v3.26.1
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Equity Investments Ownership and Carrying Value - Fair Value
Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Air France-KLMFair Value3 %3 %$115 $100 
China EasternFair Value2 %2 %188 319 
Grupo AeroméxicoEquity Method19 %19 %384 377 
Hanjin KAL
Fair Value(1)
15 %15 %757 861 
LATAMFair Value11 %11 %1,764 1,644 
Republic AirwaysFair Value14 %14 %142 124 
Unifi AviationEquity Method20 %20 %48 51 
WestJetFair Value13 %13 %248 248 
Wheels Up
Fair Value(2)
36 %36 %118 173 
Other investmentsVarious277 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.
Schedule of Equity Investments Ownership and Carrying Value - Equity Method
Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Air France-KLMFair Value3 %3 %$115 $100 
China EasternFair Value2 %2 %188 319 
Grupo AeroméxicoEquity Method19 %19 %384 377 
Hanjin KAL
Fair Value(1)
15 %15 %757 861 
LATAMFair Value11 %11 %1,764 1,644 
Republic AirwaysFair Value14 %14 %142 124 
Unifi AviationEquity Method20 %20 %48 51 
WestJetFair Value13 %13 %248 248 
Wheels Up
Fair Value(2)
36 %36 %118 173 
Other investmentsVarious277 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.