FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2012

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		Significant		Significant
				active markets		other observable		unobservable
				for identical assets		inputs		inputs
Description		March 31, 2012		(Level 1)		(Level 2)		(Level 3)
Assets		(in millions)
Cash equivalents
	Cash equivalents (a)	$	1,389	$	1,389	$	-	$	-
	Commercial paper		140		-		140		-
	Certificates of deposit		29		-		29		-
Short-term investments:
	Treasury bills		1,994		1,994		-		-
	Certificates of deposit		202		-		202		-
	Commercial paper		30		-		30		-
Noncurrent investments (b)
	Auction rate securities		68		-		-		68
Interest rate derivatives (see Note 5)			58		-		58		-
Fuel derivatives:
	Swap contracts (c)		245		-		245		-
	Option contracts (c)		1,140		-		-		1,140
	Swap contracts (d)		56		-		56		-
	Option contracts (d)		174		-		-		174
Other available-for-sale securities			48		43		-		5
Total assets		$	5,573	$	3,426	$	760	$	1,387
Liabilities
Fuel derivatives:
	Swap contracts (c)	$	(371)	$	-	$	(371)	$	-
	Option contracts (c)		(695)		-		-		(695)
	Swap contracts (d)		(308)		-		(308)		-
	Option contracts (d)		(57)		-		-		(57)
Interest rate derivatives (see Note 5)			(123)		-		(123)		-
Deferred compensation			(125)		(125)		-		-
Total liabilities		$	(1,679)	$	(125)	$	(802)	$	(752)
(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 asset, and are also net of cash collateral received from counterparties. See Note 5.
(d) 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.

				Fair value measurements at reporting date using:
				Quoted prices in		Significant		Significant
				active markets		other observable		unobservable
				for identical assets		inputs		inputs
Description		December 31, 2011		(Level 1)		(Level 2)		(Level 3)
Assets		(in millions)
Cash equivalents
	Cash equivalents (a)	$	774	$	774	$	-	$	-
	Commercial paper		48		-		48		-
	Certificates of deposit		7		-		7		-
Short-term investments:
	Treasury bills		2,014		2,014		-		-
	Certificates of deposit		221		-		221		-
	Commercial paper		80		-		80		-
Noncurrent investments (b)
	Auction rate securities		67		-		-		67
	Certificates of deposit		25		-		25		-
Interest rate derivatives (see Note 5)			66		-		66		-
Fuel derivatives:
	Option contracts (c)		709		-		-		709
	Swap contracts (d)		180		-		180		-
	Option contracts (d)		345		-		-		345
Other available-for-sale securities			43		38		-		5
Total assets		$	4,579	$	2,826	$	627	$	1,126
Liabilities
Fuel derivatives:
	Swap contracts (c)	$	(65)	$	-	$	(65)	$	-
	Option contracts (c)		(371)		-		-		(371)
	Swap contracts (d)		(576)		-		(576)		-
	Option contracts (d)		(266)		-		-		(266)
Interest rate derivatives (see Note 5)			(132)		-		(132)		-
Deferred Compensation			(121)		(121)		-		-
Total liabilities		$	(1,531)	$	(121)	$	(773)	$	(637)
(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 a net asset, and are also net of cash collateral received from counterparties. See Note 5.
(d) In the unaudited Condensed Consolidated Balance Sheet, amounts are presented as a a net liability, and are also net of cash collateral provided to 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 December 31, 2011		$	417	$	67		$	5	$	489
Total gains (realized or unrealized)
	Included in earnings		179		-			-		179
	Included in other comprehensive income		204		1			-		205
Purchases			172		-			-		172
Sales			(396)		-			-		(396)
Settlements			(14)		-			-		(14)
Balance at March 31, 2012		$	562	$	68	(a)	$	5	$	635
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 March 31, 2012	$	178	$	-		$	-	$	178
(a) Included in Other assets in the unaudited Condensed Consolidated Balance Sheet.

Fair Value Valuation Techniques

Quantitative information about Level 3 fair value measurements
($ in millions)
	Valuation technique	Unobservable input	Period (by year)	Range
Fuel derivatives	Option model	Implied volatility	Second Quarter 2012	16%-33%
			Third Quarter 2012	24%-37%
			Fourth Quarter 2012	24%-38%
			2013	22%-36%
			2014	21%-29%
			2015	21%-26%
Auction rate securities	Discounted cash flow	Time to principal recovery		7yrs-8yrs
		Illiquidity premium		2%
		Counterparty credit spread		1%-3%

Fair value, by Balance Sheet Grouping

	Carrying		Estimated fair		Fair value level
(in millions)	value		value		hierachy
French Credit Agreements due 2012	$	7	$	7		Level 3
5.25% Notes due 2014		373		388		Level 2
5.75% Notes due 2016		327		355		Level 2
5.25% Convertible Senior Notes due 2016		118		115		Level 2
5.125% Notes due 2017		334		357		Level 2
Fixed-rate 717 Aircraft Notes payable through 2017 - 10.38%		66		65		Level 2
French Credit Agreements due 2018		65		65		Level 3
Fixed-rate 737 Aircraft Notes payable through 2018 - 7.02%		40		41		Level 3
Term Loan Agreement due 2019 - 6.315%		262		262		Level 3
Term Loan Agreement due 2019 - 6.84%		100		107		Level 3
Term Loan Agreement due 2020 - 5.223%		478		425		Level 3
Floating-rate 737 Aircraft Notes payable through 2020 - 2.14%		589		561		Level 3
Pass Through Certificates due 2022		402		451		Level 2
7.375% Debentures due 2027		131		144		Level 2