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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
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 as of June 30, 2024, and December 31, 2023:
  Fair value measurements at reporting date using:
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputs
DescriptionJune 30, 2024(Level 1)(Level 2)(Level 3)
Assets(in millions)
Cash equivalents:    
Cash equivalents (a)$7,796 $7,796 $— $— 
Commercial paper45 — 45 — 
Certificates of deposit1 — 1 — 
Time deposits300 — 300 — 
Short-term investments: 
Treasury bills1,637 1,637 — — 
Certificates of deposit223 — 223 — 
Fuel derivatives: 
Option contracts (b)234 — — 234 
Equity Securities302 302 — — 
Total assets$10,538 $9,735 $569 $234 
Liabilities    
Fuel derivatives:
Option contracts (b)$(14)$— $— $(14)
(a) Cash equivalents are primarily composed of money market investments and treasury bills.
(b) In the unaudited Condensed Consolidated Balance Sheet amounts are presented as a net asset. See Note 3.
  Fair value measurements at reporting date using:
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputs
DescriptionDecember 31, 2023(Level 1)(Level 2)(Level 3)
Assets(in millions)
Cash equivalents:   
Cash equivalents (a)$9,032 $9,032 $— $— 
Commercial paper135 — 135 — 
Certificates of deposit21 — 21 — 
Time deposits100 — 100 — 
Short-term investments:    
Treasury bills1,983 1,983 — — 
Certificates of deposit203 — 203 — 
Fuel derivatives:    
Option contracts (b)223 — — 223 
Equity Securities280 280 — — 
Total assets$11,977 $11,295 $459 $223 
(a) Cash equivalents are primarily composed of money market investments and treasury bills.
(b) In the unaudited Condensed Consolidated Balance Sheet amounts are presented as an asset. See Note 3.
Fair Value, Assets 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 the three and six months ended June 30, 2024:

Fair value measurements using significant unobservable inputs (Level 3)
(in millions)Fuel derivatives
Balance as of March 31, 2024$257 
Total gains (losses) for the period
Included in earnings(2)(a)
Included in other comprehensive income(30)
Purchases16 (b)
Settlements(21)
Balance as of June 30, 2024$220 
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 as of June 30, 2024
$2 (a)
The amount of total losses for the period
  included in other comprehensive income attributable to the
  change in unrealized gains or losses relating
  to assets still held as of June 30, 2024
$23 
(a) Included in Other gains, net, within the unaudited Condensed Consolidated Statement of Comprehensive Income.
(b) The purchase of fuel derivatives is recorded on a gross basis 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 as of December 31, 2023$223 
Total gains (losses) for the period
Included in earnings(3)(a)
Included in other comprehensive income(29)
Purchases67 (b)
Settlements(38)
Balance as of June 30, 2024$220 
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 June 30, 2024
$2 (a)
The amount of total losses for the period
  included in other comprehensive income attributable to the
  change in unrealized gains or losses relating
  to assets still held at June 30, 2024
$35 
(a) Included in Other gains, net, within the unaudited Condensed Consolidated Statement of Comprehensive Income.
(b) The purchase of fuel derivatives is recorded on a gross basis 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 as of June 30, 2024:
Quantitative information about Level 3 fair value measurements
 Valuation techniqueUnobservable inputPeriod (by year)RangeWeighted Average (a)
Fuel derivativesOption modelImplied volatilityThird quarter 2024
16-35%
26 %
Fourth quarter 2024
22-30%
26 %
2025
21-23%
22 %
2026
21-23%
22 %
(a) Implied volatility weighted by the notional amount (barrels of underlying commodity) that will settle in respective period.
Fair value, by Balance Sheet Grouping
The carrying amounts and estimated fair values of the Company’s outstanding debt (including current maturities), as well as the applicable fair value hierarchy tier, as of June 30, 2024, are presented in the table below. The fair values of the Company’s publicly held 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 valueEstimated fair valueFair value level hierarchy
5.25% Notes due 2025
1,302 1,297 Level 2
1.25% Convertible Notes due 2025
1,611 1,611 Level 2
3.00% Notes due 2026
300 284 Level 2
7.375% Debentures due 2027
109 114 Level 2
3.45% Notes due 2027
300 282 Level 2
5.125% Notes due 2027
1,727 1,718 Level 2
2.625% due 2030
500 434 Level 2
1.000% Payroll Support Program Loan due 2030 (a)
976 955 Level 3
1.000% Payroll Support Program Loan due 2031 (a)
566 532 Level 3
1.000% Payroll Support Program Loan due 2031 (a)
526 488 Level 3
(a) The interest rate will change to Secured Overnight Financing Rate plus two percent on the fifth anniversary of the loans.