v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of 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 September 30, 2025, and December 31, 2024:
  Fair value measurements at reporting date using:
Quoted prices in active markets for identical assetsSignificant other observable inputs
DescriptionSeptember 30, 2025(Level 1)(Level 2)
Assets(in millions)
Cash equivalents:   
Cash equivalents (a)$2,552 $2,552 $— 
Time deposits350 — 350 
Short-term investments: 
Certificates of deposit16 — 16 
Time deposits100 — 100 
Equity Securities433 433 — 
Total assets$3,451 $2,985 $466 
(a) Cash equivalents are primarily composed of money market investments.
  Fair value measurements at reporting date using:
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputs
DescriptionDecember 31, 2024(Level 1)(Level 2)(Level 3)
Assets(in millions)
Cash equivalents:   
Cash equivalents (a)$7,209 $7,209 $— $— 
Time deposits300 — 300 — 
Short-term investments:    
Treasury bills1,094 1,094 — — 
Certificates of deposit122 — 122 — 
Fuel derivatives:    
Option contracts (b)130 — — 130 
Equity Securities367 367 — — 
Total assets$9,222 $8,670 $422 $130 
(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.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The following table presents the Company’s activity for items measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2025. There was no activity for the three months ended September 30, 2025.
Fair value measurements using significant unobservable inputs (Level 3)
(in millions)Fuel derivatives
Balance at December 31, 2024$130 
Total loss for the period
Included in other comprehensive income (90)
Proceeds from portfolio termination (40)
Balance at September 30, 2025$— 
Schedule of 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, as of September 30, 2025, 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)Maturity DateCarrying valueEstimated fair valueFair value level hierarchy
3.00% Notes
2026$300 $296 Level 2
7.375% Debentures
2027105 109 Level 2
3.45% Notes
2027300 295 Level 2
5.125% Notes
20271,727 1,749 Level 2
2.625% Notes
2030500 461 Level 2
1.000% Payroll Support Program Loan (a)
2031566 573 Level 3
1.000% Payroll Support Program Loan (b)
2031526 524 Level 3
(a) The interest rate will change to Secured Overnight Financing Rate plus two percent in January 2026. See Note 10 for further information.
(b) The interest rate will change to Secured Overnight Financing Rate plus two percent in April 2026. See Note 10 for further information.