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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020, and December 31, 2019:

  Fair value measurements at reporting date using:
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputs
DescriptionDecember 31, 2020(Level 1)(Level 2)(Level 3)
Assets(in millions)
Cash equivalents:
Cash equivalents (a)$10,663 $10,663 $— $— 
Commercial paper90 — 90 — 
Certificates of deposit10 — 10 — 
Time deposits300— 300— 
Short-term investments:
Treasury bills1,800 1,800 — — 
Certificates of deposit46 — 46 — 
Time deposits425 — 425 — 
Fuel derivatives:
Option contracts (b)134 — — 134 
Other available-for-sale securities259 259 — — 
Total assets$13,727 $12,722 $871 $134 
Liabilities
Interest rate derivatives (see Note 11)$(6)$— $(6)$— 
(a) Cash equivalents are primarily composed of money market investments.
(b) In the Consolidated Balance Sheet amounts are presented as an asset. See Note 11.
  Fair value measurements at reporting date using:
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputs
DescriptionDecember 31, 2019(Level 1)(Level 2)(Level 3)
Assets(in millions)
Cash equivalents:
Cash equivalents (a)$1,999 $1,999 $— $— 
Commercial paper535 — 535 — 
Certificates of deposit14 — 14 — 
Short-term investments:
Treasury bills1,196 1,196 — — 
Certificates of deposit268 — 268 — 
Time deposits60 — 60 — 
Interest rate derivatives (see Note 11)2 — 2 — 
Fuel derivatives:
Option contracts (b)110 — — 110 
Other available-for-sale securities197 197 — — 
Total assets$4,381 $3,392 $879 $110 
Liabilities
Interest rate derivatives (see Note 11)$(6)$— $(6)$— 
(a) Cash equivalents are primarily composed of money market investments.
(b) In the Consolidated Balance Sheet amounts are presented as an asset. See Note 11.
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation The following tables present the Company’s activity for items measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for 2020 and 2019:
Fair value measurements using significant unobservable inputs (Level 3)
(in millions)Fuel derivatives
Balance at December 31, 2019$110 
Total (realized or unrealized) losses for the period
Included in earnings(40)(a)
Included in other comprehensive loss(65)
Purchases129 (b)
Balance at December 31, 2020$134 
The amount of total losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2020$(15)(a)
The amount of total losses for the period included in other comprehensive loss attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2020$(41)
(a) Included in Other (gains) losses, net, within the Consolidated Statement of Comprehensive Income (Loss).
(b) The purchase of fuel derivatives is recorded gross based on the structure of the derivative instrument and whether a contract with multiple derivatives was purchased as a single instrument or separate instruments.
Fair value measurements using significant unobservable inputs (Level 3)
(in millions)Fuel derivatives
Balance at December 31, 2018$138 
Total losses (realized or unrealized) included in other comprehensive income (loss)(112)
Purchases133 (a)
Sales(2)(a)
Settlements(47)
Balance at December 31, 2019$110 
(a) The purchase and sale of fuel derivatives are recorded gross based on the structure of the derivative instrument and whether a contract with multiple derivatives was purchased as a single instrument or separate instruments.
Fair Value Valuation Techniques
The following table presents a range and weighted average of the unobservable inputs utilized in the fair value measurements of the Company’s fuel derivatives classified as Level 3 at December 31, 2020:

Quantitative information about Level 3 fair value measurements
 Valuation techniqueUnobservable inputPeriod (by year)RangeWeighted Average (a)
Fuel derivativesOption modelImplied volatility2021
29-43%
33 %
2022
25-32%
28 %
2023
23-26%
25 %
Beyond 2023
25-26%
25 %
Fair value, by Balance Sheet Grouping The carrying amounts and estimated fair values of the Company’s short-term and long-term debt (including current maturities), as well as the applicable fair value hierarchy tier, at December 31, 2020, are presented in the table below. The fair values of the Company’s publicly held long-term debt are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized these agreements as Level 2. Debt under four of the Company’s debt agreements is not publicly held. The Company has determined the estimated fair value of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable. The Company utilizes indicative pricing from counterparties and a discounted cash flow method to estimate the fair value of the Level 3 items.
(in millions) Carrying valueEstimated fair valueFair value level hierarchy
2.75% Notes due 2022
$300 $311 Level 2
Pass Through Certificates due 2022 - 6.24%
137 140 Level 2
4.75% Notes due 2023
1,250 1,362 Level 2
1.25% Convertible Notes due 2025
1,945 3,359 Level 2
5.25% Notes due 2025
1,550 1,799 Level 2
Term Loan Agreement payable through 2025 - 1.65%
119 119 Level 3
3.00% Notes due 2026
300 324 Level 2
Term Loan Agreement payable through 2026 - 1.34%
159 155 Level 3
3.45% Notes due 2027
300 329 Level 2
5.125% Notes due 2027
2,000 2,383 Level 2
7.375% Debentures due 2027
119 145 Level 2
Term Loan Agreement payable through 2028 - 1.65%
184 183 Level 3
2.625% Notes due 2030
500 515 Level 2
1.000% Payroll Support Program Loan due 2030
976 953 Level 3