SPECIAL CHARGES (CREDITS)

For the three months ended March 31, operating and nonoperating special charges (credits) and unrealized losses on investments in the statements of consolidated operations consisted of the following (in millions):


	Three Months Ended March 31,
	2025		2024
(Gains) losses on sale of assets and other special charges	$	(108)	$	13

Total operating special charges (credits)	(108)		13
Nonoperating unrealized losses on investments, net	21		37
Nonoperating debt extinguishment and modification fees	—		35
Total nonoperating special charges and unrealized losses on investments, net	21		72
Total operating and nonoperating special charges (credits) and unrealized losses on investments, net	(87)		85
Income tax expense (benefit), net of valuation allowance	2		(11)
Total operating and nonoperating special charges (credits) and unrealized losses on investments, net of income taxes	$	(85)	$	74

Operating and nonoperating special charges (credits) and unrealized losses on investments included the following:

During the three months ended March 31, 2025, the Company recorded $108 million of net gains primarily related to gains on various aircraft sale-leaseback transactions.