DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt obligations on the condensed consolidated balance sheets:

(in millions)	March 31, 2026			December 31, 2025
Fixed-rate notes payable due through 2038	$	220		$	115
Fixed-rate PSP notes payable due through 2031	161			630
Fixed-rate EETCs payable due through 2027	549			715
Fixed-rate Japanese Yen denominated notes payable due through 2031	47			51
Variable-rate Japanese Yen denominated notes payable due through 2033	143			149
Variable-rate PSP notes payable due through 2031	521			62
Variable-rate notes payable due through 2037	1,490			1,639
Loyalty financing, variable-rate term loan facility due through 2031	741			743
Loyalty financing, fixed-rate notes due through 2031	1,250			1,250
Less debt issuance costs	(43)			(45)
Total debt	5,079			5,309
Less current portion	319			540
Long-term debt, less current portion	$	4,760		$	4,769
Weighted-average fixed-interest rate	4.6		%	3.9		%
Weighted-average variable-interest rate	5.2		%	5.2		%

Schedule of Maturities of Long-term Debt

At March 31, 2026, debt principal payments for the next five years and thereafter are as follows:

(in millions)	Total
Remainder of 2026	$	230
2027	773
2028	337
2029	886
2030	276
Thereafter	2,641
Total Principal Payments(a)	$	5,143

(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 condensed consolidated balance sheets will not equal the total balance of remaining principal payments presented in this table.