
Equity investments ownership interest and carrying value
	Accounting Treatment	Ownership Interest				Carrying Value
(in millions)		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Air France-KLM	Fair Value	3	%	3	%	$	115	$	100
China Eastern	Fair Value	2	%	2	%	188		319
Grupo Aeroméxico	Equity Method	19	%	19	%	384		377
Hanjin KAL	Fair Value(1)	15	%	15	%	757		861

LATAM	Fair Value	11	%	11	%	1,764		1,644
Republic Airways	Fair Value	14	%	14	%	142		124
Unifi Aviation	Equity Method	20	%	20	%	48		51
WestJet	Fair Value	13	%	13	%	248		248
Wheels Up	Fair Value(2)	36	%	36	%	118		173
Other investments	Various					277		325
Equity investments						$	4,041	$	4,222

(1)At June 30, 2026, 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%. We account for our financial interests in Wheels Up under the fair value option.

Wheels Up. During the six months ended June 30, 2026, Wheels Up drew under the terms of the revolving working capital credit facility that was entered into in 2023, and $36 million was outstanding as of June 30, 2026. This facility is required to be repaid by September 20, 2028.

In May 2026, Wheels Up entered into a new $100 million term loan credit agreement, of which we contributed $57 million with other shareholders making up the remainder. The scheduled maturity date of the term loan is May 29, 2029. The term loan also has capacity to be increased by up to an additional $100 million. We also agreed to extend the contractual transfer restrictions on our investment in Wheels Up until May 2027 and thereafter will remain subject to certain, more limited transfer restrictions.

Following these transactions, we continue to conclude that Wheels Up is a variable interest entity ("VIE") and that we are not the primary beneficiary. Based on this assessment, Wheels Up is not consolidated in our financial statements.