Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, and December 31, 2021:

			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, 2022		(Level 1)		(Level 2)		(Level 3)
Assets	(in millions)
Cash equivalents:
Cash equivalents (a)	$	9,040	$	9,040	$	—	$	—
Commercial paper	179		—		179		—
Certificates of deposit	23		—		23		—
Time deposits	250		—		250		—
Short-term investments:
Treasury bills	2,226		2,226		—		—
Certificates of deposit	124		—		124		—
Time deposits	450		—		450		—
Fuel derivatives:
Option contracts (b)	512		—		—		512
Interest rate derivatives (see Note 11)	14		—		14		—
Equity Securities	235		235		—		—
Total assets	$	13,053	$	11,501	$	1,040	$	512

(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 assets		Significant other observable inputs		Significant unobservable inputs
Description	December 31, 2021		(Level 1)		(Level 2)		(Level 3)
Assets	(in millions)
Cash equivalents:
Cash equivalents (a)	$	12,340	$	12,340	$	—	$	—
Commercial paper	90		—		90		—
Time deposits	50		—		50		—
Short-term investments:
Treasury bills	2,399		2,399		—		—
Time deposits	625		—		625		—
Fuel derivatives:
Option contracts (b)	696		—		—		696
Equity Securities	288		288		—		—
Total assets	$	16,488	$	15,027	$	765	$	696
Liabilities
Interest rate derivatives (see Note 11)	$	(4)	$	—	$	(4)	$	—

(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 2022 and 2021:

Fair value measurements using significant unobservable inputs (Level 3)
(in millions)	Fuel derivatives
Balance at December 31, 2021	$	696
Total gains for the period
Included in earnings	41		(a)
Included in other comprehensive income	645
Purchases	79		(b)
Settlements	(949)
Balance at December 31, 2022	$	512
The amount of total gains for the period included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2022	$	122

(a) Included in Other (gains) losses, net, within the Consolidated Statement of Income (Loss).

(b) The purchase and sale 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, 2020	$	134
Total gains for the period
Included in earnings	7		(a)
Included in other comprehensive loss	609
Purchases	34		(b)
Settlements	(88)
Balance at December 31, 2021	$	696
The amount of total gains 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, 2021	$	541

(a) Included in Other (gains) losses, net, within the Consolidated Statement of Income (Loss).

(b) The purchase and sale 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 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, 2022:

Quantitative information about Level 3 fair value measurements
	Valuation technique	Unobservable input	Period (by year)	Range	Weighted Average (a)
Fuel derivatives	Option model	Implied volatility	2023	26-48%	42	%
			2024	34-45%	37	%

(a) Implied volatility weighted by the notional amount (barrels of fuel) that will settle in respective period.

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, 2022, 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. All privately held debt agreements are categorized as Level 3. 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 value	Estimated fair value	Fair value level hierarchy
1.25% Convertible Notes due 2025	1,611	1,917	Level 2
5.25% Notes due 2025	1,302	1,308	Level 2
3.00% Notes due 2026	300	276	Level 2
3.45% Notes due 2027	300	276	Level 2
5.125% Notes due 2027	1,727	1,713	Level 2
7.375% Debentures due 2027	114	120	Level 2
2.625% Notes due 2030	500	415	Level 2
1.000% Payroll Support Program Loan due April 2030	976	850	Level 3
1.000% Payroll Support Program Loan due January 2031	566	475	Level 3
1.000% Payroll Support Program Loan due April 2031	526	436	Level 3