INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Deferred tax (assets) and liabilities comprise the following:

(in millions)	2024		2023
Excess of tax over book depreciation	$	2,017	$	1,605
Intangibles - net	208		16
Operating lease assets	320		292
Other - net	79		3
Deferred tax liabilities	2,624		1,916
Loyalty program	(577)		(455)
Inventory obsolescence	(29)		(23)
Employee benefits	(240)		(159)
Net operating losses	(320)		(166)
Operating lease liabilities	(345)		(329)
Leasehold maintenance	(31)		(28)
Other - net	(188)		(77)
Deferred tax assets	(1,730)		(1,237)
Valuation allowance	40		16
Net deferred tax liabilities	$	934	$	695

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows: 

(in millions)	2024		2023		2022
Current income tax (benefit) expense:
Federal	$	8	$	(3)	$	(11)
State	13		(4)		(3)
Total current income tax (benefit) expense	21		(7)		(14)
Deferred income tax expense:
Federal	120		82		32
State	9		13		3
Total deferred income tax expense	129		95		35
Income tax expense	$	150	$	88	$	21

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Income tax expense reconciles to the amount computed by applying the 2024 U.S. federal rate of 21% to income before income tax and for deferred taxes as follows:

 

(in millions)	2024			2023			2022
Income before income tax	$	545		$	323		$	79
Expected tax expense	114			68			17
Nondeductible expenses	24			14			11
State income tax expense	24			17			5
State income sourcing	(5)			(5)			(2)
Valuation allowance	1			(1)			(4)
Tax credits	(7)			(3)			(5)
Uncertain tax positions	5			(5)			(1)
Other - net	(6)			3			—
Actual tax expense	$	150		$	88		$	21
Effective tax rate(a)	27.5		%	27.1		%	26.2		%

(a) Figures in the table above are rounded to the nearest million. As a result, a manual recalculation of the effective tax rate using these rounded figures may not agree directly to the Company's actual effective tax rate shown in the table.

Summary of Income Tax Contingencies [Table Text Block]

The Company has identified its federal tax return and its state tax returns in Alaska, California, Hawai'i, and Oregon as “major” tax jurisdictions. A summary of the Company's jurisdictions and the periods that are subject to examination are as follows:

Jurisdiction	Period
Federal	2021 to 2023
Alaska	2019 to 2023
California	2010 to 2023
Hawai'i	2020 to 2023
Oregon	2015 to 2023

Schedule of Unrecognized Tax Benefits Roll Forward

Changes in the liability for gross unrecognized tax benefits during 2024, 2023 and 2022 are as follows:

(in millions)	2024		2023		2022
Balance at January 1	$	25	$	21	$	41
Additions related to prior years	1		—		—
Releases related to prior years	—		—		(1)
Additions related to current year activity	5		9		1
Releases due to settlements	—		(3)		(20)
Additions from acquisition	5		—		—
Releases due to lapse of statute of limitations	—		(2)		—
Balance at December 31	$	36	$	25	$	21