FINANCIAL DERIVATIVE INSTRUMENTS [Table]

0 Months Ended

3 Months Ended

Jun. 30, 2011

Dec. 31, 2010

Jun. 30, 2011

Notes to Financial Statements [Abstract]

Volume of fuel hedging

	Fuel hedged as
	of June 30, 2011
Period (by year)	(gallons in millions)
Second half 2011	629
2012	1,297
2013	919
2014	622
2015	239

Schedule of derivative instruments in statement of financial position, fair value

			Asset derivatives				Liability derivatives
	Balance Sheet	Fair value at		Fair value at		Fair value at		Fair value at
(in millions)	location	06/30/11		12/31/10		06/30/11		12/31/10
Derivatives designated as hedges
Fuel derivative contracts (gross)*	Other current assets	$	226	$	151	$	19	$	16
Fuel derivative contracts (gross)*	Other assets		794		547		102		88
Fuel derivative contracts (gross)*	Accrued liabilities		56		122		1		18
Fuel derivative contracts (gross)*	Other noncurrent liabilities		20		71		2		9
Interest rate derivative contracts	Other current assets		2		73		-		-
Interest rate derivative contracts	Other assets		32		-		-		-
Interest rate derivative contracts	Accrued liabilities		-		-		5		-
Interest rate derivative contracts	Other noncurrent liabilities		-		-		75		4
Total derivatives designated as hedges		$	1,130	$	964	$	204	$	135
Derivatives not designated as hedges
Fuel derivative contracts (gross)*	Other current assets	$	317	$	164	$	359	$	284
Fuel derivative contracts (gross)*	Other assets		279		212		583		304
Fuel derivative contracts (gross)*	Accrued liabilities		1		40		165		222
Fuel derivative contracts (gross)*	Other noncurrent liabilities		9		33		104		257
Total derivatives not designated as hedges		$	606	$	449	$	1,211	$	1,067
Total derivatives		$	1,736	$	1,413	$	1,415	$	1,202
* Represents the position of each trade before consideration of offsetting positions with each counterparty and does not include the impact of cash collateral deposits provided to or received from counterparties. See discussion of credit risk and collateral following in this Note.

Cash collateral deposits, due to/from third parties, and net unrealized gains/losses

		Balance Sheet	June 30,		December 31,
(in millions)		location	2011		2010
Cash collateral deposits provided		Offset against Other
	to counterparty - noncurrent	noncurrent liabilities	$	86	$	125
Cash collateral deposits provided		Offset against Accrued
	to counterparty - current	liabilities		109		-
Cash collateral deposits held from		Offset against Other
	counterparty - noncurrent	assets		75		60
Cash collateral deposits held from		Offset against Other
	counterparty - current	current assets		35		-
Receivable from third parties for settled		Accounts and other
	fuel contracts	receivables		5		1
Net unrealized (gains) losses from fuel		Accumulated other
	hedges, net of tax	comprehensive (gain) loss		97		250

Derivatives in cash flow hedging relationships

Derivatives in cash flow hedging relationships
		(Gain) loss							(Gain) loss					(Gain) loss
		recognized in AOCI on							reclassified from AOCI					Recognized in income
		derivatives (effective							into income (effective					on derivatives
		portion)							portion)(a)						(ineffective portion) (b)
		Three months ended						Three months ended						Three months ended
		June 30,						June 30,						June 30,
(in millions)		2011			2010			2011			2010			2011		2010
Fuel derivative
	contracts	$	196	*	$	172	*	$	18	*	$	74	*	$	8	$	58
Interest rate
	derivatives		11	*		21	*		-			-			-		-
Total		$	207		$	193		$	18		$	74		$	8	$	58
*	Net of tax
(a)	Amounts related to fuel derivative contracts and interest rate derivatives are included in Fuel and oil and Interest expense, respectively.
(b)	Amounts are included in Other (gains) losses, net.

Derivatives in cash flow hedging relationships
		(Gain) loss							(Gain) loss					(Gain) loss
		recognized in AOCI on							reclassified from AOCI					recognized in income
		derivatives (effective							into income (effective					on derivatives
		portion)							portion)(a)						(ineffective portion) (b)
		Six months ended						Six months ended						Six months ended
		June 30,						June 30,						June 30,
(in millions)		2011			2010			2011			2010			2011		2010
Fuel derivative
	contracts	$	(119)	*	$	188	*	$	34	*	$	149	*	$	42	$	54
Interest rate
	derivatives		4	*		22	*		-			-			-		-
Total		$	(115)		$	210		$	34		$	149		$	42	$	54
*	Net of tax
(a)	Amounts related to fuel derivative contracts and interest rate derivatives are included in Fuel and oil and Interest expense, respectively.
(b)	Amounts are included in Other (gains) losses, net.

Derivatives not in cash flow hedging relationships

Derivatives not in cash flow hedging relationships
	(Gain) loss
	recognized in income on
	derivatives
	Three months ended				Location of (gain) loss
	June 30,				recognized in income
(in millions)	2011		2010		on derivatives
Fuel derivative contracts	$	(150)	$	57	Other (gains) losses, net

Derivatives not in cash flow hedging relationships
	(Gain) loss
	recognized in income on
	derivatives
	Six months ended				Location of (gain) loss
	June 30,				recognized in income
(in millions)	2011		2010		on derivatives
Fuel derivative contracts	$	(155)	$	34	Other (gains) losses, net

Fair values of fuel derivatives, amounts posted as collateral, and collateral posting threshold amounts

Counterparty (CP)

A

B

C

D

E

Other(a)

Total

(in millions)

Fair value of fuel derivatives

$

213

$

(186)

$

15

$

102

$

204

$

19

$

367

Cash collateral held from (by) CP

110

(195)

-

-

-

-

(85)

If credit rating is investment

grade, fair value of fuel

derivative level at which:

Cash is provided to CP

0 to (300)

0 to (125)

>(50)

>(75)

>(50)

or >(700)

or >(625)

Cash is received from CP

>40

>150

>200(c)

>125(c)

>250

Aircraft can be pledged to CP

(300) to

(125) to

N/A

N/A

N/A

(700)(d)

(625)(d)

If credit rating is non-investment

grade, fair value of fuel derivative

level at which:

Cash is provided to CP

0 to (300)

0 to (125)

(b)

(b)

(b)

or >(700)

or >(625)

Cash is received from CP

(b)

(b)

(b)

(b)

(b)

Aircraft can be pledged to CP

(300) to

(125) to

N/A

N/A

N/A

(700)

(625)

(a) Individual counterparties with fair value of fuel derivatives <$15 million.

(b) Cash collateral is provided at 100 percent of fair value of fuel derivative contracts.

(c) Thresholds may vary based on changes in credit ratings within investment grade.

(d) The Company has the option of providing cash or pledging aircraft as collateral. No aircraft were pledged as collateral as of June 30, 2011.