Delta Air Lines (DAL) 10-Q10 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover	3 Months Ended
Cover	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-5424
Entity Registrant Name	DELTA AIR LINES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-0218548
Entity Address, Address Line One	Post Office Box 20706
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30320-6001
City Area Code	404
Local Phone Number	715-2600
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	DAL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000027904
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	645,312,283

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 3,877	$ 2,741
Short-term investments	589	1,127
Accounts receivable, net of allowance for uncollectible accounts of $16 and $17	3,748	3,130
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $124 and $123	1,452	1,314
Prepaid expenses and other	1,913	1,957
Total current assets	11,579	10,269
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $22,156 and $21,707	35,915	35,486
Operating lease right-of-use assets	6,785	7,004
Goodwill	9,753	9,753
Identifiable intangibles, net of accumulated amortization of $913 and $911	5,981	5,983
Equity investments	3,247	3,457
Other noncurrent assets	1,709	1,692
Total noncurrent assets	63,390	63,375
Total assets	74,969	73,644
Current Liabilities:
Current maturities of debt and finance leases	2,809	2,983
Current maturities of operating leases	742	759
Accounts payable	4,541	4,446
Accrued salaries and related benefits	3,037	4,561
Fuel card obligation	1,100	1,100
Other accrued liabilities	2,038	1,617
Total current liabilities	28,478	26,418
Noncurrent Liabilities:
Debt and finance leases	16,555	17,071
Pension, postretirement and related benefits	3,524	3,601
Noncurrent operating leases	6,203	6,468
Deferred income taxes, net	994	908
Other noncurrent liabilities	3,541	3,561
Total noncurrent liabilities	35,340	36,121
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 657,166,677 and 654,671,194 shares issued	0	0
Additional paid-in capital	11,688	11,641
Retained earnings	5,622	5,650
Accumulated other comprehensive loss	(5,793)	(5,845)
Treasury stock, at cost, 11,854,394 and 11,224,246 shares	(366)	(341)
Total stockholders' equity	11,151	11,105
Total liabilities and stockholders' equity	74,969	73,644
Air traffic
Current Liabilities:
Deferred revenue liability, current	10,193	7,044
Loyalty program
Current Liabilities:
Deferred revenue liability, current	4,018	3,908
Noncurrent Liabilities:
Loyalty program deferred revenue	$ 4,523	$ 4,512

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Allowance for uncollectible accounts	$ 16	$ 17
Allowance for obsolescence	124	123
Noncurrent Assets:
Accumulated depreciation and amortization	22,156	21,707
Accumulated amortization	$ 913	$ 911
Stockholders' Equity:
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (shares)	1,500,000,000	1,500,000,000
Common stock, issued (shares)	657,166,677	654,671,194
Treasury stock, at cost (shares)	11,854,394	11,224,246

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Revenue:
Total operating revenue	$ 13,748	$ 12,759
Operating Expense:
Salaries and related costs	3,791	3,386
Aircraft fuel and related taxes	2,598	2,676
Ancillary businesses and refinery	1,370	1,125
Contracted services	1,024	1,010
Landing fees and other rents	748	584
Aircraft maintenance materials and outside repairs	679	585
Depreciation and amortization	615	564
Regional carrier expense	550	559
Passenger commissions and other selling expenses	550	500
Passenger service	413	416
Aircraft rent	136	132
Profit sharing	125	72
Pilot agreement and related expenses	0	864
Other	535	563
Total operating expense	13,134	13,036
Operating Income/(Loss)	614	(277)
Non-Operating Expense:
Interest expense, net	(205)	(227)
Gain/(loss) on investments, net	(227)	122
Loss on extinguishment of debt	(4)	(22)
Miscellaneous, net	(56)	(102)
Total non-operating expense, net	(492)	(229)
Income/(Loss) Before Income Taxes	122	(506)
Income Tax (Provision)/Benefit	(85)	143
Net Income/(Loss)	$ 37	$ (363)
Basic Earnings/(Loss) Per Share (USD per share)	$ 0.06	$ (0.57)
Diluted Earnings/(Loss) Per Share (USD per share)	$ 0.06	$ (0.57)
Comprehensive Income/(Loss)	$ 89	$ (316)
Passenger
Operating Revenue:
Total operating revenue	11,131	10,411
Cargo
Operating Revenue:
Total operating revenue	178	209
Other
Operating Revenue:
Total operating revenue	$ 2,439	$ 2,139

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Cash Provided by Operating Activities
Net Cash Provided by Operating Activities	$ 2,408	$ 2,235
Property and equipment additions:
Flight equipment, including advance payments	(883)	(630)
Ground property and equipment, including technology	(310)	(370)
Purchase of short-term investments	0	(999)
Redemption of short-term investments	546	897
Other, net	10	2
Net cash used in investing activities	(637)	(1,100)
Cash Flows from Financing Activities:
Payments on debt and finance lease obligations	(712)	(1,166)
Cash dividends	(64)	0
Other, net	(11)	(13)
Net cash used in financing activities	(787)	(1,179)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash Equivalents	984	(44)
Cash, cash equivalents and restricted cash equivalents at beginning of period	3,395	3,473
Cash, cash equivalents and restricted cash equivalents at end of period	4,379	3,429
Non-Cash Transactions:
Right-of-use assets acquired or modified under operating leases	(34)	208
Flight and ground equipment acquired or modified under finance leases	6	25
Operating leases converted to finance leases	0	30
Current Assets:
Cash and cash equivalents	3,877	3,215
Restricted cash included in prepaid expenses and other	126	160
Noncurrent Assets:
Restricted cash included in other noncurrent assets	376	54
Total cash, cash equivalents and restricted cash equivalents	$ 4,379	$ 3,429

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions		Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (shares) at Dec. 31, 2022			652,000,000
Beginning balance at Dec. 31, 2022		$ 6,582	$ 0	$ 11,526	$ 1,170	$ (5,801)	$ (313)
Beginning balance, Treasury Stock (shares) at Dec. 31, 2022							11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		(363)			(363)
Other comprehensive income		47				47
Common stock issued for employee equity awards (shares)	[1]		2,000,000
Common stock issued for employee equity awards	[1]	(6)		18			$ (24)
Ending balance (shares) at Mar. 31, 2023			654,000,000
Ending balance at Mar. 31, 2023		6,260	$ 0	11,544	807	(5,754)	$ (337)
Ending balance, Treasury Stock (shares) at Mar. 31, 2023							11,000,000
Beginning balance (shares) at Dec. 31, 2023			655,000,000
Beginning balance at Dec. 31, 2023		$ 11,105	$ 0	11,641	5,650	(5,845)	$ (341)
Beginning balance, Treasury Stock (shares) at Dec. 31, 2023		11,224,246					11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		$ 37			37
Dividends declared ($0.10 per share)		(65)			(65)
Other comprehensive income		52				52
Common stock issued for employee equity awards (shares)	[2]		2,000,000				1,000,000
Common stock issued for employee equity awards	[2]	22		47			$ (25)
Ending balance (shares) at Mar. 31, 2024			657,000,000
Ending balance at Mar. 31, 2024		$ 11,151	$ 0	$ 11,688	$ 5,622	$ (5,793)	$ (366)
Ending balance, Treasury Stock (shares) at Mar. 31, 2024		11,854,394					12,000,000

[1] Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.73 in the March 2023 quarter. (1) Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.83 in the March 2024 quarter.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (USD per share)	$ 0.10
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share)	$ 39.83	$ 39.73

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2023. Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented. Due to seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three months ended March 31, 2024 are not necessarily indicative of operating results for the entire year. We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
REVENUE RECOGNITION	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Passenger Revenue Three Months Ended March 31, (in millions) 2024 2023 Ticket $ 9,833 $ 9,239 Loyalty travel awards 844 743 Travel-related services 454 429 Passenger revenue $ 11,131 $ 10,411 Ticket We recognized approximately $3.9 billion in passenger revenue during both the three months ended March 31, 2024 and 2023 that had been recorded in our air traffic liability balance at the beginning of those periods. Loyalty Travel Awards Loyalty travel awards revenue is related to the redemption of mileage credits ("miles") for air travel. Our SkyMiles loyalty program allows customers to earn miles by flying on Delta, Delta Connection and other airlines that participate in the loyalty program. Customers can also earn miles through participating companies, such as credit card, retail, ridesharing, car rental and hotel companies, who purchase miles from us. Our most significant contract to sell miles relates to our co-brand credit card relationship with American Express. During the three months ended March 31, 2024 and 2023, total cash sales from marketing agreements related to our loyalty program were $1.8 billion and $1.7 billion, respectively, which are allocated to travel and other performance obligations. Current Activity of the Loyalty Program. Miles are combined in one homogeneous pool and are not separately identifiable. Therefore, revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period as well as miles that were issued during the period. The timing of mile redemptions can vary widely; however, the majority of miles have historically been redeemed within two years of being earned. The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements. Loyalty program activity (in millions) 2024 2023 Balance at January 1 $ 8,420 $ 7,882 Miles earned 1,021 999 Miles redeemed for air travel (844) (743) Miles redeemed for non-air travel and other (56) (40) Balance at March 31 $ 8,541 $ 8,098 Travel-Related Services Travel-related services are primarily composed of services performed in conjunction with a passenger’s flight and include baggage fees, administrative fees and on-board sales. Other Revenue Three Months Ended March 31, (in millions) 2024 2023 Refinery $ 1,185 $ 916 Loyalty program 795 726 Ancillary businesses 180 231 Miscellaneous 279 266 Other revenue $ 2,439 $ 2,139 Refinery. This represents refinery sales to third parties. See Note 9, "Segments," for more information on revenue recognition within our refinery segment. Loyalty Program. This relates to revenues from brand usage by third parties and other performance obligations embedded in miles sold, which are included within the total cash sales from marketing agreements, discussed above. This also includes the redemption of miles for non-air travel and other awards. Ancillary Businesses. This includes aircraft maintenance services we provide to third parties and our vacation wholesale operations. Miscellaneous. This is primarily composed of lounge access, including access provided to certain American Express cardholders, and codeshare revenues. Revenue by Geographic Region Operating revenue for the airline segment is recognized in a specific geographic region based on the origin, flight path and destination of each flight segment. A significant portion of the refinery segment's revenues typically consists of fuel sales to support the airline, which is eliminated in the Condensed Consolidated Financial Statements. The remaining operating revenue for the refinery segment is included in the domestic region. Our passenger and operating revenue by geographic region is summarized in the following tables: Passenger revenue by geographic region Three Months Ended March 31, (in millions) 2024 2023 Domestic $ 7,983 $ 7,594 Atlantic 1,305 1,244 Latin America 1,265 1,132 Pacific 578 441 Total $ 11,131 $ 10,411 Operating revenue by geographic region Three Months Ended March 31, (in millions) 2024 2023 Domestic $ 10,031 $ 9,396 Atlantic 1,581 1,548 Latin America 1,442 1,280 Pacific 694 535 Total $ 13,748 $ 12,759

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (in millions) March 31, Level 1 Level 2 Level 3 Cash equivalents $ 2,495 $ 2,495 $ — $ — Restricted cash equivalents 501 501 — — Short-term investments U.S. Government securities 473 101 372 — Corporate obligations 86 — 86 — Other fixed income securities 30 — 30 — Long-term investments and related 2,641 2,387 139 115 Fuel hedge contracts (22) — (22) — (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 1,545 $ 1,545 $ — $ — Restricted cash equivalents 653 653 — — Short-term investments U.S. Government securities 859 204 655 — Corporate obligations 218 — 218 — Other fixed income securities 50 — 50 — Long-term investments and related 2,867 2,614 134 119 Fuel hedge contracts 5 — 5 — Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit. Restricted cash equivalents primarily relate to proceeds from debt issued to finance, among other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport as well as certain self-insurance obligations and airport commitments. Restricted cash equivalents are recorded in prepaid expenses and other on our Consolidated Balance Sheet ("balance sheet"). The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets. Short-Term Investments. The fair values of our short-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information. These investments are expected to mature in one year or less. Long-Term Investments and Related. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheet. Our equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations incorporate certain unobservable inputs, including non-public equity issuances. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values. See Note 4, "Investments," for further information on our equity investments. Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). We recognized losses of $96 million and gains of $31 million on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) ("income statement") for the three months ended March 31, 2024 and 2023, respectively. The losses

INVESTMENTS

INVESTMENTS	3 Months Ended
INVESTMENTS	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 82 $ 110 China Eastern Fair Value 2 % 2 % 116 134 Grupo Aeroméxico Equity Method 20 % 20 % 441 421 Hanjin KAL Fair Value (1) 15 % 15 % 439 561 LATAM Fair Value 10 % 10 % 756 658 Unifi Aviation Equity Method 49 % 49 % 161 162 Wheels Up Fair Value (2) 38 % 38 % 756 903 Other investments Various 496 508 Equity investments $ 3,247 $ 3,457 (1) At March 31, 2024, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (2) Our voting rights with respect to Wheels Up are capped at 29.9%.

DEBT

DEBT	3 Months Ended
DEBT	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Summary of outstanding debt by category Maturity Interest Rate(s) Per Annum at March 31, December 31, (in millions) Dates March 31, 2024 2024 2023 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% $ 3,496 $ 3,496 Unsecured notes 2024 to 2029 2.90% to 7.38% 2,575 2,590 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2024 to 2028 4.50% and 4.75% 4,381 4,518 SkyMiles Term Loan (1)(2) 2024 to 2027 9.07% 1,598 1,772 NYTDC Special Facilities Revenue Bonds (1) 2025 to 2045 4.00% to 6.00% 3,591 3,656 Financing arrangements secured by aircraft: Certificates (1) 2024 to 2028 2.00% to 8.00% 1,582 1,591 Notes (1)(2) 2024 to 2033 4.00% to 7.59% 94 165 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 812 838 2018 Revolving Credit Facility (2) 2026 to 2028 Undrawn — — Other financings (1)(2) 2024 to 2030 2.51% to 5.00% 67 67 Other revolving credit facilities (2) 2024 to 2026 Undrawn — — Total secured and unsecured debt $ 18,196 $ 18,693 Unamortized (discount)/premium and debt issue cost, net and other (69) (83) Total debt $ 18,127 $ 18,610 Less: current maturities (2,551) (2,625) Total long-term debt $ 15,576 $ 15,985 (1) Due in installments during the years shown above. (2) Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate, plus a specified margin. Availability Under Revolving Credit Facilities As of March 31, 2024, we had approximately $2.9 billion undrawn and available under our revolving credit facilities. Fair Value of Debt Market risk associated with our fixed- and variable-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair value of debt shown below is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy. Fair value of outstanding debt (in millions) March 31, December 31, Net carrying amount $ 18,127 $ 18,610 Fair value $ 18,000 $ 18,400 Covenants Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at March 31, 2024.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
EMPLOYEE BENEFIT PLANS	Mar. 31, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Employee benefit plans net periodic cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2024 2023 2024 2023 Three Months Ended March 31, Service cost $ 3 $ — $ 23 $ 18 Interest cost 201 213 45 50 Expected return on plan assets (263) (264) (1) — Amortization of prior service credit — — (1) (1) Recognized net actuarial loss 62 60 5 3 Net periodic cost $ 3 $ 9 $ 71 $ 70 Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within miscellaneous, net under non-operating expense.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $20.7 billion at March 31, 2024. Aircraft purchase commitments (1) (in millions) Total Nine months ending December 31, 2024 $ 2,990 2025 3,970 2026 4,990 2027 5,020 2028 2,980 Thereafter 770 Total $ 20,720 (1) The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints. Our future aircraft purchase commitments included the following aircraft at March 31, 2024: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 76 A321-200neo 101 A330-900neo 12 A350-900 16 A350-1000 20 B-737-10 100 Total 325 Aircraft Orders In January 2024, we entered into a purchase agreement with Airbus for 20 A350-1000 aircraft, with an option to purchase an additional 20 widebody aircraft. Deliveries of these aircraft are scheduled to begin in 2026. Legal Contingencies We are involved in various legal proceedings related to employment practices, environmental issues, commercial disputes, antitrust and other regulatory matters concerning our business. We record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount of loss can be reasonably estimated. Although the outcome of the legal proceedings in which we are involved cannot be predicted with certainty, we believe that the resolution of current matters will not have a material adverse effect on our Condensed Consolidated Financial Statements.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Components of accumulated other comprehensive loss (in millions) Pension and Other Benefit Liabilities Other Tax Effect Total Balance at January 1, 2024 $ (6,681) $ 40 $ 796 $ (5,845) Reclassifications into earnings (1) 66 — (14) 52 Balance at March 31, 2024 $ (6,615) $ 40 $ 782 $ (5,793) Balance at January 1, 2023 $ (6,624) $ 41 $ 782 $ (5,801) Reclassifications into earnings (1) 62 — (15) 47 Balance at March 31, 2023 $ (6,562) $ 41 $ 767 $ (5,754) (1)

SEGMENTS

SEGMENTS	3 Months Ended
SEGMENTS	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS Refinery Operations Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and from jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel, as well as non-jet fuel products. We use several counterparties to exchange non-jet fuel products produced by the refinery for jet fuel consumed in our airline operations. Segment Reporting Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended March 31, 2024 Operating revenue $ 12,563 $ 2,049 $ (864) (1) $ 13,748 Depreciation and amortization 615 27 (27) (2) 615 Operating income (2) 565 49 — 614 Interest expense, net 205 5 (5) 205 Total assets, end of period 72,875 2,123 (29) 74,969 Capital expenditures 1,178 15 — 1,193 Three Months Ended March 31, 2023 Operating revenue $ 11,843 $ 2,352 $ (1,436) (1) $ 12,759 Depreciation and amortization 564 23 (23) (2) 564 Operating (loss)/income (2) (499) 222 — (277) Interest expense, net 227 4 (4) 227 Total assets, end of period 70,183 3,005 (54) 73,134 Capital expenditures 971 29 — 1,000 (1) See table below for detail of the intersegment operating revenue amounts. (2) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. Operating Revenue Intersegment Sales/Other Three Months Ended March 31, (in millions) 2024 2023 Sales to airline segment (1) $ (386) $ (596) Exchanged products (2) (439) (714) Sales of refined products (39) (126) Total Operating Revenue Intersegment Sales/Other $ (864) $ (1,436) (1) Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor. (2) Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.

EARNINGS_(LOSS) PER SHARE

EARNINGS/(LOSS) PER SHARE	3 Months Ended
EARNINGS/(LOSS) PER SHARE	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS/(LOSS) PER SHARE	EARNINGS/(LOSS) PER SHARE We calculate basic earnings/(loss) per share and diluted loss per share by di viding net income/(loss) by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based instruments, including stock options, restricted stock awards and warrants. Ant idilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table shows the computation of basic and diluted earnings/(loss) per share: Basic and diluted earnings/(loss) per share Three Months Ended March 31, (in millions, except per share data) 2024 2023 Net income/(loss) $ 37 $ (363) Basic weighted average shares outstanding 640 639 Dilutive effect of share-based instruments 5 — Diluted weighted average shares outstanding 645 639 Basic earnings/(loss) per share $ 0.06 $ (0.57) Diluted earnings/(loss) per share $ 0.06 $ (0.57)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2023. Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented. Due to seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three months ended March 31, 2024 are not necessarily indicative of operating results for the entire year. We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.
Cash Equivalents and Restricted Cash Equivalents	Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit. Restricted cash equivalents primarily relate to proceeds from debt issued to finance, among other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport as well as certain self-insurance obligations and airport commitments. Restricted cash equivalents are recorded in prepaid expenses and other on our Consolidated Balance Sheet ("balance sheet"). The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets.
Short-Term and Long-Term Investments	Short-Term Investments. The fair values of our short-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information. These investments are expected to mature in one year or less. Long-Term Investments and Related.
Fuel Hedge Contracts	Fuel Hedge Contracts.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
REVENUE RECOGNITION (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Passenger Revenue Three Months Ended March 31, (in millions) 2024 2023 Ticket $ 9,833 $ 9,239 Loyalty travel awards 844 743 Travel-related services 454 429 Passenger revenue $ 11,131 $ 10,411 Other Revenue Three Months Ended March 31, (in millions) 2024 2023 Refinery $ 1,185 $ 916 Loyalty program 795 726 Ancillary businesses 180 231 Miscellaneous 279 266 Other revenue $ 2,439 $ 2,139
Schedule of activity in loyalty program deferred revenue	The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements. Loyalty program activity (in millions) 2024 2023 Balance at January 1 $ 8,420 $ 7,882 Miles earned 1,021 999 Miles redeemed for air travel (844) (743) Miles redeemed for non-air travel and other (56) (40) Balance at March 31 $ 8,541 $ 8,098
Schedule of revenue by geographic region	Our passenger and operating revenue by geographic region is summarized in the following tables: Passenger revenue by geographic region Three Months Ended March 31, (in millions) 2024 2023 Domestic $ 7,983 $ 7,594 Atlantic 1,305 1,244 Latin America 1,265 1,132 Pacific 578 441 Total $ 11,131 $ 10,411 Operating revenue by geographic region Three Months Ended March 31, (in millions) 2024 2023 Domestic $ 10,031 $ 9,396 Atlantic 1,581 1,548 Latin America 1,442 1,280 Pacific 694 535 Total $ 13,748 $ 12,759

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of assets (liabilities) measured at fair value on a recurring basis	Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (in millions) March 31, Level 1 Level 2 Level 3 Cash equivalents $ 2,495 $ 2,495 $ — $ — Restricted cash equivalents 501 501 — — Short-term investments U.S. Government securities 473 101 372 — Corporate obligations 86 — 86 — Other fixed income securities 30 — 30 — Long-term investments and related 2,641 2,387 139 115 Fuel hedge contracts (22) — (22) — (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 1,545 $ 1,545 $ — $ — Restricted cash equivalents 653 653 — — Short-term investments U.S. Government securities 859 204 655 — Corporate obligations 218 — 218 — Other fixed income securities 50 — 50 — Long-term investments and related 2,867 2,614 134 119 Fuel hedge contracts 5 — 5 —

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
INVESTMENTS (Tables)	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of equity investments ownership and carrying value - fair value	Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 82 $ 110 China Eastern Fair Value 2 % 2 % 116 134 Grupo Aeroméxico Equity Method 20 % 20 % 441 421 Hanjin KAL Fair Value (1) 15 % 15 % 439 561 LATAM Fair Value 10 % 10 % 756 658 Unifi Aviation Equity Method 49 % 49 % 161 162 Wheels Up Fair Value (2) 38 % 38 % 756 903 Other investments Various 496 508 Equity investments $ 3,247 $ 3,457 (1) At March 31, 2024, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (2) Our voting rights with respect to Wheels Up are capped at 29.9%.
Summary of equity investments ownership and carrying value - equity method	Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Air France-KLM Fair Value 3 % 3 % $ 82 $ 110 China Eastern Fair Value 2 % 2 % 116 134 Grupo Aeroméxico Equity Method 20 % 20 % 441 421 Hanjin KAL Fair Value (1) 15 % 15 % 439 561 LATAM Fair Value 10 % 10 % 756 658 Unifi Aviation Equity Method 49 % 49 % 161 162 Wheels Up Fair Value (2) 38 % 38 % 756 903 Other investments Various 496 508 Equity investments $ 3,247 $ 3,457 (1) At March 31, 2024, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (2) Our voting rights with respect to Wheels Up are capped at 29.9%.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of debt	Summary of outstanding debt by category Maturity Interest Rate(s) Per Annum at March 31, December 31, (in millions) Dates March 31, 2024 2024 2023 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% $ 3,496 $ 3,496 Unsecured notes 2024 to 2029 2.90% to 7.38% 2,575 2,590 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2024 to 2028 4.50% and 4.75% 4,381 4,518 SkyMiles Term Loan (1)(2) 2024 to 2027 9.07% 1,598 1,772 NYTDC Special Facilities Revenue Bonds (1) 2025 to 2045 4.00% to 6.00% 3,591 3,656 Financing arrangements secured by aircraft: Certificates (1) 2024 to 2028 2.00% to 8.00% 1,582 1,591 Notes (1)(2) 2024 to 2033 4.00% to 7.59% 94 165 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 812 838 2018 Revolving Credit Facility (2) 2026 to 2028 Undrawn — — Other financings (1)(2) 2024 to 2030 2.51% to 5.00% 67 67 Other revolving credit facilities (2) 2024 to 2026 Undrawn — — Total secured and unsecured debt $ 18,196 $ 18,693 Unamortized (discount)/premium and debt issue cost, net and other (69) (83) Total debt $ 18,127 $ 18,610 Less: current maturities (2,551) (2,625) Total long-term debt $ 15,576 $ 15,985 (1) Due in installments during the years shown above. (2) Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate, plus a specified margin.
Schedule of estimated fair value of debt instruments	The fair value of debt shown below is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy. Fair value of outstanding debt (in millions) March 31, December 31, Net carrying amount $ 18,127 $ 18,610 Fair value $ 18,000 $ 18,400

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of components net periodic cost	Employee benefit plans net periodic cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2024 2023 2024 2023 Three Months Ended March 31, Service cost $ 3 $ — $ 23 $ 18 Interest cost 201 213 45 50 Expected return on plan assets (263) (264) (1) — Amortization of prior service credit — — (1) (1) Recognized net actuarial loss 62 60 5 3 Net periodic cost $ 3 $ 9 $ 71 $ 70

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of future aircraft purchase commitments	Our future aircraft purchase commitments totaled approximately $20.7 billion at March 31, 2024. Aircraft purchase commitments (1) (in millions) Total Nine months ending December 31, 2024 $ 2,990 2025 3,970 2026 4,990 2027 5,020 2028 2,980 Thereafter 770 Total $ 20,720 (1) The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints. Our future aircraft purchase commitments included the following aircraft at March 31, 2024: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 76 A321-200neo 101 A330-900neo 12 A350-900 16 A350-1000 20 B-737-10 100 Total 325

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of components of accumulated other comprehensive loss	Components of accumulated other comprehensive loss (in millions) Pension and Other Benefit Liabilities Other Tax Effect Total Balance at January 1, 2024 $ (6,681) $ 40 $ 796 $ (5,845) Reclassifications into earnings (1) 66 — (14) 52 Balance at March 31, 2024 $ (6,615) $ 40 $ 782 $ (5,793) Balance at January 1, 2023 $ (6,624) $ 41 $ 782 $ (5,801) Reclassifications into earnings (1) 62 — (15) 47 Balance at March 31, 2023 $ (6,562) $ 41 $ 767 $ (5,754) (1)

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
SEGMENTS (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information	Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended March 31, 2024 Operating revenue $ 12,563 $ 2,049 $ (864) (1) $ 13,748 Depreciation and amortization 615 27 (27) (2) 615 Operating income (2) 565 49 — 614 Interest expense, net 205 5 (5) 205 Total assets, end of period 72,875 2,123 (29) 74,969 Capital expenditures 1,178 15 — 1,193 Three Months Ended March 31, 2023 Operating revenue $ 11,843 $ 2,352 $ (1,436) (1) $ 12,759 Depreciation and amortization 564 23 (23) (2) 564 Operating (loss)/income (2) (499) 222 — (277) Interest expense, net 227 4 (4) 227 Total assets, end of period 70,183 3,005 (54) 73,134 Capital expenditures 971 29 — 1,000 (1) See table below for detail of the intersegment operating revenue amounts. (2) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. Operating Revenue Intersegment Sales/Other Three Months Ended March 31, (in millions) 2024 2023 Sales to airline segment (1) $ (386) $ (596) Exchanged products (2) (439) (714) Sales of refined products (39) (126) Total Operating Revenue Intersegment Sales/Other $ (864) $ (1,436) (1) Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor. (2) Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.

EARNINGS_(LOSS) PER SHARE (Tabl

EARNINGS/(LOSS) PER SHARE (Tables)	3 Months Ended
EARNINGS/(LOSS) PER SHARE (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings/(loss) per share	The following table shows the computation of basic and diluted earnings/(loss) per share: Basic and diluted earnings/(loss) per share Three Months Ended March 31, (in millions, except per share data) 2024 2023 Net income/(loss) $ 37 $ (363) Basic weighted average shares outstanding 640 639 Dilutive effect of share-based instruments 5 — Diluted weighted average shares outstanding 645 639 Basic earnings/(loss) per share $ 0.06 $ (0.57) Diluted earnings/(loss) per share $ 0.06 $ (0.57)

REVENUE RECOGNITION - Passenger

REVENUE RECOGNITION - Passenger Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Passenger revenue	$ 13,748	$ 12,759
Passenger
Disaggregation of Revenue [Line Items]
Passenger revenue	11,131	10,411
Ticket
Disaggregation of Revenue [Line Items]
Passenger revenue	9,833	9,239
Loyalty travel awards
Disaggregation of Revenue [Line Items]
Passenger revenue	844	743
Travel-related services
Disaggregation of Revenue [Line Items]
Passenger revenue	$ 454	$ 429

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 3.9	$ 3.9
Cash sales of mileage credits	$ 1.8	$ 1.7
Redemption period for majority of new miles (in years)	2 years

REVENUE RECOGNITION - Loyalty P

REVENUE RECOGNITION - Loyalty Program Liability (Details) - Loyalty program - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loyalty program activity
Current and noncurrent deferred revenue, beginning	$ 8,420	$ 7,882
Miles earned	1,021	999
Miles redeemed for air travel	(844)	(743)
Miles redeemed for non-air travel and other	(56)	(40)
Current and noncurrent deferred revenue, ending	$ 8,541	$ 8,098

REVENUE RECOGNITION - Other Rev

REVENUE RECOGNITION - Other Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 13,748	$ 12,759
Other
Disaggregation of Revenue [Line Items]
Operating revenue	2,439	2,139
Refinery
Disaggregation of Revenue [Line Items]
Operating revenue	1,185	916
Loyalty program
Disaggregation of Revenue [Line Items]
Operating revenue	795	726
Ancillary businesses
Disaggregation of Revenue [Line Items]
Operating revenue	180	231
Miscellaneous
Disaggregation of Revenue [Line Items]
Operating revenue	$ 279	$ 266

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 13,748	$ 12,759
Domestic
Disaggregation of Revenue [Line Items]
Operating revenue	10,031	9,396
Atlantic
Disaggregation of Revenue [Line Items]
Operating revenue	1,581	1,548
Latin America
Disaggregation of Revenue [Line Items]
Operating revenue	1,442	1,280
Pacific
Disaggregation of Revenue [Line Items]
Operating revenue	694	535
Passenger
Disaggregation of Revenue [Line Items]
Operating revenue	11,131	10,411
Passenger \| Domestic
Disaggregation of Revenue [Line Items]
Operating revenue	7,983	7,594
Passenger \| Atlantic
Disaggregation of Revenue [Line Items]
Operating revenue	1,305	1,244
Passenger \| Latin America
Disaggregation of Revenue [Line Items]
Operating revenue	1,265	1,132
Passenger \| Pacific
Disaggregation of Revenue [Line Items]
Operating revenue	$ 578	$ 441

FAIR VALUE MEASUREMENTS - Measu

FAIR VALUE MEASUREMENTS - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value
Cash equivalents	$ 2,495	$ 1,545
Restricted cash equivalents	501	653
Long-term investments and related	2,641	2,867
Fuel hedge contracts	(22)	5
U.S. Government securities
Fair Value
Short-term investments	473	859
Corporate obligations
Fair Value
Short-term investments	86	218
Other fixed income securities
Fair Value
Short-term investments	30	50
Level 1
Fair Value
Cash equivalents	2,495	1,545
Restricted cash equivalents	501	653
Long-term investments and related	2,387	2,614
Fuel hedge contracts	0	0
Level 1 \| U.S. Government securities
Fair Value
Short-term investments	101	204
Level 1 \| Corporate obligations
Fair Value
Short-term investments	0	0
Level 1 \| Other fixed income securities
Fair Value
Short-term investments	0	0
Level 2
Fair Value
Cash equivalents	0	0
Restricted cash equivalents	0	0
Long-term investments and related	139	134
Fuel hedge contracts	(22)	5
Level 2 \| U.S. Government securities
Fair Value
Short-term investments	372	655
Level 2 \| Corporate obligations
Fair Value
Short-term investments	86	218
Level 2 \| Other fixed income securities
Fair Value
Short-term investments	30	50
Level 3
Fair Value
Cash equivalents	0	0
Restricted cash equivalents	0	0
Long-term investments and related	115	119
Fuel hedge contracts	0	0
Level 3 \| U.S. Government securities
Fair Value
Short-term investments	0	0
Level 3 \| Corporate obligations
Fair Value
Short-term investments	0	0
Level 3 \| Other fixed income securities
Fair Value
Short-term investments	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - Fuel hedge contracts - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
(Loss) gain on derivatives recognized	$ (96)	$ 31
Mark-to-Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on derivative	27
Settlement Gains On Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on derivative	$ 69

INVESTMENTS - Equity Investment

INVESTMENTS - Equity Investments Ownership Interest and Carrying Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments [Line Items]
Equity investments	$ 3,247	$ 3,457
Air France-KLM
Investments [Line Items]
Ownership interest (percent)	3%	3%
Carrying value	$ 82	$ 110
China Eastern
Investments [Line Items]
Ownership interest (percent)	2%	2%
Carrying value	$ 116	$ 134
Hanjin-KAL
Investments [Line Items]
Ownership interest (percent)	15%	15%
Carrying value	$ 439	$ 561
Hanjin-KAL \| Common and Preferred Shares
Investments [Line Items]
Ownership interest (percent)	14.80%
Hanjin-KAL \| Common Stock
Investments [Line Items]
Ownership interest (percent)	14.90%
LATAM
Investments [Line Items]
Ownership interest (percent)	10%	10%
Carrying value	$ 756	$ 658
Wheels Up
Investments [Line Items]
Ownership interest (percent)	38%	38%
Carrying value	$ 756	$ 903
Voting rights, shares held threshold	29.90%
Other investments
Investments [Line Items]
Carrying value	$ 496	$ 508
Grupo Aeromexico
Investments [Line Items]
Ownership interest (percent)	20%	20%
Carrying value	$ 441	$ 421
Unifi Aviation
Investments [Line Items]
Ownership interest (percent)	49%	49%
Carrying value	$ 161	$ 162

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($) $ in Millions	3 Months Ended
DEBT - Summary of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt, gross	$ 18,196	$ 18,693
Unamortized (discount)/premium and debt issue cost, net and other	(69)	(83)
Total debt	18,127	18,610
Less: current maturities	(2,551)	(2,625)
Total long-term debt	$ 15,576	15,985
Unsecured Payroll Support Program Loans \| Unsecured debt
Debt Instrument [Line Items]
Maturity dates range, start	Dec. 31, 2030
Maturity dates range, end	Dec. 31, 2031
Interest rate per annum (percent)	1%
Debt, gross	$ 3,496	3,496
Unsecured notes \| Unsecured debt
Debt Instrument [Line Items]
Maturity dates range, start	Dec. 31, 2024
Maturity dates range, end	Dec. 31, 2029
Debt, gross	$ 2,575	2,590
Unsecured notes \| Unsecured debt \| Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	2.90%
Unsecured notes \| Unsecured debt \| Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	7.38%
SkyMiles Notes \| Secured debt
Debt Instrument [Line Items]
Maturity dates range, start	Dec. 31, 2024
Maturity dates range, end	Dec. 31, 2028
Debt, gross	$ 4,381	4,518
SkyMiles Notes \| Secured debt \| Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	4.50%
SkyMiles Notes \| Secured debt \| Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	4.75%
SkyMiles Term Loan \| Secured debt
Debt Instrument [Line Items]
Maturity dates range, start	Dec. 31, 2024
Maturity dates range, end	Dec. 31, 2027
Interest rate per annum (percent)	9.07%
Debt, gross	$ 1,598	1,772
NYTDC Special Facilities Revenue Bonds \| Bonds
Debt Instrument [Line Items]
Maturity dates range, start	Dec. 31, 2025
Maturity dates range, end	Dec. 31, 2045
Debt, gross	$ 3,591	3,656
NYTDC Special Facilities Revenue Bonds \| Bonds \| Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	4%
NYTDC Special Facilities Revenue Bonds \| Bonds \| Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	6%
Financing secured by aircraft - Certificates \| Secured debt
Debt Instrument [Line Items]
Maturity dates range, start	Dec. 31, 2024
Maturity dates range, end	Dec. 31, 2028
Debt, gross	$ 1,582	1,591
Financing secured by aircraft - Certificates \| Secured debt \| Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	2%
Financing secured by aircraft - Certificates \| Secured debt \| Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	8%
Financing secured by aircraft - Notes \| Secured debt
Debt Instrument [Line Items]
Maturity dates range, start	Dec. 31, 2024
Maturity dates range, end	Dec. 31, 2033
Debt, gross	$ 94	165
Financing secured by aircraft - Notes \| Secured debt \| Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	4%
Financing secured by aircraft - Notes \| Secured debt \| Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	7.59%
2020 Senior Secured Notes \| Secured debt
Debt Instrument [Line Items]
Interest rate per annum (percent)	7%
Debt, gross	$ 812	838
2018 Revolving Credit Facility \| Secured debt
Debt Instrument [Line Items]
Maturity date	Dec. 31, 2025
2018 Revolving Credit Facility \| Revolving credit facility
Debt Instrument [Line Items]
Maturity dates range, start	Dec. 31, 2026
Maturity dates range, end	Dec. 31, 2028
Debt, gross	$ 0	0
Other financings \| Secured and unsecured debt
Debt Instrument [Line Items]
Maturity dates range, start	Dec. 31, 2024
Maturity dates range, end	Dec. 31, 2030
Debt, gross	$ 67	67
Other financings \| Secured and unsecured debt \| Minimum
Debt Instrument [Line Items]
Interest rate per annum (percent)	2.51%
Other financings \| Secured and unsecured debt \| Maximum
Debt Instrument [Line Items]
Interest rate per annum (percent)	5%
Other revolving credit facilities \| Revolving credit facility
Debt Instrument [Line Items]
Maturity dates range, start	Dec. 31, 2024
Maturity dates range, end	Dec. 31, 2026
Debt, gross	$ 0	$ 0

DEBT - Availability Under Revol

DEBT - Availability Under Revolving Credit Facilities (Details) $ in Billions	Mar. 31, 2024 USD ($)
Revolving credit facility
Debt Instrument [Line Items]
Undrawn credit facilities	$ 2.9

DEBT - Fair Value of Debt (Deta

DEBT - Fair Value of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt
Net carrying amount	$ 18,127	$ 18,610
Fair value	$ 18,000	$ 18,400

EMPLOYEE BENEFIT PLANS - Compon

EMPLOYEE BENEFIT PLANS - Components of Net Periodic Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits
Defined Benefit Plan Disclosure
Service cost	$ 3	$ 0
Interest cost	201	213
Expected return on plan assets	(263)	(264)
Amortization of prior service credit	0	0
Recognized net actuarial loss	62	60
Net periodic cost	3	9
Other Postretirement and Postemployment Benefits
Defined Benefit Plan Disclosure
Service cost	23	18
Interest cost	45	50
Expected return on plan assets	(1)	0
Amortization of prior service credit	(1)	(1)
Recognized net actuarial loss	5	3
Net periodic cost	$ 71	$ 70

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Billions	1 Months Ended
	Jan. 31, 2024 aircraft	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Future aircraft purchase commitments \| $		$ 20.7
A350-1000
Future Purchase Commitments
Number of aircraft agreed to be acquired	20
A350-1000 Widebody
Future Purchase Commitments
Number of optional additional aircrafts	20

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Year (Details) $ in Millions	Mar. 31, 2024 USD ($)
Future aircraft purchase commitments:
Total	$ 20,700
Future aircraft purchase commitments
Future aircraft purchase commitments:
Nine months ending December 31, 2024	2,990
2024	3,970
2025	4,990
2026	5,020
2027	2,980
Thereafter	770
Total	$ 20,720

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments	Mar. 31, 2024 aircraft
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	325
A220-300
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	76
A321-200neo
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	101
A330-900neo
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	12
A350-900
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	16
A350-1000
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	20
B-737-10
Future Purchase Commitments
Aircraft purchase commitments, minimum quantity required	100

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax
Beginning balance, tax effect	$ 796	$ 782
Beginning balance	11,105	6,582
Reclassifications into earnings, tax effect	(14)	(15)
Reclassification into earnings (net of tax effect)	52	47
Ending balance, tax effect	782	767
Ending balance	11,151	6,260
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(5,845)	(5,801)
Ending balance	(5,793)	(5,754)
Pension and Other Benefits Liabilities
AOCI Attributable to Parent, Net of Tax
Beginning balance, AOCI before tax	(6,681)	(6,624)
Reclassifications into earnings	66	62
Ending balance, AOCI before tax	(6,615)	(6,562)
Other
AOCI Attributable to Parent, Net of Tax
Beginning balance, AOCI before tax	40	41
Reclassifications into earnings	0	0
Ending balance, AOCI before tax	$ 40	$ 41

SEGMENTS - Segment Reporting (D

SEGMENTS - Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information, Profit (Loss)
Operating revenue	$ 13,748	$ 12,759
Depreciation and amortization	615	564
Operating (loss)/income	614	(277)
Interest expense, net	205	227
Total assets, end of period	74,969	73,134	$ 73,644
Capital expenditures	1,193	1,000
Operating Segments \| Airline
Segment Reporting Information, Profit (Loss)
Operating revenue	12,563	11,843
Depreciation and amortization	615	564
Operating (loss)/income	565	(499)
Interest expense, net	205	227
Total assets, end of period	72,875	70,183
Capital expenditures	1,178	971
Operating Segments \| Refinery
Segment Reporting Information, Profit (Loss)
Operating revenue	2,049	2,352
Depreciation and amortization	27	23
Operating (loss)/income	49	222
Interest expense, net	5	4
Total assets, end of period	2,123	3,005
Capital expenditures	15	29
Intersegment Sales/Other
Segment Reporting Information, Profit (Loss)
Operating revenue	(864)	(1,436)
Depreciation and amortization	(27)	(23)
Operating (loss)/income	0	0
Interest expense, net	(5)	(4)
Total assets, end of period	(29)	(54)
Capital expenditures	0	0
Intersegment Sales/Other \| Sales to airline segment
Segment Reporting Information, Profit (Loss)
Operating revenue	(386)	(596)
Intersegment Sales/Other \| Exchanged products
Segment Reporting Information, Profit (Loss)
Operating revenue	(439)	(714)
Intersegment Sales/Other \| Sales of refined products
Segment Reporting Information, Profit (Loss)
Operating revenue	$ (39)	$ (126)

EARNINGS_(LOSS) PER SHARE (Deta

EARNINGS/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income/(loss)	$ 37	$ (363)
Basic weighted average shares outstanding (shares)	640	639
Dilutive effect of share-based instruments (shares)	5	0
Diluted weighted average shares outstanding (shares)	645	639
Basic earnings/(loss) per share (USD per share)	$ 0.06	$ (0.57)
Diluted earnings/(loss) per share (USD per share)	$ 0.06	$ (0.57)