DEBT (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt obligations on the unaudited condensed consolidated balance sheets:

(in millions)	June 30, 2025			December 31, 2024
Fixed-rate notes payable due through 2037	$	127		$	56
Fixed-rate PSP notes payable due through 2031	629			688
Fixed-rate EETCs payable due through 2027	801			864
Fixed-rate Japanese Yen denominated notes payable due through 2031	61			88
Variable-rate PSP notes payable due through 2030	61			—
Variable-rate notes payable due through 2037	1,316			1,283
Loyalty financing, variable-rate term loan facility due through 2031	746			750
Loyalty financing, fixed-rate notes due through 2031	1,250			1,250
Less debt issuance costs	(43)			(46)
Total debt	4,948			4,933
Less current portion	500			442
Long-term debt, less current portion	$	4,448		$	4,491
Weighted-average fixed-interest rate	4.0		%	3.9		%
Weighted-average variable-interest rate	6.0		%	6.3		%

Schedule of Maturities of Long-term Debt

At June 30, 2025, debt principal payments for the next five years and thereafter are as follows:

(in millions)	Total
Remainder of 2025	$	217
2026	520
2027	719
2028	241
2029	795
Thereafter	2,525
Total Principal Payments(a)	$	5,017

(a) The Company recognized the long-term debt assumed in the Hawaiian acquisition at fair value as of the acquisition date. As a result, the amount in the unaudited condensed consolidated balance sheets will not equal the total balance of remaining principal payments presented in this table.