FAIR VALUE MEASUREMENTS (Tables)

0 Months Ended

Sep. 30, 2011

Dec. 31, 2010

Notes to Financial Statements [Abstract]

Assets and liabilities measured at fair value on a recurring basis

					Fair value measurements at reporting date using
				Quoted prices in active markets for identical assets			Significant other observable inputs		Significant unobservable inputs
Description		September 30, 2011			(Level 1)		(Level 2)		(Level 3)
Assets		(in millions)
Cash equivalents
	Cash equivalents (a)	$	891		$	891	$	-	$	-
	Commercial paper		117			-		117		-
	Certificates of deposit		8			-		8		-
Short-term investments:
	Treasury bills		2,354			2,354		-		-
	Certificates of deposit		226			-		226		-
	Commercial paper		60			-		60		-
Noncurrent investments (b)
	Auction rate securities		81			-		-		81
	Certificates of deposit		25			-		25		-
Interest rate derivatives (see Note 5)			64			-		64		-
Fuel derivatives:
	Swap contracts (c)		216			-		216		-
	Option contracts (c)		582			-		-		582
Other available-for-sale securities			5			-		-		5
Total assets		$	4,629		$	3,245	$	716	$	668
Liabilities
Fuel derivatives:
	Swap contracts (c)	$	(440)		$	-	$	(440)	$	-
	Option contracts (c)		(1,015)			-		-		(1,015)
Interest rate derivatives (see Note 5)			(130)			-		(130)		-
Total liabilities		$	(1,585)		$	-	$	(570)	$	(1,015)
(a)	Cash equivalents is primarily composed of money market investments.
(b)	Noncurrent investments are included in Other assets in the unaudited Condensed Consolidated Balance Sheet.
(c)	In the unaudited Condensed Consolidated Balance Sheet, amounts are presented as a net liability, and are also net of cash collateral provided to counterparties. See Note 5.
(d)	In the unaudited Condensed Consolidated Balance Sheet, amounts are presented as a net asset, and are also net of cash collateral received from or provided to counterparties. See Note 5.

				Fair value measurements at reporting date using
				Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
Description		December 31, 2010		(Level 1)		(Level 2)			(Level 3)
Assets		(in millions)
Cash equivalents		$	1,261	$	1,261	$	-	$	-
Short-term investments:
	Treasury bills		2,010		2,010		-		-
	Certificates of deposit		267		-		267		-
Noncurrent investments (a)			93		-		-		93
Interest rate derivatives			73		-		73		-
Fuel derivatives:
	Swap contracts (b)		33		-		33		-
	Option contracts(b)		233		-		-		233
	Swap contracts (c)		286		-		286		-
	Option contracts(c)		788		-		-		788
Other available-for-sale securities			39		34		-		5
Total assets		$	5,083	$	3,305	$	659	$	1,119
Liabilities
Fuel derivatives:
	Swap contracts (b)	$	(387)	$	-	$	(387)	$	-
	Option contracts(b)		(119)		-		-		(119)
	Swap contracts (c)		(476)		-		(476)		-
	Option contracts(c)		(216)		-		-		(216)
Interest rate derivatives			(4)		-		(4)		-
Total liabilities		$	(1,202)	$	-	$	(867)	$	(335)
(a)	Auction rate securities included in Other assets in the unaudited Condensed Consolidated Balance Sheet.
(b)	In the unaudited Condensed Consolidated Balance Sheet, amounts are presented as a net liability, and are also net of cash collateral provided to counterparties. See Note 5.
(c)	In the unaudited Condensed Consolidated Balance Sheet, amounts are presented as a net asset, and are also net of cash collateral received from counterparties. See Note 5.

Fair Value Measurements Using Significant Unobservable Inputs

		Fair value measurements using significant
		unobservable inputs (Level 3)
		Fuel		Auction rate			Other
(in millions)		derivatives		securities			securities		Total
Balance at June 30, 2011		$	846	$	84		$	5	$	935
Total gains or (losses) (realized or unrealized)
	Included in earnings		(635)		-			-		(635)
	Included in other comprehensive income		(624)		(3)			-		(627)
Purchases			105		-			-		105
Sales			(93)		-			-		(93)
Settlements			(32)		-			-		(32)
Balance at September 30, 2011		$	(433)	$	81	(a)	$	5	$	(347)
The amount of total gains or (losses) for the
	period included in earnings attributable to the
	change in unrealized gains or losses relating to
	assets still held at September 30, 2011	$	(614)	$	-		$	-	$	(614)
(a) Included in Other assets in the unaudited Condensed Consolidated Balance Sheet.

		Fair value measurements using significant
		unobservable inputs (Level 3)
		Fuel		Auction rate			Other
(in millions)		derivatives		securities			securities		Total
Balance at December 31, 2010		$	686	$	93		$	5	$	784
Total gains or (losses) (realized or unrealized)
	Included in earnings		(438)		-			-		(438)
	Included in other comprehensive income		(439)		2			-		(437)
Purchases			425		-			-		425
Sales			(499)		(14)			-		(513)
Settlements			(168)		-			-		(168)
Balance at September 30, 2011		$	(433)	$	81	(a)	$	5	$	(347)
The amount of total gains or (losses) for the
	period included in earnings attributable to the
	change in unrealized gains or losses relating to
	assets still held at September 30, 2011	$	(405)	$	-		$	-	$	(405)
(a) Included in Other assets in the unaudited Condensed Consolidated Balance Sheet.

Fair value, by Balance Sheet Grouping

	Carrying		Estimated fair
(In millions)	value		value
10.5% Notes due 2011	$	399	$	391
French credit agreements due 2012		10		10
6.5% Notes due 2012		379		385
5.25% Notes due 2014		350		367
5.75% Notes due 2016		271		298
5.25% Convertible senior notes due 2016		120		114
5.125% Notes due 2017		300		322
French credit agreements due 2018		69		69
Fixed-rate B717 aircraft notes payable through 2017 - 10.43%		68		73
Fixed-rate B737 aircraft notes payable through 2018 - 7.02%		41		44
Term loan agreement due 2019 - 6.64%		276		282
Term loan agreement due 2019 - 6.84%		105		114
Term loan agreement due 2020 - 5.223%		496		447
Floating rate B737 aircraft notes payable through 2020 - 1.91%		634		634
Pass through certificates due 2022		411		420
7.375% Debentures due 2027		64		81