DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt obligations on the unaudited condensed consolidated balance sheets:

(in millions)	September 30, 2025			December 31, 2024
Fixed-rate notes payable due through 2037	$	121		$	56
Fixed-rate PSP notes payable due through 2031	630			688
Fixed-rate EETCs payable due through 2027	714			864
Fixed-rate Japanese Yen denominated notes payable due through 2031	56			88
Variable-rate PSP notes payable due through 2030	62			—
Variable-rate notes payable due through 2037	1,476			1,283
Loyalty financing, variable-rate term loan facility due through 2031	744			750
Loyalty financing, fixed-rate notes due through 2031	1,250			1,250
Less debt issuance costs and other	(44)			(46)
Total debt	5,009			4,933
Less current portion	519			442
Long-term debt, less current portion	$	4,490		$	4,491
Weighted-average fixed-interest rate	3.9		%	3.9		%
Weighted-average variable-interest rate	5.9		%	6.3		%

Schedule of Maturities of Long-term Debt

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

(in millions)	Total
Remainder of 2025	$	65
2026	522
2027	728
2028	291
2029	838
Thereafter	2,633
Total Principal Payments(a)	$	5,077

(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.