’s flight and include baggage fees, administrative fees, and on-board sales.

Other Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2023202220232022
Refinery$935 $1,134 $2,817 $3,835 
Loyalty program791 655 2,291 1,877 
Ancillary businesses212 249 657 665 
Miscellaneous277 233 790 640 
Other revenue$2,215 $2,271 $6,555 $7,017 

Refinery. This represents refinery sales to third parties. See Note 9, "Segments," for more information on revenue recognition within our refinery segment.

Loyalty Program. Loyalty program revenue relates to brand usage by third parties and other performance obligations embedded in miles sold, including redemption of miles for non-air travel and other awards. These revenues are mainly derived from the total cash sales from marketing agreements, discussed above.

Ancillary Businesses. Ancillary businesses revenue represents revenues from aircraft maintenance services we provide to third parties and our vacation wholesale operations.

Miscellaneous. Miscellaneous is primarily composed of revenues related to Delta Sky Club lounge access, including access provided to certain American Express cardholders, and codeshare agreements.
Revenue by Geographic Region

Operating revenue for the airline segment is recognized in a specific geographic region based on the origin, flight path and destination of each flight segment. A significant portion of the refinery segment's revenues typically consists of fuel sales to support the airline, which is eliminated in the Condensed Consolidated Financial Statements. The remaining operating revenue for the refinery segment is included in the domestic region. Our passenger and operating revenue by geographic region is summarized in the following tables:

Passenger revenue by geographic region
Passenger Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2023202220232022
Domestic$8,662 $8,154 $25,200 $22,035 
Atlantic3,110 2,313 7,157 4,553 
Latin America788 659 2,846 2,084 
Pacific559 338 1,532 657 
Total$13,119 $11,464 $36,735 $29,329 

Operating revenue by geographic region
Operating Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2023202220232022
Domestic$10,461 $10,118 $30,607 $28,322 
Atlantic3,497 2,705 8,223 5,538 
Latin America891 752 3,208 2,417 
Pacific639 400 1,787 870 
Total$15,488 $13,975 $43,825 $37,147 
v3.23.3
FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTSAssets/(Liabilities) Measured at Fair Value on a Recurring Basis
(in millions)September 30,
2023		Level 1Level 2Level 3
Cash equivalents$1,854 $1,854 $— $— 
Restricted cash equivalents134 134 — — 
Short-term investments
U.S. Government securities1,162 239 923 — 
Corporate obligations857 — 857 — 
Asset-backed securities86 — 86 — 
Other fixed income securities65 — 65 — 
Long-term investments and related1,647 1,342 130 175 
Fuel hedge contracts12 — 12 — 
(in millions)December 31,
2022		Level 1Level 2Level 3
Cash equivalents$2,021 $2,021 $— $— 
Restricted cash equivalents206 206 — — 
Short-term investments
U.S. Government securities1,587 122 1,465 — 
Corporate obligations1,614 — 1,614 — 
Other fixed income securities67 — 67 — 
Long-term investments1,450 1,305 38 107 
Fuel hedge contracts(47)— (47)— 

Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to certain self-insurance obligations and airport commitments. Restricted cash equivalents are recorded in prepaid expenses and other on our balance sheet. The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets.

Short-Term Investments. The fair values of our short-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information.

As of September 30, 2023, the estimated fair value of our short-term investments was $2.2 billion. Of these investments, $2.1 billion are expected to mature in one year or less, with the remainder maturing by the first quarter of 2026. Investments with maturities beyond one year when purchased are classified as short-term investments if they are expected to be available to support our short-term liquidity needs.

Long-Term Investments and Related. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheet. Our equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations incorporate certain unobservable inputs, including non-public equity issuances. As of September 30, 2023 our equity investment in Wheels Up Experience Inc. ("Wheels Up") is classified as Level 3 in the fair value hierarchy. In prior periods, this investment was classified as Level 1. We determined the quoted price of its publicly-traded shares does not represent fair value after the closing of Wheels Up's $500 million credit facility on September 20, 2023. In addition to the quoted price, the valuation of our equity investment in Wheels Up considered certain unobservable inputs, including Wheels Up's financial projections, using both market and income approach valuation techniques. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values. See Note 4, "Investments," for further information on the transaction with Wheels Up and our other equity investments.
Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are primarily related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). Our fuel hedge portfolio may consist of a combination of options, swaps or futures contracts, most of which have a duration of less than three months. Option and swap contracts are valued under income approaches using option pricing models and discounted cash flow models, respectively, based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets. Futures contracts and options on futures contracts are traded on a public exchange and valued based on quoted market prices. We recognized losses of $140 million and $96 million on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive Income ("income statement") for the three and nine months ended September 30, 2023, respectively, compared to gains of $139 million and losses of $339 million for the three and nine months ended September 30, 2022, respectively. The losses recognized during the first nine months of 2023 were composed of $59 million of mark-to-market gains and $155 million of settlement losses on contracts. Gains and losses on settled contracts are reflected within Monroe's operating results. See Note 9, "Segments," for further information on our Monroe refinery segment.
v3.23.3
INVESTMENTS
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
We have developed strategic relationships with a number of airlines and airline services companies through joint ventures and other forms of cooperation and support, including equity investments. Our equity investments reinforce our commitment to these relationships and generally enhance our ability to offer input to the investee on strategic issues and direction, in some cases through representation on the board of directors.

Fair Value Investments. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net in our income statement within non-operating expense and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in certain companies, particularly those without publicly-traded shares.

Equity Method Investments. We record our share of our equity method investees' financial results in our income statement as described in the table below.

Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Air France-KLMFair Value3 %3 %$92 $97 
China EasternFair Value2 %2 %159 189 
CLEARFair Value5 %5 %158 227 
Grupo Aeroméxico
Equity Method(1)
20 %20 %459 412 
Hanjin KAL
Fair Value(2)
15 %15 %313 296 
LATAMFair Value10 %10 %548 403 
Unifi Aviation
Equity Method(3)
49 %49 %174 165 
Wheels Up
Fair Value(4)
39 %21 %59 54 
Other investmentsVarious329 285 
Equity investments$2,291 $2,128 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(2)At September 30, 2023, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(3)Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations.
(4)See below for additional information about our ownership interest and voting rights.

Wheels Up. We, along with Certares Management LLC, Knighthead Capital Management LLC and Cox Enterprises, Inc. announced the closing on September 20, 2023 of an expanded strategic partnership with Wheels Up, which includes an agreement for a $500 million credit facility to Wheels Up. At closing, the credit facility was comprised of a $350 million term loan, of which we contributed $150 million, and a $100 million liquidity facility that we made available to Wheels Up in the event the company's liquidity falls below $100 million. The terms of the credit facility permit one or more new lenders to provide an aggregate incremental $50 million term loan after the closing date. In connection with the closing, the term loan investors received newly issued shares of Wheels Up's common stock representing 80% of Wheels Up's outstanding equity as of the closing of the credit facility on a fully diluted basis. Upon approval by Wheels Up's stockholders of an amendment to its certificate of incorporation, Wheels Up is expected to issue to the lenders additional new shares such that the lenders will own 95% of Wheels Up's outstanding equity as of the closing of the credit facility on a fully diluted basis.

The $150 million cash contribution was reflected as an investing outflow in our Condensed Consolidated Statement of Cash Flows and allocated on a relative fair value basis to a loan receivable within other noncurrent assets and an equity investment on our balance sheet. Combined with our previous ownership stake, this new investment provides us with a 39% equity stake in Wheels Up calculated based on Wheels Up's outstanding equity as of September 20, 2023. Our current percentage ownership does not reflect the anticipated dilutive effect from the additional shares to be issued to the lenders (including potentially to one or more new lenders under the term loan) upon approval by Wheels Up's stockholders and common stock grants expected to be made under Wheels Up's equity compensation plans. Furthermore, Delta's voting rights with respect to its Wheels Up equity stake are capped at 29.9%.
As a result of the transaction, we concluded that Wheels Up is a variable interest entity ("VIE"). A VIE requires consolidation by the entity’s primary beneficiary. We determined that we are not the primary beneficiary after assessing the decision-making process for the significant activities of Wheels Up, concluding that Wheels Up's Board of Directors continues to possess the decision-making authority over the significant activities, and we do not control Wheels Up's Board. Based on this assessment, Wheels Up is not consolidated in our financial statements.

We continue to account for our equity interest under the fair value option, as originally elected as part of our initial acquisition of Wheels Up shares in 2020. We will also account for our loan receivable at fair value, as the fair value option is applied to all of an investor's financial interests in the same entity. None of the $100 million liquidity facility has been drawn as of September 30, 2023.
v3.23.3
DEBT
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
Summary of outstanding debt by category
MaturityInterest Rate(s) Per Annum atSeptember 30,December 31,
(in millions)DatesSeptember 30, 202320232022
Unsecured Payroll Support Program Loans2030to20311.00%$3,496 $3,496 
Unsecured notes2024to20292.90%to7.38%2,590 2,997 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)
2023to20284.50%and4.75%4,655 5,144 
SkyMiles Term Loan(1)(2)
2023to20279.08%1,882 2,820 
NYTDC Special Facilities Revenue Bonds(1)
2024to20454.00%to5.00%2,778 2,838 
Financing arrangements secured by aircraft:
Certificates(1)
2023to20282.00%to8.00%1,632 1,802 
Notes(1)(2)
2023to20336.76%to8.00%173 813 
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes20257.00%838 1,542 
2018 Revolving Credit Facility(2)
2024to2025Undrawn— — 
Other financings(1)(2)
2023to20302.51%to5.00%67 67 
Other revolving credit facilities(2)
2023to2024Undrawn— — 
Total secured and unsecured debt$18,111 $21,519 
Unamortized (discount)/premium and debt issue cost, net and other(83)(138)
Total debt$18,028 $21,381 
Less: current maturities(1,681)(2,055)
Total long-term debt$16,347 $19,326 
(1)Due in installments during the years shown above.
(2)Certain financings are comprised of variable rate debt. All variable rates are equal to Secured Overnight Financing Rate ("SOFR") (generally subject to a floor) or another index rate, plus a specified margin.

Availability Under Revolving Credit Facilities

As of September 30, 2023, we had approximately $2.8 billion undrawn and available under our revolving credit facilities. In addition, we had approximately $400 million outstanding letters of credit as of September 30, 2023 that did not affect the availability of our revolving credit facilities.

Early Settlement of Outstanding Notes

During the nine months ended September 30, 2023, we repurchased a principal amount of $1.4 billion of various secured and unsecured notes and a portion of the SkyMiles Term Loan on the open market and made early principal repayments of $585 million on various notes secured by aircraft. These payments resulted in a $63 million loss on extinguishment of debt recorded in non-operating expense in our income statement.
Fair Value of Debt

Market risk associated with our fixed- and variable-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair value of debt shown below is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy.

Fair value of outstanding debt
(in millions)September 30,
2023		December 31,
2022
Net carrying amount$18,028 $21,381 
Fair value$17,300 $20,700 

Covenants

Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at September 30, 2023.
v3.23.3
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Employee benefit plans net periodic cost (benefit)
Pension BenefitsOther Postretirement and Postemployment Benefits
(in millions)2023202220232022
Three Months Ended September 30,
Service cost$— $— $18 $18 
Interest cost213 153 50 32 
Expected return on plan assets(264)(330)— (4)
Amortization of prior service credit— — (1)(1)
Recognized net actuarial loss60 64 3 13 
Net periodic cost (benefit)$9 $(113)$70 $58 
Nine Months Ended September 30,
Service cost$— $— $54 $53 
Interest cost638 459 150 96 
Expected return on plan assets(791)(990)(1)(12)
Amortization of prior service credit— — (4)(4)
Recognized net actuarial loss179 191 10 41 
Net periodic cost (benefit)$26 $(340)$209 $174 

Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within pension and related (expense)/benefit under non-operating expense.
v3.23.3
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Aircraft Purchase Commitments

Our future aircraft purchase commitments totaled approximately $17.8 billion at September 30, 2023.

Aircraft purchase commitments(1)
(in millions)Total
Three months ending December 31, 2023$920 
20243,520 
20255,410 
20263,850 
20272,720 
Thereafter1,410 
Total$17,830 
(1)The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and may be subject to change based on modifications to those agreements or changes in delivery schedules.

Our future aircraft purchase commitments included the following aircraft at September 30, 2023:

Aircraft purchase commitments by fleet type
Aircraft TypePurchase Commitments
A220-30068 
A321-200neo113 
A330-900neo16 
A350-90016 
B-737-10100 
Total313 

Aircraft Orders

During the June 2023 quarter, we agreed to acquire one A330-900 with delivery expected to occur in 2025. We also exercised purchase rights for 12 A220-300 with delivery expected to start in 2027.

Legal Contingencies

We are involved in various legal proceedings related to employment practices, environmental issues, commercial disputes, antitrust and other regulatory matters concerning our business. We record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount of loss can be reasonably estimated. Although the outcome of the legal proceedings in which we are involved cannot be predicted with certainty, we believe that the resolution of current matters will not have a material adverse effect on our Condensed Consolidated Financial Statements.

Employees Under Collective Bargaining Agreements

In the March 2023 quarter, Delta pilots ratified a new four-year Pilot Working Agreement effective January 1, 2023. The agreement includes numerous work rule changes and pay rate increases during the four-year term, including an initial pay rate increase of 18%. The agreement also includes a provision for a one-time payment made upon ratification in the March 2023 quarter of $735 million. Additionally, we recorded adjustments to other benefit-related items of approximately $130 million. These items are recorded within pilot agreement and related expenses in our income statement.
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE LOSS
 9 Months Ended
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
Components of accumulated other comprehensive loss
(in millions)Pension and Other Benefit LiabilitiesOtherTax EffectTotal
Balance at January 1, 2023
$(6,624)$41 $782 $(5,801)
Changes in value— (1)— (1)
Reclassifications into earnings(1)
185 — (43)142 
Balance at September 30, 2023
$(6,439)$40 $739 $(5,660)
Balance at January 1, 2022
$(8,355)$41 $1,184 $(7,130)
Reclassifications into earnings(1)
240 — (56)184 
Balance at September 30, 2022
$(8,115)$41 $1,128 $(6,946)
(1)Amounts reclassified from accumulated other comprehensive loss for pension and other benefit liabilities are recorded in pension and related (expense)/benefit in non-operating expense in our income statement.
v3.23.3
SEGMENTS
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Refinery Operations

Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and from jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel, as well as non-jet fuel products. We use several counterparties to exchange non-jet fuel products produced by the refinery for jet fuel consumed in our airline operations. The gross fair value of the products exchanged under these agreements during the three and nine months ended September 30, 2023 was $519 million and $1.8 billion, respectively, compared to $834 million and $2.6 billion for the three and nine months ended September 30, 2022, respectively.

Segment Reporting

Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis.

Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Three Months Ended September 30, 2023
Operating revenue:$14,553 $1,886 $15,488 
Sales to airline segment$(385)
(1)
Exchanged products(519)
(2)
Sales of refined products(47)
Depreciation and amortization594 23 (23)
(3)
594 
Operating income1,865 119 
(3)
— 1,984 
Interest expense, net196 6 (6)196 
Total assets, end of period69,851 3,397 (1)73,247 
Net fair value obligations, end of period— (9)— (9)
Capital expenditures1,201 68 — 1,269 
Three Months Ended September 30, 2022
Operating revenue:$12,841 $2,599 $13,975 
Sales to airline segment$(504)
(1)
Exchanged products(834)
(2)
Sales of refined products(127)
Depreciation and amortization538 23 (23)
(3)
538 
Operating income1,264 192 
(3)
— 1,456 
Interest expense, net248 3 (3)248 
Total assets, end of period69,680 2,977 (61)72,596 
Net fair value obligations, end of period— (291)— (291)
Capital expenditures1,393 49 — 1,442 
(1)Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.
(2)Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.
(3)Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement.
Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Nine Months Ended September 30, 2023
Operating revenue:$41,008 $6,274 $43,825 
Sales to airline segment$(1,346)
(1)
Exchanged products(1,848)
(2)
Sales of refined products(263)
Depreciation and amortization1,731 69 (69)
(3)
1,731 
Operating income3,814 385 
(3)
— 4,199 
Interest expense, net627 14 (14)627 
Capital expenditures3,594 127 — 3,721 
Nine Months Ended September 30, 2022
Operating revenue:$33,312 $8,265 $37,147 
Sales to airline segment$(1,557)
(1)
Exchanged products(2,623)
(2)
Sales of refined products(250)
Depreciation and amortization1,554 70 (70)
(3)
1,554 
Operating income1,676 515 
(3)
— 2,191 
Interest expense, net791 7 (7)791 
Capital expenditures4,069 97 — 4,166 
(1)Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.
(2)Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.
(3)Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement.


Fair Value Obligations

The net fair value obligations presented in the table above are related to renewable fuel compliance costs and presented net of any related assets or fixed price purchase agreements. Their value is based on quoted market prices and other observable information and are therefore classified as Level 2 in the fair value hierarchy. Our obligation as of September 30, 2023 was calculated using the U.S. Environmental Protection Agency's ("EPA") Renewable Fuel Standard ("RFS") volume requirements, which were finalized in 2022 for the 2021 and 2022 obligations, and proposed in 2022 for 2023 obligations. In the March 2023 quarter, we settled a portion of our 2021 Renewable Identification Numbers ("RINs") obligation with the EPA. We expect to settle the remaining 2021 and our entire 2022 RINs obligation by the 2022 compliance deadline in the December 2023 quarter.
v3.23.3
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
We calculate basic earnings per share by dividing 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. Antidilutive 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)2023202220232022
Net income$1,108 $695 $2,572 $489 
Basic weighted average shares outstanding639 638 639 638 
Dilutive effect of share-based instruments5 3 4 3 
Diluted weighted average shares outstanding644 641 643 641 
Basic earnings per share$1.73 $1.09 $4.03 $0.77 
Diluted earnings per share$1.72 $1.08 $4.00 $0.76 
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2022.

Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented.

Due to seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of operating results for the entire year.

We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.
Cash Equivalents and Restricted Cash Equivalents Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to certain self-insurance obligations and airport commitments. Restricted cash equivalents are recorded in prepaid expenses and other on our balance sheet. The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets.
Short-Term and Long-Term Investments Short-Term Investments. The fair values of our short-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information.Long-Term Investments and Related. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheet. Our equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations incorporate certain unobservable inputs, including non-public equity issuances. As of September 30, 2023 our equity investment in Wheels Up Experience Inc. ("Wheels Up") is classified as Level 3 in the fair value hierarchy. In prior periods, this investment was classified as Level 1. We determined the quoted price of its publicly-traded shares does not represent fair value after the closing of Wheels Up's $500 million credit facility on September 20, 2023. In addition to the quoted price, the valuation of our equity investment in Wheels Up considered certain unobservable inputs, including Wheels Up's financial projections, using both market and income approach valuation techniques. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values. See Note 4, "Investments," for further information on the transaction with Wheels Up and our other equity investments.
Fuel Hedge Contracts Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are primarily related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). Our fuel hedge portfolio may consist of a combination of options, swaps or futures contracts, most of which have a duration of less than three months. Option and swap contracts are valued under income approaches using option pricing models and discounted cash flow models, respectively, based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets. Futures contracts and options on futures contracts are traded on a public exchange and valued based on quoted market prices.
Fair Value Investments Fair Value Investments. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net in our income statement within non-operating expense and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in certain companies, particularly those without publicly-traded shares.
Equity Method Investments Equity Method Investments. We record our share of our equity method investees' financial results in our income statement
v3.23.3
REVENUE RECOGNITION (Tables)
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of revenue
Passenger Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2023202220232022
Ticket$11,733 $10,247 $32,801 $26,005 
Loyalty travel awards902 786 2,547 2,073 
Travel-related services484 431 1,387 1,251 
Passenger revenue$13,119 $11,464 $36,735 $29,329 
Other Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2023202220232022
Refinery$935 $1,134 $2,817 $3,835 
Loyalty program791 655 2,291 1,877 
Ancillary businesses212 249 657 665 
Miscellaneous277 233 790 640 
Other revenue$2,215 $2,271 $6,555 $7,017 
Schedule of activity in loyalty program deferred revenue
The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements.

Loyalty program activity
(in millions)20232022
Balance at January 1$7,882 $7,559 
Miles earned3,164 2,496 
Miles redeemed for air travel(2,547)(2,073)
Miles redeemed for non-air travel and other(126)(122)
Balance at September 30
$8,373 $7,860 
Schedule of revenue by geographic region Our passenger and operating revenue by geographic region is summarized in the following tables:
Passenger revenue by geographic region
Passenger Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2023202220232022
Domestic$8,662 $8,154 $25,200 $22,035 
Atlantic3,110 2,313 7,157 4,553 
Latin America788 659 2,846 2,084 
Pacific559 338 1,532 657 
Total$13,119 $11,464 $36,735 $29,329 

Operating revenue by geographic region
Operating Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2023202220232022
Domestic$10,461 $10,118 $30,607 $28,322 
Atlantic3,497 2,705 8,223 5,538 
Latin America891 752 3,208 2,417 
Pacific639 400 1,787 870 
Total$15,488 $13,975 $43,825 $37,147 
v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of assets (liabilities) measured at fair value on a recurring basis Assets/(Liabilities) Measured at Fair Value on a Recurring Basis
(in millions)September 30,
2023		Level 1Level 2Level 3
Cash equivalents$1,854 $1,854 $— $— 
Restricted cash equivalents134 134 — — 
Short-term investments
U.S. Government securities1,162 239 923 — 
Corporate obligations857 — 857 — 
Asset-backed securities86 — 86 — 
Other fixed income securities65 — 65 — 
Long-term investments and related1,647 1,342 130 175 
Fuel hedge contracts12 — 12 — 
(in millions)December 31,
2022		Level 1Level 2Level 3
Cash equivalents$2,021 $2,021 $— $— 
Restricted cash equivalents206 206 — — 
Short-term investments
U.S. Government securities1,587 122 1,465 — 
Corporate obligations1,614 — 1,614 — 
Other fixed income securities67 — 67 — 
Long-term investments1,450 1,305 38 107 
Fuel hedge contracts(47)— (47)— 
v3.23.3
INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary of equity investments ownership and carrying value - fair value We record our share of our equity method investees' financial results in our income statement as described in the table below.
Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Air France-KLMFair Value3 %3 %$92 $97 
China EasternFair Value2 %2 %159 189 
CLEARFair Value5 %5 %158 227 
Grupo Aeroméxico
Equity Method(1)
20 %20 %459 412 
Hanjin KAL
Fair Value(2)
15 %15 %313 296 
LATAMFair Value10 %10 %548 403 
Unifi Aviation
Equity Method(3)
49 %49 %174 165 
Wheels Up
Fair Value(4)
39 %21 %59 54 
Other investmentsVarious329 285 
Equity investments$2,291 $2,128 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(2)At September 30, 2023, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(3)Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations.
(4)See below for additional information about our ownership interest and voting rights.
Summary of equity investments ownership and carrying value - equity method We record our share of our equity method investees' financial results in our income statement as described in the table below.
Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Air France-KLMFair Value3 %3 %$92 $97 
China EasternFair Value2 %2 %159 189 
CLEARFair Value5 %5 %158 227 
Grupo Aeroméxico
Equity Method(1)
20 %20 %459 412 
Hanjin KAL
Fair Value(2)
15 %15 %313 296 
LATAMFair Value10 %10 %548 403 
Unifi Aviation
Equity Method(3)
49 %49 %174 165 
Wheels Up
Fair Value(4)
39 %21 %59 54 
Other investmentsVarious329 285 
Equity investments$2,291 $2,128 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(2)At September 30, 2023, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(3)Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations.
(4)See below for additional information about our ownership interest and voting rights.
v3.23.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of debt
Summary of outstanding debt by category
MaturityInterest Rate(s) Per Annum atSeptember 30,December 31,
(in millions)DatesSeptember 30, 202320232022
Unsecured Payroll Support Program Loans2030to20311.00%$3,496 $3,496 
Unsecured notes2024to20292.90%to7.38%2,590 2,997 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)
2023to20284.50%and4.75%4,655 5,144 
SkyMiles Term Loan(1)(2)
2023to20279.08%1,882 2,820 
NYTDC Special Facilities Revenue Bonds(1)
2024to20454.00%to5.00%2,778 2,838 
Financing arrangements secured by aircraft:
Certificates(1)
2023to20282.00%to8.00%1,632 1,802 
Notes(1)(2)
2023to20336.76%to8.00%173 813 
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes20257.00%838 1,542 
2018 Revolving Credit Facility(2)
2024to2025Undrawn— — 
Other financings(1)(2)
2023to20302.51%to5.00%67 67 
Other revolving credit facilities(2)
2023to2024Undrawn— — 
Total secured and unsecured debt$18,111 $21,519 
Unamortized (discount)/premium and debt issue cost, net and other(83)(138)
Total debt$18,028 $21,381 
Less: current maturities(1,681)(2,055)
Total long-term debt$16,347 $19,326 
(1)Due in installments during the years shown above.
(2)Certain financings are comprised of variable rate debt. All variable rates are equal to Secured Overnight Financing Rate ("SOFR") (generally subject to a floor) or another index rate, plus a specified margin.
Schedule of estimated fair value of debt instruments The fair value of debt shown below is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy.
Fair value of outstanding debt
(in millions)September 30,
2023		December 31,
2022
Net carrying amount$18,028 $21,381 
Fair value$17,300 $20,700 
v3.23.3
EMPLOYEE BENEFIT PLANS (Tables)
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Schedule of components net periodic (benefit) cost
Employee benefit plans net periodic cost (benefit)
Pension BenefitsOther Postretirement and Postemployment Benefits
(in millions)2023202220232022
Three Months Ended September 30,
Service cost$— $— $18 $18 
Interest cost213 153 50 32 
Expected return on plan assets(264)(330)— (4)
Amortization of prior service credit— — (1)(1)
Recognized net actuarial loss60 64 3 13 
Net periodic cost (benefit)$9 $(113)$70 $58 
Nine Months Ended September 30,
Service cost$— $— $54 $53 
Interest cost638 459 150 96 
Expected return on plan assets(791)(990)(1)(12)
Amortization of prior service credit— — (4)(4)
Recognized net actuarial loss179 191 10 41 
Net periodic cost (benefit)$26 $(340)$209 $174 
v3.23.3
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future aircraft purchase commitments
Our future aircraft purchase commitments totaled approximately $17.8 billion at September 30, 2023.

Aircraft purchase commitments(1)
(in millions)Total
Three months ending December 31, 2023$920 
20243,520 
20255,410 
20263,850 
20272,720 
Thereafter1,410 
Total$17,830 
(1)The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and may be subject to change based on modifications to those agreements or changes in delivery schedules.

Our future aircraft purchase commitments included the following aircraft at September 30, 2023:

Aircraft purchase commitments by fleet type
Aircraft TypePurchase Commitments
A220-30068 
A321-200neo113 
A330-900neo16 
A350-90016 
B-737-10100 
Total313 
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 9 Months Ended
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of components of accumulated other comprehensive loss
Components of accumulated other comprehensive loss
(in millions)Pension and Other Benefit LiabilitiesOtherTax EffectTotal
Balance at January 1, 2023
$(6,624)$41 $782 $(5,801)
Changes in value— (1)— (1)
Reclassifications into earnings(1)
185 — (43)142 
Balance at September 30, 2023
$(6,439)$40 $739 $(5,660)
Balance at January 1, 2022
$(8,355)$41 $1,184 $(7,130)
Reclassifications into earnings(1)
240 — (56)184 
Balance at September 30, 2022
$(8,115)$41 $1,128 $(6,946)
(1)Amounts reclassified from accumulated other comprehensive loss for pension and other benefit liabilities are recorded in pension and related (expense)/benefit in non-operating expense in our income statement.
v3.23.3
SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule of segment reporting information
Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Three Months Ended September 30, 2023
Operating revenue:$14,553 $1,886 $15,488 
Sales to airline segment$(385)
(1)
Exchanged products(519)
(2)
Sales of refined products(47)
Depreciation and amortization594 23 (23)
(3)
594 
Operating income1,865 119 
(3)
— 1,984 
Interest expense, net196 6 (6)196 
Total assets, end of period69,851 3,397 (1)73,247 
Net fair value obligations, end of period— (9)— (9)
Capital expenditures1,201 68 — 1,269 
Three Months Ended September 30, 2022
Operating revenue:$12,841 $2,599 $13,975 
Sales to airline segment$(504)
(1)
Exchanged products(834)
(2)
Sales of refined products(127)
Depreciation and amortization538 23 (23)
(3)
538 
Operating income1,264 192 
(3)
— 1,456 
Interest expense, net248 3 (3)248 
Total assets, end of period69,680 2,977 (61)72,596 
Net fair value obligations, end of period— (291)— (291)
Capital expenditures1,393 49 — 1,442 
(1)Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.
(2)Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.
(3)Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement.
Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Nine Months Ended September 30, 2023
Operating revenue:$41,008 $6,274 $43,825 
Sales to airline segment$(1,346)
(1)
Exchanged products(1,848)
(2)
Sales of refined products(263)
Depreciation and amortization1,731 69 (69)
(3)
1,731 
Operating income3,814 385 
(3)
— 4,199 
Interest expense, net627 14 (14)627 
Capital expenditures3,594 127 — 3,721 
Nine Months Ended September 30, 2022
Operating revenue:$33,312 $8,265 $37,147 
Sales to airline segment$(1,557)
(1)
Exchanged products(2,623)
(2)
Sales of refined products(250)
Depreciation and amortization1,554 70 (70)
(3)
1,554 
Operating income1,676 515 
(3)
— 2,191 
Interest expense, net791 7 (7)791 
Capital expenditures4,069 97 — 4,166 
(1)Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.
(2)Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.
(3)Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement.
v3.23.3
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Schedule of computation of basic and diluted earnings/(loss) per share The following table shows the computation of basic and diluted earnings per share:
Basic and diluted earnings per share
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share data)2023202220232022
Net income$1,108 $695 $2,572 $489 
Basic weighted average shares outstanding639 638 639 638 
Dilutive effect of share-based instruments5 3 4 3 
Diluted weighted average shares outstanding644 641 643 641 
Basic earnings per share$1.73 $1.09 $4.03 $0.77 
Diluted earnings per share$1.72 $1.08 $4.00 $0.76 
v3.23.3
REVENUE RECOGNITION - Passenger Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Passenger revenue $ 15,488 $ 13,975 $ 43,825 $ 37,147
Passenger        
Disaggregation of Revenue [Line Items]        
Passenger revenue 13,119 11,464 36,735 29,329
Ticket        
Disaggregation of Revenue [Line Items]        
Passenger revenue 11,733 10,247 32,801 26,005
Loyalty travel awards        
Disaggregation of Revenue [Line Items]        
Passenger revenue 902 786 2,547 2,073
Travel-related services        
Disaggregation of Revenue [Line Items]        
Passenger revenue $ 484 $ 431 $ 1,387 $ 1,251
v3.23.3
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenue recognized that was previously deferred $ 6,700 $ 3,900  
Cash sales of mileage credits $ 5,200 $ 4,100  
Redemption period for majority of new miles (in years) 2 years    
Air traffic      
Disaggregation of Revenue [Line Items]      
Contract with customer, liability     $ 8,300
Contract with customer, liability, noncurrent     $ 100
v3.23.3
REVENUE RECOGNITION - Loyalty Program Liability (Details) - Loyalty program - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Loyalty program activity    
Current and noncurrent deferred revenue, beginning $ 7,882 $ 7,559
Miles earned 3,164 2,496
Miles redeemed for air travel (2,547) (2,073)
Miles redeemed for non-air travel and other (126) (122)
Current and noncurrent deferred revenue, ending $ 8,373 $ 7,860
v3.23.3
REVENUE RECOGNITION - Other Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Operating revenue $ 15,488 $ 13,975 $ 43,825 $ 37,147
Other        
Disaggregation of Revenue [Line Items]        
Operating revenue 2,215 2,271 6,555 7,017
Refinery        
Disaggregation of Revenue [Line Items]        
Operating revenue 935 1,134 2,817 3,835
Loyalty program        
Disaggregation of Revenue [Line Items]        
Operating revenue 791 655 2,291 1,877
Ancillary businesses        
Disaggregation of Revenue [Line Items]        
Operating revenue 212 249 657 665
Miscellaneous        
Disaggregation of Revenue [Line Items]        
Operating revenue $ 277 $ 233 $ 790 $ 640
v3.23.3
REVENUE RECOGNITION - Revenue by Geographic Region (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Operating revenue $ 15,488 $ 13,975 $ 43,825 $ 37,147
Domestic        
Disaggregation of Revenue [Line Items]        
Operating revenue 10,461 10,118 30,607 28,322
Atlantic        
Disaggregation of Revenue [Line Items]        
Operating revenue 3,497 2,705 8,223 5,538
Latin America        
Disaggregation of Revenue [Line Items]        
Operating revenue 891 752 3,208 2,417
Pacific        
Disaggregation of Revenue [Line Items]        
Operating revenue 639 400 1,787 870
Passenger        
Disaggregation of Revenue [Line Items]        
Operating revenue 13,119 11,464 36,735 29,329
Passenger | Domestic        
Disaggregation of Revenue [Line Items]        
Operating revenue 8,662 8,154 25,200 22,035
Passenger | Atlantic        
Disaggregation of Revenue [Line Items]        
Operating revenue 3,110 2,313 7,157 4,553
Passenger | Latin America        
Disaggregation of Revenue [Line Items]        
Operating revenue 788 659 2,846 2,084
Passenger | Pacific        
Disaggregation of Revenue [Line Items]        
Operating revenue $ 559 $ 338 $ 1,532 $ 657
v3.23.3
FAIR VALUE MEASUREMENTS - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Fair Value    
Cash equivalents $ 1,854 $ 2,021
Restricted cash equivalents 134 206
Long-term investments and related 1,647 1,450
Fuel hedge contracts 12 (47)
U.S. Government securities    
Fair Value    
Short-term investments 1,162 1,587
Corporate obligations    
Fair Value    
Short-term investments 857 1,614
Asset-backed securities    
Fair Value    
Short-term investments 86  
Other fixed income securities    
Fair Value    
Short-term investments 65 67
Level 1    
Fair Value    
Cash equivalents 1,854 2,021
Restricted cash equivalents 134 206
Long-term investments and related 1,342 1,305
Fuel hedge contracts 0 0
Level 1 | U.S. Government securities    
Fair Value    
Short-term investments 239 122
Level 1 | Corporate obligations    
Fair Value    
Short-term investments 0 0
Level 1 | Asset-backed securities    
Fair Value    
Short-term investments 0  
Level 1 | Other fixed income securities    
Fair Value    
Short-term investments 0 0
Level 2    
Fair Value    
Cash equivalents 0 0
Restricted cash equivalents 0 0
Long-term investments and related 130 38
Fuel hedge contracts 12 (47)
Level 2 | U.S. Government securities    
Fair Value    
Short-term investments 923 1,465
Level 2 | Corporate obligations    
Fair Value    
Short-term investments 857 1,614
Level 2 | Asset-backed securities    
Fair Value    
Short-term investments 86  
Level 2 | Other fixed income securities    
Fair Value    
Short-term investments 65 67
Level 3    
Fair Value    
Cash equivalents 0 0
Restricted cash equivalents 0 0
Long-term investments and related 175 107
Fuel hedge contracts 0 0
Level 3 | U.S. Government securities    
Fair Value    
Short-term investments 0 0
Level 3 | Corporate obligations    
Fair Value    
Short-term investments 0 0
Level 3 | Asset-backed securities    
Fair Value    
Short-term investments 0  
Level 3 | Other fixed income securities    
Fair Value    
Short-term investments $ 0 $ 0
v3.23.3
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Short-term investments $ 2,170,000,000   $ 2,170,000,000   $ 3,268,000,000
Short-term investments expected to mature in one year or less 2,100,000,000   2,100,000,000    
Wheels Up | Line of Credit          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Line of credit maximum capacity 500,000,000   500,000,000    
Fuel hedge contracts          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Gain (loss) on derivatives recognized $ (140,000,000) $ 139,000,000 (96,000,000) $ (339,000,000)  
Fuel hedge contracts | Mark-to-Market          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Gain on derivative     59,000,000    
Fuel hedge contracts | Settlement Gains On Contracts          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Loss on derivative     $ 155,000,000    
v3.23.3
INVESTMENTS - Equity Investments Ownership Interest and Carrying Value (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Equity Investments    
Equity investments $ 2,291 $ 2,128
Air France-KLM    
Equity Investments    
Ownership interest (percent) 3.00% 3.00%
Carrying value $ 92 $ 97
China Eastern    
Equity Investments    
Ownership interest (percent) 2.00% 2.00%
Carrying value $ 159 $ 189
CLEAR    
Equity Investments    
Ownership interest (percent) 5.00% 5.00%
Carrying value $ 158 $ 227
Hanjin-KAL    
Equity Investments    
Ownership interest (percent) 15.00% 15.00%
Carrying value $ 313 $ 296
Hanjin-KAL | Common and Preferred Shares    
Equity Investments    
Ownership interest (percent) 14.80%  
Hanjin-KAL | Common Stock    
Equity Investments    
Ownership interest (percent) 14.90%  
LATAM    
Equity Investments    
Ownership interest (percent) 10.00% 10.00%
Carrying value $ 548 $ 403
Wheels Up    
Equity Investments    
Ownership interest (percent) 39.00% 21.00%
Carrying value $ 59 $ 54
Other investments    
Equity Investments    
Carrying value $ 329 $ 285
Grupo Aeromexico    
Equity Investments    
Ownership interest (percent) 20.00% 20.00%
Carrying value $ 459 $ 412
Unifi Aviation    
Equity Investments    
Ownership interest (percent) 49.00% 49.00%
Carrying value $ 174 $ 165
v3.23.3
Investments - Narrative (Details) - USD ($)
Sep. 30, 2023
Aug. 15, 2023
Dec. 31, 2022
Wheels Up      
Investments [Line Items]      
Liquidity threshold   $ 100,000,000  
Ownership interest (percent) 39.00%   21.00%
Voting rights, shares held threshold 29.90%    
Wheels Up | Line of Credit      
Investments [Line Items]      
Line of credit maximum capacity $ 500,000,000    
Wheels Up | Line of Credit | New Lender      
Investments [Line Items]      
Line of credit maximum capacity   50,000,000  
Wheels Up | Line of Credit | Delta      
Investments [Line Items]      
Line of credit maximum capacity   100,000,000  
Line of credit   0  
Wheels Up | Line of Credit | Secured debt      
Investments [Line Items]      
Debt instrument amount   350,000,000  
Wheels Up | Line of Credit | Secured debt | Delta      
Investments [Line Items]      
Debt instrument amount   $ 150,000,000  
Wheels Up      
Investments [Line Items]      
Equity issuable   80.00%  
Wheels Up | Maximum      
Investments [Line Items]      
Equity issuable   95.00%  
v3.23.3
DEBT - Summary of Debt (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Debt, gross $ 18,111 $ 21,519
Unamortized (discount)/premium and debt issue cost, net and other (83) (138)
Total debt 18,028 21,381
Less: current maturities (1,681) (2,055)
Total long-term debt $ 16,347 19,326
Unsecured Payroll Support Program Loans | Unsecured debt    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2030  
Maturity dates range, end Dec. 31, 2031  
Interest rate per annum (percent) 1.00%  
Debt, gross $ 3,496 3,496
Unsecured notes | Unsecured debt    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2024  
Maturity dates range, end Dec. 31, 2029  
Debt, gross $ 2,590 2,997
Unsecured notes | Unsecured debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 2.90%  
Unsecured notes | Unsecured debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 7.38%  
SkyMiles Notes | Secured debt    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2023  
Maturity dates range, end Dec. 31, 2028  
Debt, gross $ 4,655 5,144
SkyMiles Notes | Secured debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 4.50%  
SkyMiles Notes | Secured debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 4.75%  
SkyMiles Term Loan | Secured debt    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2023  
Maturity dates range, end Dec. 31, 2027  
Interest rate per annum (percent) 9.08%  
Debt, gross $ 1,882 2,820
NYTDC Special Facilities Revenue Bonds | Bonds    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2024  
Maturity dates range, end Dec. 31, 2045  
Debt, gross $ 2,778 2,838
NYTDC Special Facilities Revenue Bonds | Bonds | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 4.00%  
NYTDC Special Facilities Revenue Bonds | Bonds | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 5.00%  
Financing secured by aircraft - Certificates | Secured debt    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2023  
Maturity dates range, end Dec. 31, 2028  
Debt, gross $ 1,632 1,802
Financing secured by aircraft - Certificates | Secured debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 2.00%  
Financing secured by aircraft - Certificates | Secured debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 8.00%  
Financing secured by aircraft - Notes | Secured debt    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2023  
Maturity dates range, end Dec. 31, 2033  
Debt, gross $ 173 813
Financing secured by aircraft - Notes | Secured debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 6.76%  
Financing secured by aircraft - Notes | Secured debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 8.00%  
2020 Senior Secured Notes | Secured debt    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2025  
Interest rate per annum (percent) 7.00%  
Debt, gross $ 838 1,542
2018 Revolving Credit Facility | Revolving credit facility    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2024  
Maturity dates range, end Dec. 31, 2025  
Debt, gross $ 0 0
Other financings | Secured and unsecured debt    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2023  
Maturity dates range, end Dec. 31, 2030  
Debt, gross $ 67 67
Other financings | Secured and unsecured debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 2.51%  
Other financings | Secured and unsecured debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 5.00%  
Other revolving credit facilities | Bonds    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2024  
Other revolving credit facilities | Revolving credit facility    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2025  
Debt, gross $ 0 $ 0
v3.23.3
DEBT - Availability Under Revolving Credit Facilities (Details)
$ in Millions
Sep. 30, 2023
USD ($)
Revolving credit facility  
Debt Instrument [Line Items]  
Undrawn credit facilities $ 2,800
Letter of Credit  
Debt Instrument [Line Items]  
Outstanding letters of credit that do not affect availability of revolvers $ 400
v3.23.3
DEBT - Early Settlement of Outstanding Notes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Extinguishment of Debt [Line Items]        
Repaid principal     $ 585  
Loss on extinguishment of debt $ 13 $ 34 63 $ 100
Secured and unsecured debt        
Extinguishment of Debt [Line Items]        
Repurchase amount $ 1,400   1,400  
Loss on extinguishment of debt     $ 63  
v3.23.3
DEBT - Fair Value of Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Debt    
Net carrying amount $ 18,028 $ 21,381
Fair value $ 17,300 $ 20,700
v3.23.3
EMPLOYEE BENEFIT PLANS - Components of Net Periodic (Benefit) Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pension Benefits        
Defined Benefit Plan Disclosure        
Service cost $ 0 $ 0 $ 0 $ 0
Interest cost 213 153 638 459
Expected return on plan assets (264) (330) (791) (990)
Amortization of prior service credit 0 0 0 0
Recognized net actuarial loss 60 64 179 191
Net periodic cost (benefit) 9 (113) 26 (340)
Other Postretirement and Postemployment Benefits        
Defined Benefit Plan Disclosure        
Service cost 18 18 54 53
Interest cost 50 32 150 96
Expected return on plan assets 0 (4) (1) (12)
Amortization of prior service credit (1) (1) (4) (4)
Recognized net actuarial loss 3 13 10 41
Net periodic cost (benefit) $ 70 $ 58 $ 209 $ 174
v3.23.3
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2023
aircraft
Mar. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jan. 01, 2023
Commitments and Contingencies Disclosure [Abstract]        
Future aircraft purchase commitments     $ 17,800  
Future Purchase Commitments        
Collective bargaining agreement term   4 years    
Pilot pay rate increase       18.00%
Pilot agreement expense   $ 735    
Adjustments to other benefit-related items   $ 130    
A330-900        
Future Purchase Commitments        
Number of aircraft agreed to be acquired | aircraft 1      
A220-300        
Future Purchase Commitments        
Number of aircraft purchase rights exercised | aircraft 12      
v3.23.3
COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Year (Details)
$ in Millions
Sep. 30, 2023
USD ($)
Future aircraft purchase commitments:  
Total $ 17,800
Future aircraft purchase commitments  
Future aircraft purchase commitments:  
Three months ending December 31, 2023 920
2024 3,520
2025 5,410
2026 3,850
2027 2,720
Thereafter 1,410
Total $ 17,830
v3.23.3
COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments
Sep. 30, 2023
aircraft
Future Purchase Commitments  
Aircraft purchase commitments, minimum quantity required 313
A220-300  
Future Purchase Commitments  
Aircraft purchase commitments, minimum quantity required 68
A321-200neo  
Future Purchase Commitments  
Aircraft purchase commitments, minimum quantity required 113
A330-900neo  
Future Purchase Commitments  
Aircraft purchase commitments, minimum quantity required 16
A350-900  
Future Purchase Commitments  
Aircraft purchase commitments, minimum quantity required 16
B-737-10  
Future Purchase Commitments  
Aircraft purchase commitments, minimum quantity required 100
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax    
Beginning balance, tax effect $ 782 $ 1,184
Beginning balance 6,582 3,887
Reclassifications into earnings, tax effect (43) (56)
Reclassification into earnings (net of tax effect) 142 184
Changes in value, tax effect 0  
Changes in value (net of tax effect) (1)  
Ending balance, tax effect 739 1,128
Ending balance 9,226 4,590
Accumulated Other Comprehensive Loss    
AOCI Attributable to Parent, Net of Tax    
Beginning balance (5,801) (7,130)
Ending balance (5,660) (6,946)
Pension and Other Benefits Liabilities    
AOCI Attributable to Parent, Net of Tax    
Beginning balance, AOCI before tax (6,624) (8,355)
Reclassifications into earnings 185 240
Changes in value 0  
Ending balance, AOCI before tax (6,439) (8,115)
Other    
AOCI Attributable to Parent, Net of Tax    
Beginning balance, AOCI before tax 41 41
Reclassifications into earnings 0 0
Changes in value (1)  
Ending balance, AOCI before tax $ 40 $ 41
v3.23.3
SEGMENTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information, Profit (Loss)        
Operating revenue $ 15,488 $ 13,975 $ 43,825 $ 37,147
Intersegment Sales/Other | Exchanged products        
Segment Reporting Information, Profit (Loss)        
Operating revenue $ (519) $ (834) $ (1,848) $ (2,623)
v3.23.3
SEGMENTS - Segment Reporting (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Segment Reporting Information, Profit (Loss)          
Operating revenue $ 15,488 $ 13,975 $ 43,825 $ 37,147  
Depreciation and amortization 594 538 1,731 1,554  
Operating income 1,984 1,456 4,199 2,191  
Interest expense, net 196 248 627 791  
Total assets, end of period 73,247 72,596 73,247 72,596 $ 72,288
Net fair value obligations, end of period (9) (291) (9) (291)  
Capital expenditures 1,269 1,442 3,721 4,166  
Operating Segments | Airline          
Segment Reporting Information, Profit (Loss)          
Operating revenue 14,553 12,841 41,008 33,312  
Depreciation and amortization 594 538 1,731 1,554  
Operating income 1,865 1,264 3,814 1,676  
Interest expense, net 196 248 627 791  
Total assets, end of period 69,851 69,680 69,851 69,680  
Net fair value obligations, end of period 0 0 0 0  
Capital expenditures 1,201 1,393 3,594 4,069  
Operating Segments | Refinery          
Segment Reporting Information, Profit (Loss)          
Operating revenue 1,886 2,599 6,274 8,265  
Depreciation and amortization 23 23 69 70  
Operating income 119 192 385 515  
Interest expense, net 6 3 14 7  
Total assets, end of period 3,397 2,977 3,397 2,977  
Net fair value obligations, end of period (9) (291) (9) (291)  
Capital expenditures 68 49 127 97  
Intersegment Sales/Other          
Segment Reporting Information, Profit (Loss)          
Depreciation and amortization (23) (23) (69) (70)  
Operating income 0 0 0 0  
Interest expense, net (6) (3) (14) (7)  
Total assets, end of period (1) (61) (1) (61)  
Net fair value obligations, end of period 0 0 0 0  
Capital expenditures 0 0 0 0  
Intersegment Sales/Other | Sales to airline segment          
Segment Reporting Information, Profit (Loss)          
Operating revenue (385) (504) (1,346) (1,557)  
Intersegment Sales/Other | Exchanged products          
Segment Reporting Information, Profit (Loss)          
Operating revenue (519) (834) (1,848) (2,623)  
Intersegment Sales/Other | Sales of refined products          
Segment Reporting Information, Profit (Loss)          
Operating revenue $ (47) $ (127) $ (263) $ (250)  
v3.23.3
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Earnings Per Share [Abstract]                
Net income $ 1,108 $ 1,827 $ (363) $ 695 $ 735 $ (940) $ 2,572 $ 489
Basic weighted average shares outstanding (shares) 639     638     639 638
Dilutive effect of share-based instruments (shares) 5     3     4 3
Diluted weighted average shares outstanding (shares) 644     641     643 641
Basic earnings per share (USD per share) $ 1.73     $ 1.09     $ 4.03 $ 0.77
Diluted earnings per share (USD per share) $ 1.72     $ 1.08     $ 4.00 $ 0.76