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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value, Assets Measured on Recurring Basis [Table Text Block]



	December 31, 2011											December 31, 2010
(in millions)	Total			Level 1		Level 2			Level 3		Valuation Technique	Total			Level 1		Level 2			Level 3		Valuation Technique
Common stock
U.S.	$	796		$	796	$	—		$	—	(a)	$	1,427		$	1,402	$	25		$	—	(a)
Non-U.S.	910			875		—			35		(a)	1,090			1,058		—			32		(a)
Mutual funds
U.S.	18			—		18			—		(a)	1			1		—			—		(a)
Non-U.S.	246			21		225			—		(a)	—			—		—			—		(a)
Non-U.S. emerging markets	2			—		2			—		(a)	314			—		314			—		(a)
Diversified fixed income	426			—		426			—		(a)	222			—		222			—		(a)
High yield	58			—		58			—		(a)(c)	209			—		209			—		(a)(c)
Commingled funds
U.S.	917			—		917			—		(a)	1,776			—		1,776			—		(a)
Non-U.S.	783			—		783			—		(a)	514			—		514			—		(a)
Non-U.S. emerging markets	—			—		—			—		(a)	135			—		135			—		(a)
Diversified fixed income	776			—		776			—		(a)	458			—		458			—		(a)
High yield	92			—		92			—		(a)	93			—		93			—		(a)
Alternative investments
Private equity	1,620			—		—			1,620		(a)(c)	1,559			—		—			1,559		(a)(c)
Real estate and natural resources	424			—		—			424		(a)(c)	396			—		—			396		(a)(c)
Hedge Funds	432			—		—			432		(a)(c)	—			—		—			—
Fixed income	764			—		753			11		(a)(c)	551			—		511			40		(a)(c)
Foreign currency derivatives
Assets	738			—		738			—		(a)	879			—		879			—		(a)
Liabilities	(735		)	—		(735		)	—		(a)	(874		)	—		(874		)	—		(a)
Cash equivalents and other	447			46		401			—		(a)	609			52		557			—		(a)
Total benefit plan assets	$	8,714		$	1,738	$	4,454		$	2,522		$	9,359		$	2,513	$	4,819		$	2,027

Fair Value, by Balance Sheet Grouping [Table Text Block]

Assets (Liabilities) Measured at Fair Value on a Recurring Basis



(in millions)	December 31, 2011			Level 1		Level 2			Level 3		Valuation Technique
Cash equivalents	$	2,357		$	2,357	$	—		$	—	(a)
Short-term investments	958			958		—			—		(a)
Restricted cash equivalents and short-term investments	341			341		—			—		(a)
Long-term investments	188			55		24			109		(a)(c)
Hedge derivatives, net
Fuel hedge contracts	70			—		70			—		(a)(c)
Interest rate contracts	(91		)	—		(91		)	—		(a)(c)
Foreign currency exchange contracts	(89		)	—		(89		)	—		(a)



(in millions)	December 31, 2010			Level 1		Level 2			Level 3		Valuation Technique
Cash equivalents	$	2,696		$	2,696	$	—		$	—	(a)
Short-term investments	718			718		—			—		(a)
Restricted cash equivalents and short-term investments	440			440		—			—		(a)
Long-term investments	144			—		25			119		(a)(c)
Hedge derivatives, net
Fuel hedge contracts	351			—		351			—		(a)(c)
Interest rate contracts	(74		)	—		(74		)	—		(a)(c)
Foreign currency exchange contracts	(96		)	—		(96		)	—		(a)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table shows the changes in our hedge derivatives, net classified in Level 3 during 2009:



(in millions)	Hedge Derivatives, Net
Balance at January 1, 2009	$	(1,091	)
Change in fair value included in other comprehensive income	1,230
Change in fair value included in earnings:
Aircraft fuel and related taxes	(1,263		)
Miscellaneous, net	31
Purchases and settlements, net	1,199
Transfers from Level 3⁽¹⁾	(106		)
Balance at December 31, 2009	$	—


⁽¹⁾	During 2009, we implemented systems that better provide for the evaluation of certain inputs against market data. As a result, we reclassified our option contracts to Level 2.

Changes in Level 3. The following table shows the changes in our benefit plan assets classified in Level 3:



(in millions)	Private Equity			Real Estate		Hedge Funds			Common Stock			Fixed Income			Total
Balance at January 1, 2010	$	1,216		$	336	$	—		$	35		$	46		$	1,633
Actual return on plan assets:
Related to assets still held at the reporting date	160			34		—			(1		)	1			194
Related to assets sold during the period	64			4		—			—			4			72
Purchases and settlements, net	53			22		—			(2		)	(11		)	62
Transfers to Level 3	66			—		—			—			—			66
Balance at December 31, 2010	1,559			396		—			32			40			2,027
Actual return on plan assets:
Related to assets still held at the reporting date	36			20		(8		)	3			(10		)	41
Related to assets sold during the period	42			5		—			(6		)	12			53
Purchases and settlements, net	(17		)	3		440			6			(31		)	401
Balance at December 31, 2011	$	1,620		$	424	$	432		$	35		$	11		$	2,522

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

Assets Measured at Fair Value on a Nonrecurring Basis



	Significant Unobservable Inputs (Level 3)
(in millions)	December 31, 2011		December 31, 2010		Valuation Technique
Goodwill⁽¹⁾	$	9,794	$	9,794	(a)(b)(c)
Indefinite-lived intangible assets⁽¹⁾(see Note 5)	4,375		4,303		(a)(c)


⁽¹⁾	See Note 1, “Goodwill and Other Intangible Assets”, for a description of how these assets are tested for impairment.

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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