JETBLUE AIRWAYS CORP, 10-Q filed on 4/25/2024
Quarterly Report
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Cover Page
 3 Months Ended
Mar. 31, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2024
Document Transition Report false
Entity File Number 000-49728
Entity Registrant Name JETBLUE AIRWAYS CORP
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 87-0617894
Entity Address, Address Line One 27-01 Queens Plaza North
Entity Address, City or Town Long Island City
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11101
City Area Code 718
Local Phone Number 286-7900
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol JBLU
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 340,135,050
Entity Central Index Key 0001158463
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q1
Amendment Flag false
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Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 1,237 $ 1,166
Investment securities 326 401
Receivables, less allowance (2024 - $4; 2023 - $3) 362 336
Inventories, less allowance (2024 - $37; 2023 - $35) 111 109
Prepaid expenses and other 128 148
Total current assets 2,164 2,160
PROPERTY AND EQUIPMENT    
Flight equipment 13,050 12,796
Pre-delivery deposits for flight equipment 389 393
Total flight equipment and pre-delivery deposits, gross 13,439 13,189
Less accumulated depreciation 3,974 4,021
Total flight equipment and pre-delivery deposits, net 9,465 9,168
Other property and equipment, gross 1,300 1,310
Less accumulated depreciation 821 803
Total other property and equipment, net 479 507
Total property and equipment, net 9,944 9,675
OPERATING LEASE ASSETS 571 593
OTHER ASSETS    
Investment securities 145 163
Restricted cash 156 151
Intangible assets, net of accumulated amortization (2024 - $534; 2023 - $518) 383 349
Other 358 762
Total other assets 1,042 1,425
TOTAL ASSETS 13,721 13,853
CURRENT LIABILITIES    
Accounts payable 647 641
Air traffic liability 1,723 1,463
Accrued salaries, wages and benefits 597 591
Other accrued liabilities 613 509
Current operating lease liabilities 112 117
Current maturities of long-term debt and finance lease obligations 330 307
Total current liabilities 4,022 3,628
LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS 4,682 4,409
LONG-TERM OPERATING LEASE LIABILITIES 528 547
DEFERRED TAXES AND OTHER LIABILITIES    
Deferred income taxes 689 743
Air traffic liability - non-current 743 740
Other 424 449
Total deferred taxes and other liabilities 1,856 1,932
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS’ EQUITY    
Preferred stock, $0.01 par value; 25 shares authorized, none issued 0 0
Common stock, $0.01 par value; 900 shares authorized, 500 and 499 shares issued and 340 and 339 shares outstanding at March 31, 2024 and December 31, 2023, respectively 5 5
Treasury stock, at cost; 160 and 159 shares at March 31, 2024 and December 31, 2023, respectively (2,002) (1,999)
Additional paid-in capital 3,233 3,221
Retained earnings 1,398 2,114
Accumulated other comprehensive loss (1) (4)
Total stockholders’ equity 2,633 3,337
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 13,721 $ 13,853
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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 4 $ 3
Inventory valuation reserves 37 35
Accumulated amortization $ 534 $ 518
Preferred stock, par value (In dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 25,000,000 25,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 900,000,000 900,000,000
Common stock, shares issued (in shares) 500,000,000 499,000,000
Common stock, shares, outstanding (in shares) 340,000,000 339,000,000
Treasury stock, shares (in shares) 160,000,000 159,000,000
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Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues [Abstract]    
Total operating revenues $ 2,209 $ 2,328
OPERATING EXPENSES    
Aircraft fuel 625 785
Salaries, wages and benefits 823 741
Landing fees and other rents 165 160
Depreciation and amortization 158 151
Aircraft rent 27 32
Sales and marketing 77 76
Maintenance, materials and repairs 132 176
Special items 562 112
Other operating expenses 359 337
Total operating expenses 2,928 2,570
OPERATING LOSS (719) (242)
OTHER INCOME (EXPENSE)    
Interest expense (53) (46)
Interest income 19 12
Capitalized interest 4 5
Gain (loss) on investments, net (22) 3
Other 4 2
Total other expense (48) (24)
LOSS BEFORE INCOME TAXES (767) (266)
Income tax benefit 51 74
NET LOSS $ (716) $ (192)
LOSS PER COMMON SHARE    
Basic (in dollars per share) $ (2.11) $ (0.58)
Diluted (in dollars per share) $ (2.11) $ (0.58)
Passenger    
Revenues [Abstract]    
Total operating revenues $ 2,055 $ 2,182
Other    
Revenues [Abstract]    
Total operating revenues $ 154 $ 146
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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
NET LOSS $ (716) $ (192)
Changes in fair value of available-for-sale securities and derivative instruments, net of reclassifications into earnings, net of taxes of $0 and $(1) in 2024 and 2023, respectively. 3 (5)
Total other comprehensive income (loss) 3 (5)
COMPREHENSIVE LOSS $ (713) $ (197)
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Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Other comprehensive income (loss), tax $ 0 $ (1)
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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (716) $ (192)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Deferred income taxes (54) (78)
Depreciation and amortization 158 151
Spirit special items, non cash 450 0
Stock-based compensation 12 10
Changes in certain operating assets and liabilities 331 520
Other, net 23 (6)
Net cash provided by operating activities 204 405
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (427) (172)
Pre-delivery deposits for flight equipment (39) 0
Purchase of held-to-maturity investments 0 (4)
Proceeds from the maturities of held-to-maturity investments 19 4
Purchase of available-for-sale securities (1) (102)
Proceeds from the sale of available-for-sale securities 75 267
Payment for Spirit Airlines acquisition (22) (33)
Other, net (4) 0
Net cash used in investing activities (399) (40)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale-leaseback transactions 332 38
Repayment of long-term debt and finance lease obligations (58) (109)
Acquisition of treasury stock (3) (3)
Net cash provided by (used in) financing activities 271 (74)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 76 291
Cash, cash equivalents and restricted cash at beginning of period 1,317 1,188
Cash, cash equivalents and restricted cash at end of period [1] 1,393 1,479
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash payments for interest (24) (6)
Cash payments for income taxes, net (6) 0
NON-CASH TRANSACTIONS    
Operating lease assets acquired under operating leases 6 4
Flight equipment acquired under finance leases 20 0
Cash and cash equivalents 1,237 1,333
Restricted cash [2] 156 146
Total cash, cash equivalents and restricted cash [1] $ 1,393 $ 1,479
[1]
(1) Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets.
[2] Restricted cash primarily consists of funds held in escrow for estimated workers' compensation obligations and other letters of credit.
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Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock Issued
Treasury Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022   486        
Beginning balance at Dec. 31, 2022 $ 3,563 $ 5 $ (1,995) $ 3,129 $ 2,424 $ 0
Beginning balance (in shares) at Dec. 31, 2022     159      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (192)       (192)  
Other comprehensive income (loss) (5)         (5)
Vesting of restricted stock units (in shares)   1        
Vesting of restricted stock units (3)   $ (3)      
Stock compensation expense 10     10    
Ending balance (in shares) at Mar. 31, 2023   487        
Ending balance at Mar. 31, 2023 $ 3,373 $ 5 $ (1,998) 3,139 2,232 (5)
Ending balance (in shares) at Mar. 31, 2023     159      
Beginning balance (in shares) at Dec. 31, 2023 339 499        
Beginning balance at Dec. 31, 2023 $ 3,337 $ 5 $ (1,999) 3,221 2,114 (4)
Beginning balance (in shares) at Dec. 31, 2023 159   159      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss $ (716)       (716)  
Other comprehensive income (loss) 3         3
Vesting of restricted stock units (in shares)   1 1      
Vesting of restricted stock units (3)   $ (3)      
Stock compensation expense $ 12     12    
Ending balance (in shares) at Mar. 31, 2024 340 500        
Ending balance at Mar. 31, 2024 $ 2,633 $ 5 $ (2,002) $ 3,233 $ 1,398 $ (1)
Ending balance (in shares) at Mar. 31, 2024 160   160      
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Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
JetBlue Airways Corporation ("JetBlue") provides air transportation services across the United States, the Caribbean, Latin America, Canada, and Europe. Our condensed consolidated financial statements include the accounts of JetBlue and our subsidiaries which are collectively referred to as "we" or the "Company." All majority-owned subsidiaries are consolidated on a line-by-line basis, with all intercompany transactions and balances being eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with our 2023 audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K").
These condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). In our opinion, they reflect all adjustments, including normal recurring items, that are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed or omitted as permitted by such rules and regulations; however, we believe that the disclosures included herein are adequate to make the information presented not misleading.
We have reclassified certain prior periods to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.
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Revenue Recognition
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company categorizes revenue recognized from contracts with its customers by revenue source as we believe it best depicts the nature, amount, timing, and uncertainty of our revenue and cash flow. The following table provides revenue recognized by revenue source for the three months ended March 31, 2024 and 2023 (in millions):
Three Months Ended March 31,
20242023
Passenger revenue
Passenger travel$1,888 $2,026 
Loyalty revenue - air transportation167 156 
Other revenue
Loyalty revenue107 100 
Other revenue47 46 
Total operating revenue$2,209 $2,328 
TrueBlue® is our customer loyalty program designed to reward and recognize our customers. TrueBlue® points earned from ticket purchases are recorded as a reduction to Passenger travel within passenger revenue. Amounts presented in Loyalty revenue - air transportation represent revenue recognized when TrueBlue® points have been redeemed and travel has occurred. Loyalty revenue within other revenue is primarily comprised of the non-air transportation elements from the sale of TrueBlue® points.
Contract Liabilities
Our contract liabilities primarily consist of ticket sales for which transportation has not yet been provided, unused credits available to customers, and outstanding loyalty points available for redemption (in millions):
March 31, 2024December 31, 2023
Air traffic liability - passenger travel$1,354 $1,099 
Air traffic liability - loyalty program (air transportation)1,076 1,072 
Deferred revenue (1)
472 487 
Total$2,902 $2,658 
    
(1) Deferred revenue is included within other accrued liabilities and other liabilities on our consolidated balance sheets.
During the three months ended March 31, 2024 and 2023, we recognized passenger revenue of $834 million and $858 million, respectively, which was included in passenger travel liability at the beginning of the respective periods.
The Company elected the practical expedient that allows entities to not disclose the amount of the remaining transaction price and its expected timing of recognition for passenger tickets if the contract has an original expected duration of one year or less or if certain other conditions are met. We elected to apply this practical expedient to our contract liabilities relating to passenger travel and ancillary services as our tickets or any related passenger credits expire generally one year from the date of booking.
TrueBlue® points are combined into one homogeneous pool and are not separately identifiable. As such, the revenue is comprised of points that were part of the air traffic liability balance at the beginning of the period as well as points that were issued during the period.
The table below presents the activity of the current and non-current air traffic liability for our loyalty program, and includes points earned and sold to participating companies for the three months ended March 31, 2024 and 2023 (in millions):
Balance at December 31, 2023$1,072 
TrueBlue® points redeemed passenger
(160)
TrueBlue® points redeemed other
(7)
TrueBlue® points earned and sold
171 
Balance at March 31, 2024$1,076 
Balance at December 31, 2022$1,000 
TrueBlue® points redeemed passenger
(156)
TrueBlue® points redeemed other
— 
TrueBlue® points earned and sold
154 
Balance at March 31, 2023$998 
The timing of our TrueBlue® point redemptions can vary; however, the majority of points are redeemed within approximately three years of the date of issuance.
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Long-term Debt, Short-term Borrowings and Finance Lease Obligations
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Long-term Debt, Short-term Borrowings and Finance Lease Obligations Long-term Debt, Short-term Borrowings and Finance Lease Obligations
During the three months ended March 31, 2024, we made principal payments of $58 million on our outstanding debt and finance lease obligations.
At March 31, 2024, we had pledged aircraft, engines, other equipment, and facilities with a net book value of $6.4 billion as security under various financing arrangements.
At March 31, 2024, scheduled maturities of our long-term debt and finance lease obligations were as follows (in millions):
YearTotal
Remainder of 2024$265 
2025302 
20261,044 
2027297 
2028 403 
Thereafter2,701 
Total$5,012 
The carrying amounts and estimated fair values of our long-term debt, net of debt acquisition costs, at March 31, 2024 and December 31, 2023 were as follows (in millions):
March 31, 2024December 31, 2023
Carrying Value
Estimated Fair Value (1)
Carrying ValueEstimated Fair Value
Public Debt
Fixed rate special facility bonds, due through 2036$42 $43 $42 $43 
Fixed rate enhanced equipment notes:
  2019-1 Series AA, due through 2032477 483 476 474 
  2019-1 Series A, due through 2028149 151 149 150 
2019-1 Series B, due through 202770 86 70 86 
2020-1 Series A, due through 2032506 606 506 597 
2020-1 Series B, due through 2028117 150 117 150 
Non-Public Debt
Fixed rate equipment notes, due through 2028290 278 322 305 
Floating rate equipment notes, due through 2030 (2)
101 106 109 113 
Aircraft sale-leaseback transactions, due through 20361,962 2,121 1,648 1,738 
Unsecured CARES Act Payroll Support Program loan, due through 2030259 190 259 184 
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 104 144 101 
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031132 96 132 93 
0.50% convertible senior notes due through 2026
743 671 742 657 
Total (3)
$4,992 $5,085 $4,716 $4,691 
(1) The estimated fair values of our publicly held long-term debt are classified as Level 2 in the fair value hierarchy. The fair values of our non-public debt are estimated using a discounted cash flow analysis based on our borrowing rates for instruments with similar terms and therefore classified as Level 3 in the fair value hierarchy. The fair values of our other financial instruments approximate their carrying values. Refer to Note 7 for an explanation of the fair value hierarchy structure.
(2) Floating rate debt is equal to Secured Overnight Financing Rate ("SOFR"), plus a margin.
(3) Total excludes finance lease obligations of $20 million at March 31, 2024 and an immaterial amount at December 31, 2023.
We have financed certain aircraft with Enhanced Equipment Trust Certificates ("EETCs"). One of the benefits of this structure is being able to finance several aircraft at one time, rather than individually. The structure of EETC financing is that we create pass-through trusts in order to issue pass-through certificates. The proceeds from the issuance of these certificates are then used to purchase equipment notes which are issued by us and are secured by our aircraft. These trusts meet the definition of a variable interest entity ("VIE"), as defined in Topic 810, Consolidation of the Financial Accounting Standards Board ("FASB") Codification, and must be considered for consolidation in our financial statements. Our assessment of our EETCs considers both quantitative and qualitative factors including the purpose for which these trusts were established and the nature of the risks in each. The main purpose of the trust structure is to enhance the creditworthiness of our debt obligation through certain bankruptcy protection provisions and liquidity facilities, and also to lower our total borrowing cost. We concluded that we are not the primary beneficiary in these trusts because our involvement in them is limited to principal and interest payments on the related notes, the trusts were not set up to pass along variability created by credit risk to us, and the likelihood of our defaulting on the notes. Therefore, we have not consolidated these trusts in our financial statements.
2024 Sale-Leaseback Transactions
During the three months ended March 31, 2024, we entered into $332 million of sale-leaseback transactions. These transactions did not qualify as sales for accounting purposes. The assets associated with these transactions remain on our consolidated balance sheets within property and equipment and the related liabilities under the lease are classified within debt and finance leases obligations. These transactions are treated as cash from financing activities on our condensed consolidated statements of cash flows.
Short-term Borrowings
Citibank Line of Credit
On October 21, 2022, JetBlue entered into the $600 million Second Amended and Restated Credit and Guaranty Agreement (the "Facility"), among JetBlue, Citibank N.A., as administrative agent, and the lenders party thereto. Borrowings under the Facility bear interest at a variable rate based on SOFR, plus a margin of 2.00% per annum, or another rate (at JetBlue's election) based on certain market interest rates, plus a margin of 1.00% per annum, in each case with a floor of 0%. The Facility is secured by spare parts, aircraft, simulators, and certain other assets as permitted thereunder. The Facility includes covenants that require us to maintain certain minimum balances in unrestricted cash, cash equivalents, and unused commitments available under revolving credit facilities. In addition, the covenants restrict our ability to, among other things, dispose of certain collateral, or merge, consolidate, or sell assets. On October 17, 2023, JetBlue further amended the Facility to, among other things, extend the maturity date to October 21, 2025.
As of and for the periods ended March 31, 2024 and December 31, 2023, we did not have a balance outstanding or any borrowings under the Facility.
Morgan Stanley Line of Credit
We have a revolving line of credit with Morgan Stanley for up to approximately $200 million. This line of credit is secured by a portion of our investment securities held by Morgan Stanley and the amount available to us under this line of credit may vary accordingly. This line of credit bears interest at a floating rate based upon LIBOR (or such replacement index as the bank shall determine from time to time in accordance with the terms of the agreement), plus a margin. As of and for the periods ended March 31, 2024 and December 31, 2023, we did not have a balance outstanding or any borrowings under this line of credit.
2022 $3.5 Billion Senior Secured Bridge Facility
JetBlue entered into a Second Amended and Restated Commitment Letter (the "Commitment Letter"), dated July 28, 2022, with Goldman Sachs Bank USA; BofA Securities, Inc.; Bank of America, N.A.; BNP Paribas; Credit Suisse AG, New York Branch; Credit Suisse Loan Funding LLC; Credit Agricole Corporate and Investment Bank; Natixis, New York Branch; Sumitomo Mitsui Banking Corporation; and MUFG Bank, Ltd. (collectively, the "Commitment Parties"), pursuant to which the Commitment Parties committed to provide a senior secured bridge facility in an aggregate principal amount of up to $3.5 billion to finance the acquisition of Spirit Airlines, Inc. ("Spirit") under the Agreement and Plan of Merger (the "Merger Agreement"). The Commitment Letter was terminated on March 4, 2024. Prior to its termination, we did not have a balance outstanding or any borrowings under this facility. Please refer to Note 12 for additional details on the termination of the Merger Agreement.
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Loss Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Loss Per Share Loss Per Share
Basic loss per share is calculated by dividing net loss by the weighted average number of shares outstanding. Diluted loss per share is calculated similarly but includes potential dilution from restricted stock units, the crewmember stock purchase plan, convertible notes, warrants issued under various federal payroll support programs, and any other potentially dilutive instruments using the treasury stock and if-converted method. Anti-dilutive common stock equivalents excluded from the computation of diluted loss per share amounts were 3.8 million and 1.6 million for the three months ended March 31, 2024 and March 31, 2023, respectively.
The following table shows how we computed basic and diluted loss per common share for the three months ended March 31, 2024 and 2023 (dollars and share data in millions):
Three Months Ended March 31,
 20242023
Net loss$(716)$(192)
Weighted average basic shares339.7 327.6 
Effect of dilutive securities— — 
Weighted average diluted shares$339.7 327.6 
Loss per common share
Basic$(2.11)$(0.58)
Diluted$(2.11)$(0.58)
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Crewmember Retirement Plan
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Crewmember Retirement Plan Crewmember Retirement Plan
We sponsor a retirement savings 401(k) defined contribution plan (the "Plan"), covering our U.S. and Puerto Rico crewmembers, where we match 100% of our eligible crewmember's contributions up to 5% of their eligible wages. Employer contributions vest after three years of service and are measured from a crewmember's hire date. Crewmembers are vested immediately in their voluntary contributions.
Certain Federal Aviation Administration ("FAA") licensed crewmembers received a discretionary contribution of 3% of eligible compensation, which we refer to as Retirement Advantage. As of January 2024, the Retirement Advantage program ended and these licensed Crewmembers now receive a discretionary contribution of 8% of eligible compensation, which we refer to as Retirement Non-elective Licensed Crewmember contributions. System Controllers also receive a Company discretionary contribution of 5% of eligible compensation, referred to as Retirement Non-elective Crewmember contributions. The Company’s non-elective contributions vests after three years of service.
Our Pilots receive a non-elective Company contribution of 16% of eligible compensation per the terms of the finalized collective bargaining agreement between JetBlue and the Air Line Pilots Association ("ALPA"), in lieu of the above 401(k) Company matching contribution, Retirement Non-elective, and Retirement Advantage contributions. The Company's non-elective contribution of eligible Pilot compensation vests after three years of service.
Total 401(k) company match and non-elective crewmember contribution expense was $66 million for each of the three months ended March 31, 2024 and 2023.
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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Flight Equipment Commitments
As of March 31, 2024, our committed expenditures for aircraft and related flight equipment, including estimated amounts for contractual price escalations and pre-delivery deposits, is set forth in the table below (in millions):
Flight equipment commitments
YearTotal
Remainder of 2024
$820 
20251,165 
20261,144 
20271,011 
20281,529 
Thereafter1,198 
Total$6,867 
As of March 31, 2024, our firm aircraft orders included the following aircraft:
Flight equipment deliveries (1)
YearAirbus A220Airbus A321neoTotal
Remainder of 202415 4 19 
202520 5 25 
202620 4 24 
20275 9 14 
20287 16 23 
Thereafter4 14 18 
Total (2)
71 52 123 
(1) The aircraft orders stated above represents the current delivery schedule set forth in our Airbus order book as of March 31, 2024.
(2) In addition, we have options to purchase an additional 20 A220-300 aircraft.
Other Commitments and Contingencies
We utilize several credit card processors to process our ticket sales. Our agreements with these processors do not contain covenants, but do generally allow the processor to withhold cash reserves to protect the processor from potential liability for tickets purchased, but not yet used for travel. While we currently do not have any collateral requirements related to our credit card processors, we may be required to issue collateral to our credit card processors, or other key business partners, in the future.
As of March 31, 2024, we had $59 million in restricted cash assets serving as collateral for letters of credit relating to a certain number of our leases, which will expire at the end of the related lease terms. We also had a $65 million letter of credit relating to our 5% ownership in JFK Millennium Partner LLC, a private entity that will finance, develop, and operate John F. Kennedy International Airport ("JFK") Terminal 6. The letters of credit are included in restricted cash on the consolidated balance sheets. Additionally, we had $32 million cash pledged primarily related to our workers' compensation insurance policies and other business partner agreements, which will expire according to the terms of the related policies or agreements.
Labor Unions and Non-Unionized Crewmembers
As of March 31, 2024, 52% of our full-time equivalent crewmembers were represented by labor unions. The pilot group, which represents 22% of our full-time equivalent crewmembers, is covered by a collective bargaining agreement that have begun initial negotiations in April 2024. Our pilots are represented by ALPA. Our inflight crewmembers and flight instructors are represented by the Transport Workers Union of America ("TWU"); our other frontline crewmembers do not have third party representation.
ALPA
In January 2023, JetBlue pilots approved a two-year contract extension effective March 1, 2023, which included a ratification payment and adjustments to paid-time-off accruals resulting from pay rate increases of $95 million. This was recorded as an expense within special items in the first quarter of 2023.
TWU
On July 14, 2022, TWU filed a representation application with the National Mediation Board ("NMB") seeking an election among the 35 pilot instructors (called "Flight Instructors"). JetBlue disputed TWU’s application alleging that "Flight Instructors" do not constitute a craft or class. On October 26, 2023, the NMB notified the participants that it rejected JetBlue’s argument and ordered an election. The Flight Instructors voted for TWU representation. Contract negotiations have not yet begun.
Non-Unionized Crewmembers
We enter into individual employment agreements with each of our non-unionized FAA-licensed crewmembers, which include dispatchers, technicians, inspectors, and air traffic controllers. Each employment agreement is for a term of five years and automatically renews for an additional five years unless either the crewmember or we elect not to renew it by giving at least 90 days' notice before the end of the relevant term. Pursuant to these agreements, these crewmembers can only be terminated for cause. In the event of a downturn in our business that would require a reduction in work hours, we are obligated to pay these crewmembers a guaranteed level of income and to continue their benefits if they do not obtain other aviation employment.
Legal Matters
Occasionally, we are involved in various claims, lawsuits, regulatory examinations, investigations, and other legal matters involving suppliers, crewmembers, customers, and governmental agencies, arising, for the most part, in the ordinary course of business. The outcome of litigation and other legal matters is always uncertain. The Company believes it has valid defenses to the legal matters currently pending against it, is defending itself vigorously, and has recorded accruals determined in accordance with GAAP, where appropriate. In making a determination regarding accruals, using available information, we evaluate the likelihood of an unfavorable outcome in legal or regulatory proceedings to which we are a party and record a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. These subjective determinations are based on the status of such legal or regulatory proceedings, the merits of our defenses, and consultation with legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from our current estimates. It is possible that resolution of one or more of the legal matters currently pending or threatened could result in losses material to our condensed consolidated results of operations, liquidity, or financial condition.
To date, none of these types of litigation matters, most of which are typically covered by insurance, has had a material impact on our operations or financial condition. We have insured and continue to insure against most of these types of claims. A judgment on any claim not covered by, or in excess of, our insurance coverage could materially adversely affect our condensed consolidated results of operations, liquidity, or financial condition.
As previously disclosed, in July 2020, JetBlue and American Airlines Group Inc. ("American") entered into the Northeast Alliance (the "NEA"), which was designed to optimize our respective networks at JFK Airport, LaGuardia Airport, Newark Liberty International Airport, and Boston Logan International Airport. On September 21, 2021, the United States Department of Justice, along with the Attorneys General of six states and the District of Columbia filed suit against JetBlue and American seeking to enjoin the NEA, alleging that it violated Section 1 of the Sherman Act. The court issued a decision on May 19, 2023, permanently enjoining the NEA, and shortly thereafter we initiated a wind down of the NEA. On July 28, 2023, the court issued its Final Judgement and Order Entering Permanent Injunction, which took effect on August 18, 2023 (the "Final Injunction"). The wind down of the NEA is substantially complete, but remaining impacts could require us to incur additional costs and therefore have an impact on our financial condition and results of operations.
In December 2022 and February 2023, four putative class actions lawsuits were filed in the United States District Court for the Eastern District of New York and the United States District Court for the District of Massachusetts, respectively, alleging that the NEA violates Sections 1 and 2 of the Sherman Act. Among other things, plaintiffs seek monetary damages on behalf of a putative class of direct purchasers of airline tickets from JetBlue and American and, depending on the specific case, other airlines on flights to or from NEA airports from July 16, 2020 through the present. Plaintiffs in these actions also seek to enjoin the NEA. JetBlue believes these lawsuits are without merit and has moved to dismiss the claims.
For information on legal proceedings related to our previously planned acquisition of Spirit, see Note 12.
v3.24.1.u1
Fair Value
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Under Topic 820, Fair Value Measurement of the FASB Accounting Standards Codification, (the "Codification"), disclosures are required about how fair value is determined for assets and liabilities and a hierarchy for which these assets and liabilities must be grouped is established, based on significant levels of inputs as follows:
Level 1 - observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 - quoted prices in active markets for similar assets and liabilities, and other inputs that are observable directly or indirectly for the asset or liability; or
Level 3 - unobservable inputs for the asset or liability, such as discounted cash flow models or valuations.
The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
The following is a listing of our assets required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of March 31, 2024 and December 31, 2023 (in millions):
March 31, 2024
Level 1Level 2Level 3Total
Assets
Cash equivalents$897 $— $— $897 
Available-for-sale investment securities— 240 16 256 
Aircraft fuel derivatives— 4 — 4 
December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents$724 $— $— $724 
Available-for-sale investment securities— 314 16 330 
Aircraft fuel derivatives— 4 — 4 
Refer to Note 3 for fair value information related to our outstanding debt obligations as of March 31, 2024 and December 31, 2023.
Cash Equivalents
Our cash equivalents include money market securities and time deposits which are readily convertible into cash, have maturities of three months or less when purchased, and are considered to be highly liquid and easily tradable. The money market securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy and recorded within cash and cash equivalents on our consolidated balance sheets.
Available-for-Sale Investment Securities
Our available-for-sale investment securities include investments such as time deposits, commercial paper, and convertible debt securities. The fair value of time deposits and commercial paper is based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. The fair value of convertible debt securities is based on unobservable inputs and is classified as Level 3 in the hierarchy.
Aircraft Fuel Derivatives
Our aircraft fuel derivatives include call spread options which are not traded on public exchanges. Their fair values are determined using a market approach based on inputs that are readily available from public markets for commodities and energy trading activities; therefore, they are classified as Level 2 inputs. The data inputs are combined into qualitative models and processes to generate forward curves and volatility related to the specific terms of the underlying hedge contracts. Aircraft fuel derivatives are included in prepaid expenses and other within current assets of our consolidated balance sheets.
Held-to-Maturity Investment Securities
Our held-to-maturity investment securities consist of corporate bonds, which are stated at amortized cost. If the corporate bonds were measured at fair value, they would be classified as Level 2 in the fair value hierarchy, based on quoted prices in active markets for similar securities.
We do not intend to sell these investment securities. The carrying value and estimated fair value of our held-to-maturity investment securities were as follows (in millions):
March 31, 2024December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
Held-to-maturity investment securities$215 $212 $234 $231 
v3.24.1.u1
Investments
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments in Debt Securities
Investments in debt securities consist of available-for-sale and held-to-maturity investment securities. The carrying amount is recorded within investment securities in the current assets section of our consolidated balance sheets if the remaining maturity is less than twelve months. Maturities greater than twelve months are recorded within investment securities in the other assets section of our consolidated balance sheets. The aggregate carrying values of our short-term and long-term debt investment securities consisted of the following at March 31, 2024 and December 31, 2023 (in millions):
March 31, 2024December 31, 2023
Available-for-sale investment securities
Time deposits$215 $290 
Commercial paper25 24 
Debt securities16 16 
Total available-for-sale investment securities256 330 
Held-to-maturity investment securities
Corporate bonds215 234 
Total held-to-maturity investment securities215 234 
Total investments in debt securities$471 $564 
When sold, we use a specific identification method to determine the cost of the securities. Refer to Note 7 for an explanation of the fair value hierarchy structure.
We did not record any material gains or losses on available-for-sale or held-to-maturity investment securities during the three months ended March 31, 2024 and 2023.
Equity Investments
The aggregate carrying values of our equity investments are recorded in other assets on the consolidated balance sheets and consist of the following at March 31, 2024 and December 31, 2023 (in millions):
March 31, 2024December 31, 2023
Equity method investments (1)
$47 $43 
JetBlue Ventures equity investments (2)
79 96 
TWA Flight Center (3)
14 14 
Total equity investments (4)
$140 $153 
(1) We have the ability to exercise significant influence over these investments and therefore they are accounted for using the equity method in accordance with Topic 323, Investments - Equity Method and Joint Ventures of the FASB Codification. Our share of our equity method investees’ financial results is included in other income on our consolidated statement of operations. We did not record any material gains or losses on our equity method investment securities during the three months ended March 31, 2024 and 2023.
(2) Our wholly owned subsidiary JetBlue Technology Ventures LLC ("JBV") has equity investments are in emerging companies which do not have readily determinable fair values. In accordance with Topic 321, Investments - Equity Securities of the FASB Codification, we account for these investments using a measurement alternative which allows entities to measure these investments at cost, less any impairment, adjusted for changes from observable price changes in orderly transactions for identifiable or similar investments of the same issuer. Refer to the table below for investment gain (loss) activity during the three months ended March 31, 2024 and 2023.
(3) We have an approximate 10% ownership interest in the TWA Flight Center Hotel at JFK, which is accounted for under the measurement alternative described above. We did not record any material gains or losses on our TWA Flight Center Hotel during the three months ended March 31, 2024 and 2023.
(4) As of March 31, 2024 and December 31, 2023, we had an immaterial amount of equity securities recorded within investment securities in the current asset section of our consolidated balance sheets. Our equity securities include investments in common stocks of publicly traded companies which are stated at fair value. Refer to the table below for investment gain (loss) activity during the three months ended March 31, 2024 and 2023 (in millions):
March 31, 2024March 31, 2023
JBV Equity Investments
Unrealized loss recognized in gain (loss) on investments, net (1)
$(22)$— 
Equity Securities
Unrealized gain recognized in gain (loss) on investments, net— 3 
(1) The net unrealized loss primarily relates to a mark-to-market adjustment on our preferred shares of one of our JBV equity investments.
v3.24.1.u1
Financial Derivative Instruments and Risk Management
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Derivative Instruments and Risk Management Financial Derivative Instruments and Risk Management
As part of our risk management techniques, we periodically purchase over the counter energy derivative instruments to manage our exposure to the effect of changes in the price of aircraft fuel. Prices for the underlying commodities have historically been highly correlated to aircraft fuel, making derivatives of them effective at providing short-term protection against sharp increases in average fuel prices. We do not hold or issue any derivative financial instruments for trading purposes.
Aircraft Fuel Derivatives
We attempt to obtain cash flow hedge accounting treatment for each fuel derivative that we enter into. This treatment is provided for under the Derivatives and Hedging topic of the FASB Codification which allows for gains and losses on the effective portion of qualifying hedges to be deferred until the underlying planned aircraft fuel consumption occurs, rather than recognizing the gains and losses on these instruments into earnings during each period they are outstanding.
For the effective portion of hedges, when aircraft fuel is consumed and the related derivative contract settles, any gain or loss previously recorded in other comprehensive income (loss) is recognized in aircraft fuel expense. All cash flows related to our fuel hedging derivatives are classified as operating cash flows.
Ineffectiveness occurs, in certain circumstances, when the change in the total fair value of the derivative instrument differs from the change in the value of our expected future cash outlays for the purchase of aircraft fuel. If a hedge does not qualify for hedge accounting, the periodic changes in its fair value are recognized in interest income and other.
Our current approach to fuel hedging is to enter into hedges on a discretionary basis. We view our hedge portfolio as a form of insurance to help mitigate the impact of price volatility and protect us against severe spikes in oil prices, when possible.
The following table illustrates the approximate hedged percentages of our projected fuel usage by quarter as of March 31, 2024 related to our outstanding fuel hedging contracts that were designated as cash flow hedges for accounting purposes.
Aircraft fuel call option spread agreements
Second quarter 202427 %
Third quarter 20243 %
Fourth quarter 20245 %
The table below reflects quantitative information related to our derivative instruments and where these amounts are recorded in our financial statements (dollar amounts in millions):
March 31, 2024December 31, 2023
Fuel derivatives
Asset fair value recorded in prepaid expenses and other current assets (1)
$4 $4 
Longest remaining term (months)33
Hedged volume (barrels, in thousands)1,827 2,706 
Estimated amount of existing gains (losses) expected to be reclassified into earnings in the next 12 months$— $(3)
(1) Gross asset or liability of each contract prior to consideration of offsetting positions with each counterparty and prior to impact of collateral paid.
Three Months Ended March 31,
20242023
Fuel derivatives
Hedge effectiveness gains (losses) recognized in aircraft fuel expense$(2)$1 
Hedge gains (losses) on derivatives recognized in comprehensive income$1 $(5)
Percentage of actual consumption economically hedged30 %9 %
Any outstanding derivative instrument exposes us to credit loss in connection with our fuel contracts in the event of nonperformance by the counterparties to our agreements; however, we do not expect that any of our counterparties will fail to meet their obligations. The amount of such credit exposure is generally the fair value of our outstanding contracts for which we
are in a receivable position. To manage credit risks we select counterparties based on credit assessments, limit our overall exposure to any single counterparty, and monitor the market position with each counterparty. Some of our agreements require cash deposits from either JetBlue or our counterparty if market risk exposure exceeds a specified threshold amount.
We have master netting arrangements with our counterparties allowing us the right of offset to mitigate credit risk in derivative transactions. The financial derivative instrument agreements we have with our counterparties may require us to fund all, or a portion of, outstanding loss positions related to these contracts prior to their scheduled maturities. The amount of collateral posted, if any, is periodically adjusted based on the fair value of the hedge contracts. Our policy is to offset the liabilities represented by these contracts with any cash collateral paid to the counterparties.
There were no offsetting derivative instruments as of March 31, 2024 and December 31, 2023.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Comprehensive income (loss) includes changes in fair value of our aircraft fuel derivatives which qualify for hedge accounting and unrealized gain (loss) on available-for-sale securities. A rollforward of the amounts included in accumulated other comprehensive income (loss), net of taxes for the three months ended March 31, 2024 and 2023 is as follows (in millions):
Aircraft fuel derivatives (1)
Available-for-sale securitiesTotal
Balance of accumulated loss, at December 31, 2023$(3)$(1)$(4)
Reclassifications into earnings, net of taxes of $0
2 — 2 
Change in fair value, net of taxes of $0
1 — 1 
Balance of accumulated gain (loss), at March 31, 2024
$— $(1)$(1)
Balance of accumulated income (loss), at December 31, 2022$1 $(1)$— 
Reclassifications into earnings, net of taxes $0
(1)— (1)
Change in fair value, net of taxes of $(1)
(4)— (4)
Balance of accumulated loss, at March 31, 2023
$(4)$(1)$(5)

    (1) Reclassified to aircraft fuel expense.
v3.24.1.u1
Special Items
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Special Items Special Items
The following is a listing of special items presented on our consolidated statements of operations for the three months ended March 31, 2024 and 2023 (in millions):
Three Months Ended March 31,
20242023
Special items
Spirit-related costs (1)
$532 $17 
Voluntary opt-out costs (2)
15 — 
Embraer E190 fleet transition costs (3)
15 — 
Union contract costs (4)
— 95 
Total special items$562 $112 
(1) As a result of the termination of the Merger Agreement in the first quarter of 2024, we wrote off the Spirit prepayment and breakup fee discussed in Note 12. These costs also include consulting, professional, and legal fees. Spirit costs in the first quarter of 2023 primarily relate to consulting, professional and legal fees.
(2) Voluntary opt-out costs relate to severance and benefit costs associated with the Company's opt-out program for eligible
crewmembers in the airports, customer support, JetBlue Travel Products and support center workgroups.
(3) Embraer E190 fleet transition costs relate to the early termination of a flight-hour engine services agreement.
(4) Union contract costs primarily relate to pilot ratification payments and adjustments to paid-time-off accruals resulting from pay rate increases. See Note 6 for further discussion.
v3.24.1.u1
Termination of Merger Agreement with Spirit
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Termination of Merger Agreement with Spirit Termination of Merger Agreement with Spirit
The Merger Agreement
As previously disclosed, on July 28, 2022, JetBlue entered into the Merger Agreement with Spirit and Sundown Acquisition Corp., formerly a Delaware corporation and a direct wholly owned subsidiary of JetBlue ("Merger Sub"), pursuant to which and subject to the terms and conditions therein, Merger Sub would merge with and into Spirit, with Spirit continuing as the surviving corporation (the "Merger").
On March 1, 2024, JetBlue, Spirit and Merger Sub entered into a Termination Agreement (the "Termination Agreement"), pursuant to which the parties agreed to terminate the Merger Agreement, effective immediately, subject to limited exceptions related to JetBlue’s previously agreed indemnification obligations. Pursuant to the Termination Agreement, JetBlue agreed to pay the $69 million breakup fee on March 5, 2024, which was recorded in special items on the consolidated statement of operations. The parties also agreed to release each other from claims, demands, damages, actions, causes of action and liability relating to or arising out of the Merger Agreement and the transactions contemplated therein or thereby.
In accordance with the terms of the Merger Agreement, on a monthly basis between January 2023 and February 2024, JetBlue paid to the holders of record of outstanding Spirit shares an amount in cash equal to $0.10 per Spirit share (such amount, the "Additional Prepayment Amount", and each such monthly payment, an "Additional Prepayment"). During the quarter ended March 31, 2024, JetBlue made an aggregate of $22 million in Additional Prepayments to Spirit shareholders resulting in a total prepayment of $425 million. These Additional Prepayments have been written off, in addition to the $25 million reimbursement payment to Spirit in connection with the Frontier transaction costs as a result of the termination of the Merger Agreement. The write off is recorded in special items on the consolidated statement of operations for the period ending March 31, 2024.
In the first quarter of 2024, the Company recorded a valuation allowance of $134 million related to the tax impact of the Spirit transaction costs.
Refer to Note 3 for further detail of the $3.5 billion Senior Secured Bridge Facility commitment to fund the purchase of Spirit, which was terminated concurrently with the termination of the Merger Agreement.
Legal Proceedings Related to the Merger
As previously disclosed, in March 2023, the U.S. Department of Justice, along with the Attorneys General of six states and the District of Columbia, filed suit in the U.S. District Court for the District of Massachusetts against JetBlue and Spirit, seeking a permanent injunction preventing the Merger (the "Government Merger Lawsuit"). The trial commenced on October 31, 2023 and on January 17, 2024, the Court issued its Final Judgment and Order granting the plaintiffs' request for a permanent injunction of the Merger. On January 19, 2024, JetBlue and Spirit filed a Notice of Appeal with respect to the January 17, 2024 Final Judgment and Order and the Court’s corresponding January 16, 2024 Findings of Facts and Conclusion of Law, which the parties then moved to dismiss following their entrance into the Termination Agreement. On March 5, 2024, the Court approved JetBlue and Spirit's voluntary dismissal of the appeal.
As also previously disclosed, on November 3, 2022, 25 individual consumers filed suit in the U.S. District Court for the Northern District of California against JetBlue and Spirit seeking to enjoin the Merger, alleging that it violates Section 7 of the Clayton Act (the "Private Merger Lawsuit"). On March 29, 2023, the Private Merger Lawsuit was transferred to the U.S. District Court for the District of Massachusetts. The trial in the Private Merger Lawsuit was stayed pending resolution of the Government Merger Lawsuit. Following the execution of the Termination Agreement, JetBlue and Spirit moved to dismiss all proceedings related to the Private Merger Lawsuit in the U.S. District Court for the District of Massachusetts and The United States Court of Appeals for the First Circuit. The motions to dismiss remain pending at this time.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net loss $ (716) $ (192)
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
JetBlue Airways Corporation ("JetBlue") provides air transportation services across the United States, the Caribbean, Latin America, Canada, and Europe. Our condensed consolidated financial statements include the accounts of JetBlue and our subsidiaries which are collectively referred to as "we" or the "Company." All majority-owned subsidiaries are consolidated on a line-by-line basis, with all intercompany transactions and balances being eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with our 2023 audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K").
These condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). In our opinion, they reflect all adjustments, including normal recurring items, that are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed or omitted as permitted by such rules and regulations; however, we believe that the disclosures included herein are adequate to make the information presented not misleading.
Reclassifications We have reclassified certain prior periods to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.
Cash equivalents
Cash Equivalents
Our cash equivalents include money market securities and time deposits which are readily convertible into cash, have maturities of three months or less when purchased, and are considered to be highly liquid and easily tradable. The money market securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy and recorded within cash and cash equivalents on our consolidated balance sheets.
Investment in Securities
Available-for-Sale Investment Securities
Our available-for-sale investment securities include investments such as time deposits, commercial paper, and convertible debt securities. The fair value of time deposits and commercial paper is based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. The fair value of convertible debt securities is based on unobservable inputs and is classified as Level 3 in the hierarchy.
Aircraft Fuel Derivatives
Our aircraft fuel derivatives include call spread options which are not traded on public exchanges. Their fair values are determined using a market approach based on inputs that are readily available from public markets for commodities and energy trading activities; therefore, they are classified as Level 2 inputs. The data inputs are combined into qualitative models and processes to generate forward curves and volatility related to the specific terms of the underlying hedge contracts. Aircraft fuel derivatives are included in prepaid expenses and other within current assets of our consolidated balance sheets.
Held-to-Maturity Investment Securities
Our held-to-maturity investment securities consist of corporate bonds, which are stated at amortized cost. If the corporate bonds were measured at fair value, they would be classified as Level 2 in the fair value hierarchy, based on quoted prices in active markets for similar securities.
We do not intend to sell these investment securities.
Investments in Debt Securities
Investments in debt securities consist of available-for-sale and held-to-maturity investment securities. The carrying amount is recorded within investment securities in the current assets section of our consolidated balance sheets if the remaining maturity is less than twelve months. Maturities greater than twelve months are recorded within investment securities in the other assets section of our consolidated balance sheets.
v3.24.1.u1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of revenue The following table provides revenue recognized by revenue source for the three months ended March 31, 2024 and 2023 (in millions):
Three Months Ended March 31,
20242023
Passenger revenue
Passenger travel$1,888 $2,026 
Loyalty revenue - air transportation167 156 
Other revenue
Loyalty revenue107 100 
Other revenue47 46 
Total operating revenue$2,209 $2,328 
Contract with customer, contract asset, contract liability, and receivable
Our contract liabilities primarily consist of ticket sales for which transportation has not yet been provided, unused credits available to customers, and outstanding loyalty points available for redemption (in millions):
March 31, 2024December 31, 2023
Air traffic liability - passenger travel$1,354 $1,099 
Air traffic liability - loyalty program (air transportation)1,076 1,072 
Deferred revenue (1)
472 487 
Total$2,902 $2,658 
    
(1) Deferred revenue is included within other accrued liabilities and other liabilities on our consolidated balance sheets.
The table below presents the activity of the current and non-current air traffic liability for our loyalty program, and includes points earned and sold to participating companies for the three months ended March 31, 2024 and 2023 (in millions):
Balance at December 31, 2023$1,072 
TrueBlue® points redeemed passenger
(160)
TrueBlue® points redeemed other
(7)
TrueBlue® points earned and sold
171 
Balance at March 31, 2024$1,076 
Balance at December 31, 2022$1,000 
TrueBlue® points redeemed passenger
(156)
TrueBlue® points redeemed other
— 
TrueBlue® points earned and sold
154 
Balance at March 31, 2023$998 
v3.24.1.u1
Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Maturities of Long-Term Debt
At March 31, 2024, scheduled maturities of our long-term debt and finance lease obligations were as follows (in millions):
YearTotal
Remainder of 2024$265 
2025302 
20261,044 
2027297 
2028 403 
Thereafter2,701 
Total$5,012 
Schedule of long term debt
The carrying amounts and estimated fair values of our long-term debt, net of debt acquisition costs, at March 31, 2024 and December 31, 2023 were as follows (in millions):
March 31, 2024December 31, 2023
Carrying Value
Estimated Fair Value (1)
Carrying ValueEstimated Fair Value
Public Debt
Fixed rate special facility bonds, due through 2036$42 $43 $42 $43 
Fixed rate enhanced equipment notes:
  2019-1 Series AA, due through 2032477 483 476 474 
  2019-1 Series A, due through 2028149 151 149 150 
2019-1 Series B, due through 202770 86 70 86 
2020-1 Series A, due through 2032506 606 506 597 
2020-1 Series B, due through 2028117 150 117 150 
Non-Public Debt
Fixed rate equipment notes, due through 2028290 278 322 305 
Floating rate equipment notes, due through 2030 (2)
101 106 109 113 
Aircraft sale-leaseback transactions, due through 20361,962 2,121 1,648 1,738 
Unsecured CARES Act Payroll Support Program loan, due through 2030259 190 259 184 
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 104 144 101 
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031132 96 132 93 
0.50% convertible senior notes due through 2026
743 671 742 657 
Total (3)
$4,992 $5,085 $4,716 $4,691 
(1) The estimated fair values of our publicly held long-term debt are classified as Level 2 in the fair value hierarchy. The fair values of our non-public debt are estimated using a discounted cash flow analysis based on our borrowing rates for instruments with similar terms and therefore classified as Level 3 in the fair value hierarchy. The fair values of our other financial instruments approximate their carrying values. Refer to Note 7 for an explanation of the fair value hierarchy structure.
(2) Floating rate debt is equal to Secured Overnight Financing Rate ("SOFR"), plus a margin.
(3) Total excludes finance lease obligations of $20 million at March 31, 2024 and an immaterial amount at December 31, 2023.
v3.24.1.u1
Loss Per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Loss per common share
The following table shows how we computed basic and diluted loss per common share for the three months ended March 31, 2024 and 2023 (dollars and share data in millions):
Three Months Ended March 31,
 20242023
Net loss$(716)$(192)
Weighted average basic shares339.7 327.6 
Effect of dilutive securities— — 
Weighted average diluted shares$339.7 327.6 
Loss per common share
Basic$(2.11)$(0.58)
Diluted$(2.11)$(0.58)
v3.24.1.u1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Summary of flight equipment commitments
As of March 31, 2024, our committed expenditures for aircraft and related flight equipment, including estimated amounts for contractual price escalations and pre-delivery deposits, is set forth in the table below (in millions):
Flight equipment commitments
YearTotal
Remainder of 2024
$820 
20251,165 
20261,144 
20271,011 
20281,529 
Thereafter1,198 
Total$6,867 
As of March 31, 2024, our firm aircraft orders included the following aircraft:
Flight equipment deliveries (1)
YearAirbus A220Airbus A321neoTotal
Remainder of 202415 4 19 
202520 5 25 
202620 4 24 
20275 9 14 
20287 16 23 
Thereafter4 14 18 
Total (2)
71 52 123 
(1) The aircraft orders stated above represents the current delivery schedule set forth in our Airbus order book as of March 31, 2024.
(2) In addition, we have options to purchase an additional 20 A220-300 aircraft.
v3.24.1.u1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair value, by balance sheet grouping
The following is a listing of our assets required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of March 31, 2024 and December 31, 2023 (in millions):
March 31, 2024
Level 1Level 2Level 3Total
Assets
Cash equivalents$897 $— $— $897 
Available-for-sale investment securities— 240 16 256 
Aircraft fuel derivatives— 4 — 4 
December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents$724 $— $— $724 
Available-for-sale investment securities— 314 16 330 
Aircraft fuel derivatives— 4 — 4 
Debt Securities, Held-to-Maturity The carrying value and estimated fair value of our held-to-maturity investment securities were as follows (in millions):
March 31, 2024December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
Held-to-maturity investment securities$215 $212 $234 $231 
v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of marketable securities The aggregate carrying values of our short-term and long-term debt investment securities consisted of the following at March 31, 2024 and December 31, 2023 (in millions):
March 31, 2024December 31, 2023
Available-for-sale investment securities
Time deposits$215 $290 
Commercial paper25 24 
Debt securities16 16 
Total available-for-sale investment securities256 330 
Held-to-maturity investment securities
Corporate bonds215 234 
Total held-to-maturity investment securities215 234 
Total investments in debt securities$471 $564 
Schedule of equity method investments
The aggregate carrying values of our equity investments are recorded in other assets on the consolidated balance sheets and consist of the following at March 31, 2024 and December 31, 2023 (in millions):
March 31, 2024December 31, 2023
Equity method investments (1)
$47 $43 
JetBlue Ventures equity investments (2)
79 96 
TWA Flight Center (3)
14 14 
Total equity investments (4)
$140 $153 
(1) We have the ability to exercise significant influence over these investments and therefore they are accounted for using the equity method in accordance with Topic 323, Investments - Equity Method and Joint Ventures of the FASB Codification. Our share of our equity method investees’ financial results is included in other income on our consolidated statement of operations. We did not record any material gains or losses on our equity method investment securities during the three months ended March 31, 2024 and 2023.
(2) Our wholly owned subsidiary JetBlue Technology Ventures LLC ("JBV") has equity investments are in emerging companies which do not have readily determinable fair values. In accordance with Topic 321, Investments - Equity Securities of the FASB Codification, we account for these investments using a measurement alternative which allows entities to measure these investments at cost, less any impairment, adjusted for changes from observable price changes in orderly transactions for identifiable or similar investments of the same issuer. Refer to the table below for investment gain (loss) activity during the three months ended March 31, 2024 and 2023.
(3) We have an approximate 10% ownership interest in the TWA Flight Center Hotel at JFK, which is accounted for under the measurement alternative described above. We did not record any material gains or losses on our TWA Flight Center Hotel during the three months ended March 31, 2024 and 2023.
(4) As of March 31, 2024 and December 31, 2023, we had an immaterial amount of equity securities recorded within investment securities in the current asset section of our consolidated balance sheets. Our equity securities include investments in common stocks of publicly traded companies which are stated at fair value. Refer to the table below for investment gain (loss) activity during the three months ended March 31, 2024 and 2023 (in millions):
March 31, 2024March 31, 2023
JBV Equity Investments
Unrealized loss recognized in gain (loss) on investments, net (1)
$(22)$— 
Equity Securities
Unrealized gain recognized in gain (loss) on investments, net— 3 
(1) The net unrealized loss primarily relates to a mark-to-market adjustment on our preferred shares of one of our JBV equity investments.
v3.24.1.u1
Financial Derivative Instruments and Risk Management (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative instrument in statement of financial position and financial performance
The following table illustrates the approximate hedged percentages of our projected fuel usage by quarter as of March 31, 2024 related to our outstanding fuel hedging contracts that were designated as cash flow hedges for accounting purposes.
Aircraft fuel call option spread agreements
Second quarter 202427 %
Third quarter 20243 %
Fourth quarter 20245 %
The table below reflects quantitative information related to our derivative instruments and where these amounts are recorded in our financial statements (dollar amounts in millions):
March 31, 2024December 31, 2023
Fuel derivatives
Asset fair value recorded in prepaid expenses and other current assets (1)
$4 $4 
Longest remaining term (months)33
Hedged volume (barrels, in thousands)1,827 2,706 
Estimated amount of existing gains (losses) expected to be reclassified into earnings in the next 12 months$— $(3)
(1) Gross asset or liability of each contract prior to consideration of offsetting positions with each counterparty and prior to impact of collateral paid.
Three Months Ended March 31,
20242023
Fuel derivatives
Hedge effectiveness gains (losses) recognized in aircraft fuel expense$(2)$1 
Hedge gains (losses) on derivatives recognized in comprehensive income$1 $(5)
Percentage of actual consumption economically hedged30 %9 %
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated other comprehensive income (loss), net of tax A rollforward of the amounts included in accumulated other comprehensive income (loss), net of taxes for the three months ended March 31, 2024 and 2023 is as follows (in millions):
Aircraft fuel derivatives (1)
Available-for-sale securitiesTotal
Balance of accumulated loss, at December 31, 2023$(3)$(1)$(4)
Reclassifications into earnings, net of taxes of $0
2 — 2 
Change in fair value, net of taxes of $0
1 — 1 
Balance of accumulated gain (loss), at March 31, 2024
$— $(1)$(1)
Balance of accumulated income (loss), at December 31, 2022$1 $(1)$— 
Reclassifications into earnings, net of taxes $0
(1)— (1)
Change in fair value, net of taxes of $(1)
(4)— (4)
Balance of accumulated loss, at March 31, 2023
$(4)$(1)$(5)

    (1) Reclassified to aircraft fuel expense.
v3.24.1.u1
Special Items (Tables)
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of unusual or infrequent items, or both
The following is a listing of special items presented on our consolidated statements of operations for the three months ended March 31, 2024 and 2023 (in millions):
Three Months Ended March 31,
20242023
Special items
Spirit-related costs (1)
$532 $17 
Voluntary opt-out costs (2)
15 — 
Embraer E190 fleet transition costs (3)
15 — 
Union contract costs (4)
— 95 
Total special items$562 $112 
(1) As a result of the termination of the Merger Agreement in the first quarter of 2024, we wrote off the Spirit prepayment and breakup fee discussed in Note 12. These costs also include consulting, professional, and legal fees. Spirit costs in the first quarter of 2023 primarily relate to consulting, professional and legal fees.
(2) Voluntary opt-out costs relate to severance and benefit costs associated with the Company's opt-out program for eligible
crewmembers in the airports, customer support, JetBlue Travel Products and support center workgroups.
(3) Embraer E190 fleet transition costs relate to the early termination of a flight-hour engine services agreement.
(4) Union contract costs primarily relate to pilot ratification payments and adjustments to paid-time-off accruals resulting from pay rate increases. See Note 6 for further discussion.
v3.24.1.u1
Revenue Recognition - Revenue Recognized By Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]    
Passenger travel $ 1,888 $ 2,026
Loyalty revenue - air transportation 167 156
Loyalty revenue 107 100
Other revenue 47 46
Total operating revenue $ 2,209 $ 2,328
v3.24.1.u1
Revenue Recognition - Contract Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Air traffic liability - passenger travel $ 1,354 $ 1,099
Air traffic liability - loyalty program (air transportation) 1,076 1,072
Deferred revenue 472 487
Total $ 2,902 $ 2,658
v3.24.1.u1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Contract with customer, liability, revenue recognized $ 834 $ 858
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01    
Disaggregation of Revenue [Line Items]    
Revenue, remaining performance obligation, expected timing of satisfaction, period 3 years  
v3.24.1.u1
Revenue Recognition - Current And Non-Current Air Traffic Liability (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue From Contract With Customer [Roll Forward]    
Beginning balance $ 1,072 $ 1,000
TrueBlue® points redeemed passenger (160) (156)
TrueBlue® points redeemed other (7) 0
TrueBlue® points earned and sold 171 154
Ending balance $ 1,076 $ 998
v3.24.1.u1
Long-term Debt, Short-term Borrowings and Finance Lease Obligations - Narrative (Details) - USD ($)
 3 Months Ended
Oct. 21, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 02, 2024
Dec. 31, 2023
May 16, 2022
Line of Credit Facility [Line Items]            
Reduction in outstanding debt and capital lease obligations   $ 58,000,000 $ 109,000,000      
Pledged assets not separately reported flight equipment   6,400,000,000        
Finance lease, liability   20,000,000     $ 0  
Proceeds from sale-leaseback transactions   332,000,000 $ 38,000,000      
Morgan Stanley | Line of Credit            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity   200,000,000        
Short-term debt   0     0  
Second Amended And Restated Agreement | Citibank | Line of Credit            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity $ 600,000,000          
Debt instrument, basis spread on variable rate (in percent) 1.00%          
Debt instrument, basis spread on variable rate, floor (in percent) 0.00%          
Long-term line of credit   $ 0     $ 0  
Second Amended And Restated Agreement | Citibank | Line of Credit | SOFR            
Line of Credit Facility [Line Items]            
Debt instrument, basis spread on variable rate (in percent) 2.00%          
Senior Secured Bridge Facility | Senior Notes            
Line of Credit Facility [Line Items]            
Long-term line of credit       $ 0    
Debt instrument, face amount           $ 3,500,000,000
Senior Secured Bridge Facility | Goldman Sachs Bank USA, Bank of America, N.A. and BofA Securities, Inc | Bridge Facility | Spirit            
Line of Credit Facility [Line Items]            
Debt instrument, face amount           $ 3,500,000,000
v3.24.1.u1
Long-term Debt, Short-term Borrowings and Finance Lease Obligations - Maturities Of Our Debt and Finance Leases (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
Remainder of 2024 $ 265
2025 302
2026 1,044
2027 297
2028 403
Thereafter 2,701
Total $ 5,012
v3.24.1.u1
Long-term Debt, Short-term Borrowings and Finance Lease Obligations - Schedule of Carrying Amounts and Estimated Fair Value of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 4,992 $ 4,716
Long term debt, fair value 5,085 4,691
Finance lease, liability 20 0
Fixed rate special facility bonds, due through 2036    
Debt Instrument [Line Items]    
Long-term debt 42 42
Long term debt, fair value 43 43
2019-1 Series AA, due through 2032    
Debt Instrument [Line Items]    
Long-term debt 477 476
Long term debt, fair value 483 474
2019-1 Series A, due through 2028    
Debt Instrument [Line Items]    
Long-term debt 149 149
Long term debt, fair value 151 150
2019-1 Series B, due through 2027    
Debt Instrument [Line Items]    
Long-term debt 70 70
Long term debt, fair value 86 86
2020-1 Series A, due through 2032    
Debt Instrument [Line Items]    
Long-term debt 506 506
Long term debt, fair value 606 597
2020-1 Series B, due through 2028    
Debt Instrument [Line Items]    
Long-term debt 117 117
Long term debt, fair value 150 150
Fixed rate equipment notes, due through 2028    
Debt Instrument [Line Items]    
Long-term debt 290 322
Long term debt, fair value 278 305
Floating rate equipment notes, due through 2030    
Debt Instrument [Line Items]    
Long-term debt 101 109
Long term debt, fair value 106 113
Aircraft sale-leaseback transactions, due through 2036    
Debt Instrument [Line Items]    
Long-term debt 1,962 1,648
Long term debt, fair value 2,121 1,738
Unsecured CARES Act Payroll Support Program loan, due through 2030    
Debt Instrument [Line Items]    
Long-term debt 259 259
Long term debt, fair value 190 184
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031    
Debt Instrument [Line Items]    
Long-term debt 144 144
Long term debt, fair value 104 101
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031    
Debt Instrument [Line Items]    
Long-term debt 132 132
Long term debt, fair value 96 93
Non Public Convertible Senior Notes Due 2026 [Member]    
Debt Instrument [Line Items]    
Long-term debt 743 742
Long term debt, fair value $ 671 $ 657
Debt instrument, interest rate, stated percentage (in percent) 0.50%  
v3.24.1.u1
Loss Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of loss per share, amount (in shares) 3.8 1.6
v3.24.1.u1
Loss Per Share - Schedule of Loss per common share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Net loss $ (716) $ (192)
Weighted average basic shares (in shares) 339.7 327.6
Effect of dilutive securities (in shares) 0.0 0.0
Weighted average diluted shares (in shares) 339.7 327.6
Loss per common share    
Basic (in dollars per share) $ (2.11) $ (0.58)
Diluted (in dollars per share) $ (2.11) $ (0.58)
v3.24.1.u1
Crewmember Retirement Plan (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jan. 01, 2021
Jan. 31, 2024
Mar. 31, 2024
Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Percentage of employees pay (in percent)     100.00%  
Crewmember contribution percentage (in percent)     5.00%  
Percentage of compensation in cash     3 years  
Percentage of company contribution to pilots retirement program 16.00%      
Pilots retirement vesting period     3 years  
Defined contribution plan, cost     $ 66 $ 66
Retirement Advantage        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Crewmember contribution percentage (in percent)     3.00%  
Retirement Non-elective Licensed        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Crewmember contribution percentage (in percent)   8.00%    
Percentage of compensation in cash   3 years    
Retirement Non-elective Crewmember        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Crewmember contribution percentage (in percent)   5.00%    
v3.24.1.u1
Commitments and Contingencies - Flight Equipment Commitments (Details)
$ in Millions
Mar. 31, 2024
USD ($)
aircraft
Unrecorded Unconditional Purchase Obligation [Line Items]  
Remainder of 2024 | $ $ 820
2025 | $ 1,165
2026 | $ 1,144
2027 | $ 1,011
2028 | $ 1,529
Thereafter | $ 1,198
Total | $ $ 6,867
Remainder of 2024 19
2025 25
2026 24
2027 14
2028 23
Thereafter 18
Total 123
Airbus A321neo  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Remainder of 2024 4
2025 5
2026 4
2027 9
2028 16
Thereafter 14
Total 52
Airbus A220  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Remainder of 2024 15
2025 20
2026 20
2027 5
2028 7
Thereafter 4
Total 71
Number of available aircraft 20
v3.24.1.u1
Commitments and Contingencies - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2023
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
lawsuit
Feb. 28, 2023
lawsuit
Jul. 14, 2022
pilot_instructor
Unrecorded Unconditional Purchase Obligation [Line Items]          
Restricted assets pledged under letter of credit   $ 59      
Letters of credit   65      
Restricted assets pledged related to workers compensation insurance policies and other business partner agreements   $ 32      
Percentage of employees represented by unions under collective bargaining agreements   52.00%      
Percentage of employees represented by unions under collective bargaining agreements, will become amendable within one year   22.00%      
Collective bargaining agreement contract extension period 2 years        
One-time bonus payment $ 95        
Number of flight instructor | pilot_instructor         35
Employment agreement term   5 years      
Automatic renewal term, employment agreement, term   5 years      
Renewal notice period, employment agreement, period   90 days      
Loss contingency, pending claims, number | lawsuit     4 4  
JFK Millennium Partner LLC          
Unrecorded Unconditional Purchase Obligation [Line Items]          
Ownership percentage   5.00%      
v3.24.1.u1
Fair Value - Fair Value Hierarchy (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets    
Available-for-sale investment securities $ 256 $ 330
Fair Value, Recurring    
Assets    
Cash equivalents 897 724
Available-for-sale investment securities 256 330
Aircraft fuel derivatives 4 4
Fair Value, Recurring | Level 1    
Assets    
Cash equivalents 897 724
Available-for-sale investment securities 0 0
Aircraft fuel derivatives 0 0
Fair Value, Recurring | Level 2    
Assets    
Cash equivalents 0 0
Available-for-sale investment securities 240 314
Aircraft fuel derivatives 4 4
Fair Value, Recurring | Level 3    
Assets    
Cash equivalents 0 0
Available-for-sale investment securities 16 16
Aircraft fuel derivatives $ 0 $ 0
v3.24.1.u1
Fair Value - Held to Maturity Investment Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Carrying Value    
Schedule of Held-to-Maturity Securities [Line Items]    
Held-to-maturity investment securities $ 215 $ 234
Fair Value    
Schedule of Held-to-Maturity Securities [Line Items]    
Held-to-maturity investment securities $ 212 $ 231
v3.24.1.u1
Investments - Short-Term and Long-Term Investment Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Investment securities    
Available-for-sale investment securities $ 256 $ 330
Held-to-maturity investment securities 215 234
Total investments in debt securities 471 564
Time deposits    
Investment securities    
Available-for-sale investment securities 215 290
Commercial paper    
Investment securities    
Available-for-sale investment securities 25 24
Debt securities    
Investment securities    
Available-for-sale investment securities 16 16
Corporate bonds    
Investment securities    
Held-to-maturity investment securities $ 215 $ 234
v3.24.1.u1
Investments - Equity investments (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]      
Equity method investments $ 47,000,000   $ 43,000,000
JetBlue Ventures equity investments 79,000,000   96,000,000
TWA Flight Center 14,000,000   14,000,000
Total equity investments 140,000,000   $ 153,000,000
Schedule of Equity Method Investments [Line Items]      
Gain (loss) on equity method investments 0 $ 0  
Gain (loss) on equity investments without a readily determinable fair value $ 0 $ 0  
TWA Flight Center Hotel      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage 10.00%    
v3.24.1.u1
Investments - Equity Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Unrealized loss recognized in gain (loss) on investments, net $ (22) $ 0
Unrealized gain recognized in gain (loss) on investments, net $ 0 $ 3
v3.24.1.u1
Financial Derivative Instruments and Risk Management - Hedged Percentages Of Our Projected Fuel (Details) - Fuel - Call Option
Mar. 31, 2024
Derivatives, Fair Value [Line Items]  
Second quarter 2024 27.00%
Third quarter 2024 3.00%
Fourth quarter 2024 5.00%
v3.24.1.u1
Financial Derivative Instruments and Risk Management - Fuel Derivatives (Details) - Aircraft Fuel Derivatives - Fuel
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
MBoe
Dec. 31, 2023
USD ($)
MBoe
Derivative [Line Items]    
Asset fair value recorded in prepaid expenses and other current assets $ 4 $ 4
Longest remaining term (months) 3 months 3 months
Hedged volume (barrels) | MBoe 1,827,000 2,706
Estimated amount of existing gains (losses) expected to be reclassified into earnings in the next 12 months $ 0 $ (3)
v3.24.1.u1
Financial Derivative Instruments and Risk Management - Hedging Effectiveness (Details) - Aircraft Fuel Derivatives - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Hedge effectiveness gains (losses) recognized in aircraft fuel expense $ (2) $ 1
Percentage of actual consumption economically hedged 30.00% 9.00%
Comprehensive Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Hedge gains (losses) on derivatives recognized in comprehensive income $ 1 $ (5)
v3.24.1.u1
Financial Derivative Instruments and Risk Management - Narrative (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Aircraft Fuel Derivatives    
Derivative [Line Items]    
Offsetting derivative instruments $ 0 $ 0
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 3,337 $ 3,563
Reclassifications into earnings, net of taxes 2 (1)
Change in fair value, net of taxes 1 (4)
Ending balance 2,633 3,373
Reclassification into earnings, tax 0 0
Change in fair value, tax 0 (1)
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (4) 0
Ending balance (1) (5)
Aircraft fuel derivatives (1)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (3) 1
Reclassifications into earnings, net of taxes 2 (1)
Change in fair value, net of taxes 1 (4)
Ending balance 0 (4)
Available-for-sale securities    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (1) (1)
Reclassifications into earnings, net of taxes 0 0
Change in fair value, net of taxes 0 0
Ending balance $ (1) $ (1)
v3.24.1.u1
Special Items (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Special items    
Spirit acquisition costs $ 532 $ 17
Voluntary opt-out costs 15 0
Embraer E190 fleet transition costs 15 0
Union contract costs 0 95
Total special items $ 562 $ 112
v3.24.1.u1
Termination of Merger Agreement with Spirit (Details) - USD ($)
 3 Months Ended 20 Months Ended
Mar. 31, 2024
Mar. 31, 2024
Mar. 05, 2024
Jul. 28, 2022
May 16, 2022
Goldman Sachs Bank USA, Bank of America, N.A. and BofA Securities, Inc | Bridge Facility | Senior Secured Bridge Facility          
Business Combination, Separately Recognized Transactions [Line Items]          
Debt instrument, face amount         $ 3,500,000,000
Spirit          
Business Combination, Separately Recognized Transactions [Line Items]          
Termination fee     $ 69,000,000    
Valuation allowance $ 134,000,000 $ 134,000,000      
Payment of ticking fee, per share (in dollars per share)       $ 0.10  
Payment for Spirit Airlines acquisition $ 22,000,000 425,000,000      
Frontier transaction costs   $ 25,000,000