DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt obligations on the consolidated balance sheet:

(in millions)	2024			2023
Fixed-rate notes payable due through 2029	$	56		$	80
Fixed-rate PSP notes payable due through 2031	688			600
Fixed-rate EETCs payable due through 2027	864			835
Fixed-rate Japanese Yen denominated notes payable due through 2031	88			—
Variable-rate notes payable due through 2036	1,283			971
Loyalty financing, variable-rate term loan facility due through 2031	750			—
Loyalty financing, fixed-rate notes due through 2029 and 2031	1,250			—
Less debt issuance costs	(46)			(15)
Total debt	4,933			2,471
Less current portion	442			289
Long-term debt, less current portion	$	4,491		$	2,182
Weighted-average fixed-interest rate	3.9		%	3.4		%
Weighted-average variable-interest rate	6.3		%	6.8		%

Schedule of Maturities of Long-term Debt

At December 31, 2024, long-term debt principal payments for the next five years and thereafter are as follows:

(in millions)	Total(a)
2025	$	460
2026	502
2027	699
2028	209
2029	775
Thereafter	2,364
Total Principal Payments	$	5,009