v3.25.3
Financial Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The following table presents the location of all assets and liabilities associated with the Company’s derivative instruments within the unaudited Condensed Consolidated Balance Sheet:
  Asset derivatives
 Balance SheetFair value atFair value at
(in millions)location9/30/202512/31/2024
Derivatives designated as hedges (a)   
Fuel derivative contracts (gross)Prepaid expenses and other current assets$— $22 
Fuel derivative contracts (gross)Other assets— 108 
Total derivatives designated as hedges$— $130 
(a) Represents the position of each trade before consideration of offsetting positions with each counterparty and does not include the impact of cash collateral deposits provided to or received from counterparties.
Schedule of Offsetting Assets
In addition, the Company had the following amounts associated with fuel derivative instruments and hedging activities in its unaudited Condensed Consolidated Balance Sheet:

 Balance SheetSeptember 30,December 31,
(in millions)location20252024
Cash collateral deposits held from counterparties for fuel contracts - currentOffset against Prepaid expenses and other current assets$— $4 
Cash collateral deposits held from counterparties for fuel contracts - noncurrentOffset against Other assets— 18 
Receivable from third parties for fuel contractsAccounts and other receivables— 1 
Offsetting of derivative assets
(in millions)
(i)(ii)(iii) = (i) + (ii)(i)(ii)(iii) = (i) + (ii)
September 30, 2025December 31, 2024
DescriptionBalance Sheet locationGross amounts of recognized assetsGross amounts offset in the Balance SheetNet amounts of assets presented in the Balance SheetGross amounts of recognized assetsGross amounts offset in the Balance SheetNet amounts of assets presented in the Balance Sheet
Fuel derivative contractsPrepaid expenses and other current assets$— $— $— $22 $(4)$18 
Fuel derivative contractsOther assets$— $— $— $108 $(18)$90 (a)
(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the unaudited Condensed Consolidated Balance Sheet in Note 8.
Schedule of Offsetting Liabilities
Offsetting of derivative liabilities
(in millions)
(i)(ii)(iii) = (i) + (ii)(i)(ii)(iii) = (i) + (ii)
September 30, 2025December 31, 2024
DescriptionBalance Sheet locationGross amounts of recognized liabilitiesGross amounts offset in the Balance SheetNet amounts of liabilities presented in the Balance SheetGross amounts of recognized liabilitiesGross amounts offset in the Balance SheetNet amounts of liabilities presented in the Balance Sheet
Fuel derivative contractsPrepaid expenses and other current assets$— $— $— $4 $(4)$— 
Fuel derivative contractsOther assets$— $— $— $18 $(18)$— 
(a)
(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the unaudited Condensed Consolidated Balance Sheet in Note 8.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables present the impact of derivative instruments, including terminations, within the unaudited Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024:

Location and amount recognized in income on cash flow hedging relationships
Three months ended September 30, 2025Three months ended September 30, 2024
(in millions)Fuel and oilOther operating expensesFuel and oilOther operating expenses
Total$36 $2 $15 $2 
Loss on cash flow hedging relationships
Commodity contracts:
Amount of loss reclassified from AOCI into income
36 
(a)
15 
Other:
Amount of loss reclassified from AOCI into income— 2 — 2 
(a) Includes amounts reclassified from Accumulated Other Comprehensive Income associated with hedges previously terminated.
Location and amount recognized in income on cash flow hedging relationships
Nine months ended September 30, 2025Nine months ended September 30, 2024
(in millions)Fuel and oilOther operating expensesFuel and oilOther operating expenses
Total$110 $5 $54 $6 
Loss on cash flow hedging relationships
Commodity contracts:
Amount of loss reclassified from AOCI into income110 
(a)
— 54 — 
Other:
Amount of loss reclassified from AOCI into income— 5 — 6 
(a) Includes amounts reclassified from Accumulated Other Comprehensive Income associated with hedges previously terminated.

Derivatives designated and qualified in cash flow hedging relationships
 (Gain) loss recognized in AOCI on derivatives, net of tax
 Three months ended
 
September 30,
(in millions)20252024
Fuel derivative contracts$— $61 


Derivatives designated and qualified in cash flow hedging relationships
 (Gain) loss recognized in AOCI on derivatives, net of tax
 
Nine months ended
 
September 30,
(in millions)2025 2024
Fuel derivative contracts$69 $83 
Schedule of Derivative Instruments, Gain (Loss)
Derivatives not designated as hedges
 (Gain) loss recognized in income on derivatives 
  
 Three months endedLocation of (gain) loss recognized in income on derivatives
 
September 30,
(in millions)20252024
Fuel derivative contracts$— $29 Other (gains) losses, net
Derivatives not designated as hedges
 (Gain) loss recognized in income on derivatives 
  
 
Nine months ended
Location of (gain) loss recognized in income on derivatives
 
September 30,
(in millions)20252024
Fuel derivative contracts$— $31 Other (gains) losses, net
Schedule of Premiums Paid for Fuel Derivative Contracts The following tables present the expense impacts and their locations within the unaudited Condensed Consolidated Statement of Comprehensive Income during the periods the contracts settled or were scheduled to settle:
 
Expense (benefit) recognized in income on derivatives
 
  
 Three months ended
Location of expense (benefit) recognized in income on derivatives
 
September 30,
(in millions)20252024
Fuel derivative contracts designated as hedges$36 $34 Fuel and oil
Fuel derivative contracts not designated as hedges— 5 Other (gains) losses, net


 
Expense (benefit) recognized in income on derivatives
 
  
 
Nine months ended
Location of expense (benefit) recognized in income on derivatives
 
September 30,
(in millions)20252024
Fuel derivative contracts designated as hedges$110 $114 Fuel and oil
Fuel derivative contracts not designated as hedges— 5 Other (gains) losses, net