DELTA AIR LINES, INC., 10-Q filed on 4/13/2023
Quarterly Report
v3.23.1
Cover
 3 Months Ended
Mar. 31, 2023
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 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 $0.0001 per share
Trading Symbol DAL
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Central Index Key 0000027904
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q1
Amendment Flag false
Entity Common Stock, Shares Outstanding 642,716,623
v3.23.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 3,215 $ 3,266
Short-term investments 3,396 3,268
Accounts receivable, net of allowance for uncollectible accounts of $24 and $23 3,224 3,176
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $134 and $136 1,379 1,424
Prepaid expenses and other 2,187 1,877
Total current assets 13,401 13,011
Noncurrent Assets:    
Property and equipment, net of accumulated depreciation and amortization of $20,881 and $20,370 33,249 33,109
Operating lease right-of-use assets 7,067 7,036
Goodwill 9,753 9,753
Identifiable intangibles, net of accumulated amortization of $904 and $902 5,990 5,992
Equity investments 2,249 2,128
Deferred income taxes, net 432 325
Other noncurrent assets 993 934
Total noncurrent assets 59,733 59,277
Total assets 73,134 72,288
Current Liabilities:    
Current maturities of debt and finance leases 2,136 2,359
Current maturities of operating leases 724 714
Accounts payable 4,754 5,106
Accrued salaries and related benefits 2,828 3,288
Fuel card obligation 1,100 1,100
Other accrued liabilities 2,003 1,779
Total current liabilities 28,417 25,940
Noncurrent Liabilities:    
Debt and finance leases 19,823 20,671
Pension, postretirement and related benefits 3,730 3,707
Noncurrent operating leases 6,877 6,866
Other noncurrent liabilities 3,614 4,074
Total noncurrent liabilities 38,457 39,766
Commitments and Contingencies
Stockholders' Equity:    
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 653,855,351 and 651,800,786 shares issued 0 0
Additional paid-in capital 11,544 11,526
Retained earnings 807 1,170
Accumulated other comprehensive loss (5,754) (5,801)
Treasury stock, at cost, 11,138,728 and 10,535,033 shares (337) (313)
Total stockholders' equity 6,260 6,582
Total liabilities and stockholders' equity 73,134 72,288
Air traffic    
Current Liabilities:    
Deferred revenue liability, current 11,187 8,160
Noncurrent Liabilities:    
Loyalty program deferred revenue   100
Loyalty program    
Current Liabilities:    
Deferred revenue liability, current 3,685 3,434
Noncurrent Liabilities:    
Loyalty program deferred revenue $ 4,413 $ 4,448
v3.23.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Current Assets:    
Allowance for uncollectible accounts $ 24 $ 23
Allowance for obsolescence 134 136
Noncurrent Assets:    
Accumulated depreciation and amortization 20,881 20,370
Accumulated amortization $ 904 $ 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) 653,855,351 651,800,786
Treasury stock, at cost (shares) 11,138,728 10,535,033
v3.23.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Revenue:    
Total operating revenue $ 12,759 $ 9,348
Operating Expense:    
Salaries and related costs 3,386 2,826
Aircraft fuel and related taxes 2,676 2,092
Ancillary businesses and refinery 1,125 1,382
Contracted services 1,010 753
Pilot agreement and related expenses 864 0
Aircraft maintenance materials and outside repairs 585 465
Landing fees and other rents 584 504
Depreciation and amortization 564 506
Regional carrier expense 559 491
Passenger commissions and other selling expenses 500 312
Passenger service 416 275
Aircraft rent 132 122
Profit sharing 72 0
Other 563 403
Total operating expense 13,036 10,131
Operating Loss (277) (783)
Non-Operating Expense:    
Interest expense, net (227) (274)
Gain/(loss) on investments, net 122 (147)
Loss on extinguishment of debt (22) (25)
Pension and related (expense)/benefit (61) 73
Miscellaneous, net (41) (44)
Total non-operating expense, net (229) (417)
Loss Before Income Taxes (506) (1,200)
Income Tax Benefit 143 260
Net Loss $ (363) $ (940)
Basic Loss Per Share (USD per share) $ (0.57) $ (1.48)
Diluted Loss Per Share (USD per share) $ (0.57) $ (1.48)
Comprehensive Loss $ (316) $ (881)
Passenger    
Operating Revenue:    
Total operating revenue 10,411 6,907
Cargo    
Operating Revenue:    
Total operating revenue 209 289
Other    
Operating Revenue:    
Total operating revenue $ 2,139 $ 2,152
v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net Cash Provided by Operating Activities    
Net Cash Provided by Operating Activities $ 2,235 $ 1,771
Property and equipment additions:    
Flight equipment, including advance payments (630) (1,276)
Ground property and equipment, including technology (370) (490)
Purchase of short-term investments (999) (226)
Redemption of short-term investments 897 1,346
Purchase of equity investments 0 (100)
Other, net 2 (3)
Net cash used in investing activities (1,100) (749)
Cash Flows from Financing Activities:    
Payments on debt and finance lease obligations (1,166) (1,443)
Other, net (13) (13)
Net cash used in financing activities (1,179) (1,456)
Net Decrease in Cash, Cash Equivalents and Restricted Cash Equivalents (44) (434)
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 3,429 8,135
Non-Cash Transactions:    
Flight and ground equipment acquired under finance leases 25 33
Right-of-use assets acquired under operating leases 208 359
Operating leases converted to finance leases 30 9
Equity investments and other financings 0 330
Current Assets:    
Cash and cash equivalents 3,215 7,705
Restricted cash included in prepaid expenses and other 160 170
Noncurrent Assets:    
Restricted cash included in other noncurrent assets 54 260
Total cash, cash equivalents and restricted cash equivalents $ 3,429 $ 8,135
v3.23.1
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, 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 11,138,728         11,000,000
[1] Treasury shares were withheld for payment of taxes, at a weighted average price per share of $41.00 in the March 2022 quarter.
[2] Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.73 in the March 2023 quarter.
v3.23.1
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]    
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share) $ 39.73 $ 41.00
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 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 months ended March 31, 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.
v3.23.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Passenger Revenue
Three Months Ended March 31,
(in millions)20232022
Ticket$9,239 $5,986 
Loyalty travel awards743 543 
Travel-related services429 378 
Total passenger revenue$10,411 $6,907 

Ticket

We recognized approximately $3.9 billion and $2.2 billion in passenger revenue during the three months ended March 31, 2023 and 2022, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods.

As of March 31, 2023, 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 three months ended March 31, 2023 and 2022, total cash sales from marketing agreements related to our loyalty program were $1.7 billion and $1.2 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)20232022
Balance at January 1$7,882 $7,559 
Miles earned999 658 
Miles redeemed for air travel(743)(543)
Miles redeemed for non-air travel and other(40)(30)
Balance at March 31
$8,098 $7,644 

Travel-Related Services

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

Other Revenue
Three Months Ended March 31,
(in millions)20232022
Refinery$916 $1,187 
Loyalty program726 571 
Ancillary businesses231 209 
Miscellaneous266 185 
Total other revenue$2,139 $2,152 

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 March 31,
(in millions)20232022
Domestic$7,594 $5,563 
Atlantic1,244 539 
Latin America1,132 680 
Pacific441 125 
Total$10,411 $6,907 

Operating revenue by geographic region
Operating Revenue
Three Months Ended March 31,
(in millions)20232022
Domestic$9,396 $7,549 
Atlantic1,548 776 
Latin America1,280 811 
Pacific535 212 
Total$12,759 $9,348 
v3.23.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTSAssets/(Liabilities) Measured at Fair Value on a Recurring Basis
(in millions)March 31,
2023		Level 1Level 2Level 3
Cash equivalents$2,231 $2,231 $— $— 
Restricted cash equivalents213 213 — — 
Short-term investments
U.S. Government securities1,501 162 1,339 — 
Corporate obligations1,756 — 1,756 — 
Asset-backed securities37 — 37 — 
Other fixed income securities102 — 102 — 
Long-term investments1,572 1,424 38 110 
Fuel hedge contracts(6)— (6)— 
(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 as well as 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. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets 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 March 31, 2023, the estimated fair value of our short-term investments was $3.4 billion. Of these investments, $3.0 billion are expected to mature in one year or less, with the remainder maturing in the second quarter of 2024. 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. 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 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 gains of $31 million and losses of $240 million on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive Loss ("income statement") for the three months ended March 31, 2023 and 2022, respectively. The gains recognized during the three months ended March 31, 2023 were composed of $41 million of mark-to-market gains and $10 million of settlements on contracts. The losses recognized during the March 2022 quarter were composed of $244 million of settlements on contracts and $4 million of mark-to-market gains. Expense from the settlement of closed contracts is offset by higher operating profits at Monroe from higher pricing. See Note 9, "Segments," for further information on our Monroe refinery segment.
v3.23.1
INVESTMENTS
 3 Months Ended
Mar. 31, 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 companies 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)March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Air France-KLMFair Value3 %3 %$135 $97 
China EasternFair Value2 %2 %184 189 
CLEARFair Value5 %5 %217 227 
Grupo Aeroméxico
Equity Method(1)
20 %20 %410 412 
Hanjin KAL
Fair Value(2)
15 %15 %351 296 
LATAMFair Value10 %10 %455 403 
Unifi Aviation
Equity Method(3)
49 %49 %164 165 
Wheels Up
Fair Value(4)
21 %21 %33 54 
Other investmentsVarious300 285 
Equity investments$2,249 $2,128 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(2)At March 31, 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)We elected to account for our investment under the fair value option.
v3.23.1
DEBT
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
Summary of outstanding debt by category
MaturityInterest Rate(s) Per Annum atMarch 31,December 31,
(in millions)DatesMarch 31, 202320232022
Unsecured Payroll Support Program Loans2030to20311.00%$3,496 $3,496 
Unsecured notes2023to20292.90%to7.38%2,997 2,997 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)
2023to20284.50%and4.75%5,007 5,144 
SkyMiles Term Loan(1)(2)
2023to20278.56%2,478 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%1,790 1,802 
Notes(1)(2)
2023to20336.11%to7.22%553 813 
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes20257.00%1,274 1,542 
2018 Revolving Credit Facility(2)
2024to2025Undrawn— — 
Other financings(1)(2)
2023to20302.51%to5.00%67 67 
Other revolving credit facilities(2)
2023Undrawn— — 
Total secured and unsecured debt$20,440 $21,519 
Unamortized (discount)/premium and debt issue cost, net and other(120)(138)
Total debt$20,320 $21,381 
Less: current maturities(1,830)(2,055)
Total long-term debt$18,490 $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 LIBOR (generally subject to a floor), Secured Overnight Financing Rate ("SOFR") or another index rate plus a specified margin.

Availability Under Revolving Credit Facilities

As of March 31, 2023, we had approximately $2.9 billion undrawn and available under our revolving credit facilities. In addition, we had approximately $400 million outstanding letters of credit as of March 31, 2023 that did not affect the availability of our revolving credit facilities.

Early Settlement of Outstanding Notes

In the March 2023 quarter, we repurchased a principal amount of $468 million of various secured notes and a portion of the SkyMiles Term Loan on the open market and made early principal repayments of $227 million on various notes secured by aircraft. These payments resulted in a $22 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)March 31,
2023		December 31,
2022
Net carrying amount$20,320 $21,381 
Fair value$19,900 $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 March 31, 2023.
v3.23.1
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 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 March 31,
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 

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.
v3.23.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Aircraft Purchase Commitments

Our future aircraft purchase commitments totaled approximately $18.7 billion at March 31, 2023.

Aircraft purchase commitments(1)
(in millions)Total
Nine months ending December 31, 2023$2,360 
20244,460 
20254,290 
20263,830 
20272,580 
Thereafter1,200 
Total$18,720 
(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 March 31, 2023:

Aircraft purchase commitments by fleet type
Aircraft TypePurchase Commitments
A220-30059 
A321-200neo130 
A330-900neo17 
A350-90016 
B-737-10100 
Total322 

Legal Contingencies

We are involved in various legal proceedings related to employment practices, environmental issues, antitrust and other 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 March 2023, 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 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.
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE LOSS
 3 Months Ended
Mar. 31, 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)
Reclassifications into earnings(1)
62 — (15)47 
Balance at March 31, 2023
$(6,562)$41 $767 $(5,754)
Balance at January 1, 2022
$(8,355)$41 $1,184 $(7,130)
Reclassifications into earnings(1)
77 — (18)59 
Balance at March 31, 2022
$(8,278)$41 $1,166 $(7,071)
(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.
v3.23.1
SEGMENTS
 3 Months Ended
Mar. 31, 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 the 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 months ended March 31, 2023 and 2022 was $714 million and $809 million, 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 March 31, 2023
Operating revenue:$11,843 $2,352 $12,759 
Sales to airline segment$(596)
(1)
Exchanged products(714)
(2)
Sales of refined products(126)
Operating (loss)/income(499)222 
(3)
— (277)
Interest expense, net227 4 (4)227 
Depreciation and amortization564 23 (23)
(3)
564 
Total assets, end of period70,183 3,005 (54)73,134 
Net fair value obligations, end of period— (38)— (38)
Capital expenditures971 29 — 1,000 
Three Months Ended March 31, 2022
Operating revenue:$8,161 $2,313 $9,348 
Sales to airline segment$(291)
(1)
Exchanged products(809)
(2)
Sales of refined products(26)
Operating (loss)/income(836)53 
(3)
— (783)
Interest expense, net274 2 (2)274 
Depreciation and amortization506 23 (23)
(3)
506 
Total assets, end of period71,392 2,382 (26)73,748 
Net fair value obligations, end of period— (430)— (430)
Capital expenditures1,749 17 — 1,766 
(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 March 31, 2023 was calculated using the U.S. Environmental Protection Agency's ("EPA") Renewable Fuel Standard ("RFS") volume requirements, which were finalized in 2022 for 2021 and 2022 obligations, and proposed in 2022 for 2023 obligations. In March 2023, we settled a portion of our 2021 RINs obligation with the EPA. We expect to settle the remaining 2021 and our entire 2022 RINs obligation by the 2022 compliance deadline, which the EPA has not yet finalized.
v3.23.1
LOSS PER SHARE
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
LOSS PER SHARE LOSS PER SHARE
We calculate basic loss per share and diluted loss per share by dividing net loss by the weighted average number of common shares outstanding, excluding restricted shares. 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 loss per share:

Basic and diluted loss per share
Three Months Ended March 31,
(in millions, except per share data)20232022
Net loss$(363)$(940)
Basic weighted average shares outstanding639 637 
Dilutive effect of share-based instruments— — 
Diluted weighted average shares outstanding639 637 
Basic loss per share$(0.57)$(1.48)
Diluted loss per share$(0.57)$(1.48)
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 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 months ended March 31, 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 as well as 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. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets 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. 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 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 companies 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
v3.23.1
REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of revenue
Passenger Revenue
Three Months Ended March 31,
(in millions)20232022
Ticket$9,239 $5,986 
Loyalty travel awards743 543 
Travel-related services429 378 
Total passenger revenue$10,411 $6,907 
Other Revenue
Three Months Ended March 31,
(in millions)20232022
Refinery$916 $1,187 
Loyalty program726 571 
Ancillary businesses231 209 
Miscellaneous266 185 
Total other revenue$2,139 $2,152 
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 earned999 658 
Miles redeemed for air travel(743)(543)
Miles redeemed for non-air travel and other(40)(30)
Balance at March 31
$8,098 $7,644 
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 March 31,
(in millions)20232022
Domestic$7,594 $5,563 
Atlantic1,244 539 
Latin America1,132 680 
Pacific441 125 
Total$10,411 $6,907 

Operating revenue by geographic region
Operating Revenue
Three Months Ended March 31,
(in millions)20232022
Domestic$9,396 $7,549 
Atlantic1,548 776 
Latin America1,280 811 
Pacific535 212 
Total$12,759 $9,348 
v3.23.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 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)March 31,
2023		Level 1Level 2Level 3
Cash equivalents$2,231 $2,231 $— $— 
Restricted cash equivalents213 213 — — 
Short-term investments
U.S. Government securities1,501 162 1,339 — 
Corporate obligations1,756 — 1,756 — 
Asset-backed securities37 — 37 — 
Other fixed income securities102 — 102 — 
Long-term investments1,572 1,424 38 110 
Fuel hedge contracts(6)— (6)— 
(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)— 
v3.23.1
INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary of equity investments ownership and carrying value - fair value
Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Air France-KLMFair Value3 %3 %$135 $97 
China EasternFair Value2 %2 %184 189 
CLEARFair Value5 %5 %217 227 
Grupo Aeroméxico
Equity Method(1)
20 %20 %410 412 
Hanjin KAL
Fair Value(2)
15 %15 %351 296 
LATAMFair Value10 %10 %455 403 
Unifi Aviation
Equity Method(3)
49 %49 %164 165 
Wheels Up
Fair Value(4)
21 %21 %33 54 
Other investmentsVarious300 285 
Equity investments$2,249 $2,128 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(2)At March 31, 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)We elected to account for our investment under the fair value option.
Summary of equity investments ownership and carrying value - equity method
Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Air France-KLMFair Value3 %3 %$135 $97 
China EasternFair Value2 %2 %184 189 
CLEARFair Value5 %5 %217 227 
Grupo Aeroméxico
Equity Method(1)
20 %20 %410 412 
Hanjin KAL
Fair Value(2)
15 %15 %351 296 
LATAMFair Value10 %10 %455 403 
Unifi Aviation
Equity Method(3)
49 %49 %164 165 
Wheels Up
Fair Value(4)
21 %21 %33 54 
Other investmentsVarious300 285 
Equity investments$2,249 $2,128 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(2)At March 31, 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)We elected to account for our investment under the fair value option.
v3.23.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of debt
Summary of outstanding debt by category
MaturityInterest Rate(s) Per Annum atMarch 31,December 31,
(in millions)DatesMarch 31, 202320232022
Unsecured Payroll Support Program Loans2030to20311.00%$3,496 $3,496 
Unsecured notes2023to20292.90%to7.38%2,997 2,997 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)
2023to20284.50%and4.75%5,007 5,144 
SkyMiles Term Loan(1)(2)
2023to20278.56%2,478 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%1,790 1,802 
Notes(1)(2)
2023to20336.11%to7.22%553 813 
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes20257.00%1,274 1,542 
2018 Revolving Credit Facility(2)
2024to2025Undrawn— — 
Other financings(1)(2)
2023to20302.51%to5.00%67 67 
Other revolving credit facilities(2)
2023Undrawn— — 
Total secured and unsecured debt$20,440 $21,519 
Unamortized (discount)/premium and debt issue cost, net and other(120)(138)
Total debt$20,320 $21,381 
Less: current maturities(1,830)(2,055)
Total long-term debt$18,490 $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 LIBOR (generally subject to a floor), Secured Overnight Financing Rate ("SOFR") or another index rate plus a specified margin.
Schedule of estimated fair value of debt instruments The fair value of debt shown below is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy.
Fair value of outstanding debt
(in millions)March 31,
2023		December 31,
2022
Net carrying amount$20,320 $21,381 
Fair value$19,900 $20,700 
v3.23.1
EMPLOYEE BENEFIT PLANS (Tables)
 3 Months Ended
Mar. 31, 2023
Retirement Benefits [Abstract]  
Schedule of components net periodic (benefit) cost
Employee benefit plans net periodic cost (benefit)
Pension BenefitsOther Postretirement and Postemployment Benefits
(in millions)2023202220232022
Three Months Ended March 31,
Service cost$— $— $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 
v3.23.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future aircraft purchase commitments
Our future aircraft purchase commitments totaled approximately $18.7 billion at March 31, 2023.

Aircraft purchase commitments(1)
(in millions)Total
Nine months ending December 31, 2023$2,360 
20244,460 
20254,290 
20263,830 
20272,580 
Thereafter1,200 
Total$18,720 
(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 March 31, 2023:

Aircraft purchase commitments by fleet type
Aircraft TypePurchase Commitments
A220-30059 
A321-200neo130 
A330-900neo17 
A350-90016 
B-737-10100 
Total322 
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 3 Months Ended
Mar. 31, 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)
Reclassifications into earnings(1)
62 — (15)47 
Balance at March 31, 2023
$(6,562)$41 $767 $(5,754)
Balance at January 1, 2022
$(8,355)$41 $1,184 $(7,130)
Reclassifications into earnings(1)
77 — (18)59 
Balance at March 31, 2022
$(8,278)$41 $1,166 $(7,071)
(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.
v3.23.1
SEGMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of segment reporting information
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 March 31, 2023
Operating revenue:$11,843 $2,352 $12,759 
Sales to airline segment$(596)
(1)
Exchanged products(714)
(2)
Sales of refined products(126)
Operating (loss)/income(499)222 
(3)
— (277)
Interest expense, net227 4 (4)227 
Depreciation and amortization564 23 (23)
(3)
564 
Total assets, end of period70,183 3,005 (54)73,134 
Net fair value obligations, end of period— (38)— (38)
Capital expenditures971 29 — 1,000 
Three Months Ended March 31, 2022
Operating revenue:$8,161 $2,313 $9,348 
Sales to airline segment$(291)
(1)
Exchanged products(809)
(2)
Sales of refined products(26)
Operating (loss)/income(836)53 
(3)
— (783)
Interest expense, net274 2 (2)274 
Depreciation and amortization506 23 (23)
(3)
506 
Total assets, end of period71,392 2,382 (26)73,748 
Net fair value obligations, end of period— (430)— (430)
Capital expenditures1,749 17 — 1,766 
(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.
v3.23.1
LOSS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 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 loss per share:
Basic and diluted loss per share
Three Months Ended March 31,
(in millions, except per share data)20232022
Net loss$(363)$(940)
Basic weighted average shares outstanding639 637 
Dilutive effect of share-based instruments— — 
Diluted weighted average shares outstanding639 637 
Basic loss per share$(0.57)$(1.48)
Diluted loss per share$(0.57)$(1.48)
v3.23.1
REVENUE RECOGNITION - Passenger Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Operating revenue $ 12,759 $ 9,348
Passenger    
Disaggregation of Revenue [Line Items]    
Operating revenue 10,411 6,907
Ticket    
Disaggregation of Revenue [Line Items]    
Operating revenue 9,239 5,986
Loyalty travel awards    
Disaggregation of Revenue [Line Items]    
Operating revenue 743 543
Travel-related services    
Disaggregation of Revenue [Line Items]    
Operating revenue $ 429 $ 378
v3.23.1
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenue recognized that was previously deferred $ 3,900 $ 2,200  
Cash sales of mileage credits $ 1,700 $ 1,200  
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
v3.23.1
REVENUE RECOGNITION - Loyalty Program Liability (Details) - Loyalty program - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Loyalty program activity    
Current and noncurrent deferred revenue, beginning $ 7,882 $ 7,559
Miles earned 999 658
Miles redeemed for air travel (743) (543)
Miles redeemed for non-air travel and other (40) (30)
Current and noncurrent deferred revenue, ending $ 8,098 $ 7,644
v3.23.1
REVENUE RECOGNITION - Other Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Operating revenue $ 12,759 $ 9,348
Other    
Disaggregation of Revenue [Line Items]    
Operating revenue 2,139 2,152
Refinery    
Disaggregation of Revenue [Line Items]    
Operating revenue 916 1,187
Loyalty program    
Disaggregation of Revenue [Line Items]    
Operating revenue 726 571
Ancillary businesses    
Disaggregation of Revenue [Line Items]    
Operating revenue 231 209
Miscellaneous    
Disaggregation of Revenue [Line Items]    
Operating revenue $ 266 $ 185
v3.23.1
REVENUE RECOGNITION - Revenue by Geographic Region (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Operating revenue $ 12,759 $ 9,348
Domestic    
Disaggregation of Revenue [Line Items]    
Operating revenue 9,396 7,549
Atlantic    
Disaggregation of Revenue [Line Items]    
Operating revenue 1,548 776
Latin America    
Disaggregation of Revenue [Line Items]    
Operating revenue 1,280 811
Pacific    
Disaggregation of Revenue [Line Items]    
Operating revenue 535 212
Passenger    
Disaggregation of Revenue [Line Items]    
Operating revenue 10,411 6,907
Passenger | Domestic    
Disaggregation of Revenue [Line Items]    
Operating revenue 7,594 5,563
Passenger | Atlantic    
Disaggregation of Revenue [Line Items]    
Operating revenue 1,244 539
Passenger | Latin America    
Disaggregation of Revenue [Line Items]    
Operating revenue 1,132 680
Passenger | Pacific    
Disaggregation of Revenue [Line Items]    
Operating revenue $ 441 $ 125
v3.23.1
FAIR VALUE MEASUREMENTS - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Fair Value    
Cash equivalents $ 2,231 $ 2,021
Restricted cash equivalents 213 206
Long-term investments 1,572 1,450
Fuel hedge contracts (6) (47)
Short-term investments    
Fair Value    
Short-term investments 1,501 1,587
Corporate obligations    
Fair Value    
Short-term investments 1,756 1,614
Asset-backed securities    
Fair Value    
Short-term investments 37  
Other fixed income securities    
Fair Value    
Short-term investments 102 67
Level 1    
Fair Value    
Cash equivalents 2,231 2,021
Restricted cash equivalents 213 206
Long-term investments 1,424 1,305
Fuel hedge contracts 0 0
Level 1 | Short-term investments    
Fair Value    
Short-term investments 162 122
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 38 38
Fuel hedge contracts (6) (47)
Level 2 | Short-term investments    
Fair Value    
Short-term investments 1,339 1,465
Level 2 | Corporate obligations    
Fair Value    
Short-term investments 1,756 1,614
Level 2 | Asset-backed securities    
Fair Value    
Short-term investments 37  
Level 2 | Other fixed income securities    
Fair Value    
Short-term investments 102 67
Level 3    
Fair Value    
Cash equivalents 0 0
Restricted cash equivalents 0 0
Long-term investments 110 107
Fuel hedge contracts 0 0
Level 3 | Short-term investments    
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
v3.23.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Short-term investments $ 3,396   $ 3,268
Short-term investments expected to mature in one year or less 3,000    
Fuel hedge contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Gain (loss) on derivatives recognized 31 $ (240)  
Mark-to-market adjustments 41 244  
Loss on settlement $ 10 $ 4  
v3.23.1
INVESTMENTS - Equity Investments Ownership Interest and Carrying Value (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Equity Investments    
Equity investments $ 2,249 $ 2,128
Air France-KLM    
Equity Investments    
Ownership interest (percent) 3.00% 3.00%
Carrying value $ 135 $ 97
China Eastern    
Equity Investments    
Ownership interest (percent) 2.00% 2.00%
Carrying value $ 184 $ 189
CLEAR    
Equity Investments    
Ownership interest (percent) 5.00% 5.00%
Carrying value $ 217 $ 227
Hanjin-KAL    
Equity Investments    
Ownership interest (percent) 15.00% 15.00%
Carrying value $ 351 $ 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 $ 455 $ 403
Other investments    
Equity Investments    
Carrying value $ 300 $ 285
Wheels Up    
Equity Investments    
Ownership interest (percent) 21.00% 21.00%
Carrying value $ 33 $ 54
Grupo Aeromexico    
Equity Investments    
Ownership interest (percent) 20.00% 20.00%
Carrying value $ 410 $ 412
Unifi Aviation    
Equity Investments    
Ownership interest (percent) 49.00% 49.00%
Carrying value $ 164 $ 165
v3.23.1
DEBT - Summary of Debt (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Debt, gross $ 20,440 $ 21,519
Unamortized (discount)/premium and debt issue cost, net and other (120) (138)
Total debt 20,320 21,381
Less: current maturities (1,830) (2,055)
Total long-term debt $ 18,490 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, 2023  
Maturity dates range, end Dec. 31, 2029  
Debt, gross $ 2,997 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 $ 5,007 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) 8.56%  
Debt, gross $ 2,478 2,820
NYTDC Special Facilities Revenue Bonds | Bonds    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2023  
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 $ 1,790 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 $ 553 813
Financing secured by aircraft - Notes | Secured debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 6.11%  
Financing secured by aircraft - Notes | Secured debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 7.22%  
2020 Senior Secured Notes | Secured debt    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2025  
Interest rate per annum (percent) 7.00%  
Debt, gross $ 1,274 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 | Revolving credit facility    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2025  
Debt, gross $ 0 $ 0
Other revolving credit facilities | Secured and unsecured debt    
Debt Instrument [Line Items]    
Maturity dates range, start Jan. 01, 2023  
v3.23.1
DEBT - Availability Under Revolving Credit Facilities (Details)
$ in Millions
Mar. 31, 2023
USD ($)
Revolving credit facility  
Debt Instrument [Line Items]  
Undrawn credit facilities $ 2,900
Letter of Credit  
Debt Instrument [Line Items]  
Outstanding letters of credit that do not affect availability of revolvers $ 400
v3.23.1
DEBT - Early Settlement of Outstanding Notes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Extinguishment of Debt [Line Items]    
Repaid principal $ 227  
Loss on extinguishment of debt 22 $ 25
Secured and unsecured debt    
Extinguishment of Debt [Line Items]    
Repurchase amount 468  
Loss on extinguishment of debt $ 22  
v3.23.1
DEBT - Fair Value of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Debt    
Net carrying amount $ 20,320 $ 21,381
Fair value $ 19,900 $ 20,700
v3.23.1
EMPLOYEE BENEFIT PLANS - Components of Net Periodic (Benefit) Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Pension Benefits    
Defined Benefit Plan Disclosure    
Service cost $ 0 $ 0
Interest cost 213 153
Expected return on plan assets (264) (330)
Amortization of prior service credit 0 0
Recognized net actuarial loss 60 64
Net periodic cost (benefit) 9 (113)
Other Postretirement and Postemployment Benefits    
Defined Benefit Plan Disclosure    
Service cost 18 18
Interest cost 50 32
Expected return on plan assets 0 (4)
Amortization of prior service credit (1) (1)
Recognized net actuarial loss 3 13
Net periodic cost (benefit) $ 70 $ 58
v3.23.1
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2023
Mar. 31, 2023
Jan. 31, 2023
Commitments and Contingencies Disclosure [Abstract]      
Future aircraft purchase commitments $ 18,700 $ 18,700  
Collective bargaining agreement term 4 years    
Pilot pay rate increase     18.00%
Pilot agreement expense   735  
Adjustments to other benefit-related items   $ 130  
v3.23.1
COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Year (Details)
$ in Millions
Mar. 31, 2023
USD ($)
Future aircraft purchase commitments:  
Total $ 18,700
Future aircraft purchase commitments  
Future aircraft purchase commitments:  
Nine months ending December 31, 2023 2,360
2023 4,460
2024 4,290
2025 3,830
2026 2,580
Thereafter 1,200
Total $ 18,720
v3.23.1
COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments
Mar. 31, 2023
aircraft
Future Purchase Commitments  
Aircraft purchase commitments, minimum quantity required 322
A220-300  
Future Purchase Commitments  
Aircraft purchase commitments, minimum quantity required 59
A321-200neo  
Future Purchase Commitments  
Aircraft purchase commitments, minimum quantity required 130
A330-900neo  
Future Purchase Commitments  
Aircraft purchase commitments, minimum quantity required 17
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
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 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 (15) (18)
Reclassification into earnings (net of tax effect) 47 59
Ending balance, tax effect 767 1,166
Ending balance 6,260 2,991
Accumulated Other Comprehensive Loss    
AOCI Attributable to Parent, Net of Tax    
Beginning balance (5,801) (7,130)
Ending balance (5,754) (7,071)
Pension and Other Benefits Liabilities    
AOCI Attributable to Parent, Net of Tax    
Beginning balance, AOCI before tax (6,624) (8,355)
Reclassifications into earnings 62 77
Ending balance, AOCI before tax (6,562) (8,278)
Other    
AOCI Attributable to Parent, Net of Tax    
Beginning balance, AOCI before tax 41 41
Reclassifications into earnings 0 0
Ending balance, AOCI before tax $ 41 $ 41
v3.23.1
SEGMENTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Segment Reporting Information, Profit (Loss)    
Operating revenue $ 12,759 $ 9,348
Intersegment Sales/Other | Exchanged products    
Segment Reporting Information, Profit (Loss)    
Operating revenue $ (714) $ (809)
v3.23.1
SEGMENTS - Segment Reporting (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Segment Reporting Information, Profit (Loss)      
Operating revenue $ 12,759 $ 9,348  
Operating income (loss) (277) (783)  
Interest expense, net 227 274  
Depreciation and amortization 564 506  
Total assets, end of period 73,134 73,748 $ 72,288
Net fair value obligations, end of period (38) (430)  
Capital expenditures 1,000 1,766  
Operating Segments | Airline      
Segment Reporting Information, Profit (Loss)      
Operating revenue 11,843 8,161  
Operating income (loss) (499) (836)  
Interest expense, net 227 274  
Depreciation and amortization 564 506  
Total assets, end of period 70,183 71,392  
Net fair value obligations, end of period 0 0  
Capital expenditures 971 1,749  
Operating Segments | Refinery      
Segment Reporting Information, Profit (Loss)      
Operating revenue 2,352 2,313  
Operating income (loss) 222 53  
Interest expense, net 4 2  
Depreciation and amortization 23 23  
Total assets, end of period 3,005 2,382  
Net fair value obligations, end of period (38) (430)  
Capital expenditures 29 17  
Intersegment Sales/Other      
Segment Reporting Information, Profit (Loss)      
Operating income (loss) 0 0  
Interest expense, net (4) (2)  
Depreciation and amortization (23) (23)  
Total assets, end of period (54) (26)  
Net fair value obligations, end of period 0 0  
Capital expenditures 0 0  
Intersegment Sales/Other | Sales to airline segment      
Segment Reporting Information, Profit (Loss)      
Operating revenue (596) (291)  
Intersegment Sales/Other | Exchanged products      
Segment Reporting Information, Profit (Loss)      
Operating revenue (714) (809)  
Intersegment Sales/Other | Sales of refined products      
Segment Reporting Information, Profit (Loss)      
Operating revenue $ (126) $ (26)  
v3.23.1
LOSS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share [Abstract]    
Net loss $ (363) $ (940)
Basic weighted average shares outstanding (shares) 639 637
Dilutive effect of share-based awards (shares) 0 0
Diluted weighted average shares outstanding (shares) 639 637
Basic loss per share (USD per share) $ (0.57) $ (1.48)
Diluted loss per share (USD per share) $ (0.57) $ (1.48)