v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2025
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(1)
December 31, 2025Valuation Technique
(in millions)TotalLevel 1Level 2Level 3
Cash equivalents$2,868 $2,868 $— $— (a)
Restricted cash equivalents191 191 — — (a)
Long-term investments and related3,644 3,366 217 61 (a)(b)
Fuel hedge contracts— — (a)(b)

December 31, 2024Valuation Technique
(in millions)TotalLevel 1Level 2Level 3
Cash equivalents$1,619 $1,619 $— $— (a)
Restricted cash equivalents351 351 — — (a)
Long-term investments and related2,372 2,085 160 127 (a)(b)
Fuel hedge contracts(17)— (17)— (a)(b)
(1)See Note 8, "Employee Benefit Plans," for fair value of benefit plan assets.