DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt obligations on the condensed consolidated balance sheets:

(in millions)	June 30, 2026			December 31, 2025
Fixed-rate notes payable due through 2038	$	212		$	115
Fixed-rate PSP notes payable due through 2031	—			630
Fixed-rate EETCs payable due through 2027	549			715
Fixed-rate Japanese Yen denominated notes payable due through 2031	45			51
Fixed-rate unsecured notes payable due through 2031	500			—
Variable-rate Japanese Yen denominated notes payable due through 2033	136			149
Variable-rate PSP notes payable due through 2031	683			62
Variable-rate notes payable due through 2038	1,489			1,639
Loyalty financing, variable-rate term loan facility due through 2033	1,239			743
Loyalty financing, fixed-rate notes due through 2031	1,250			1,250
Less debt issuance costs	(55)			(45)
Total debt	6,048			5,309
Less current portion	324			540
Long-term debt, less current portion	$	5,724		$	4,769
Weighted-average fixed-interest rate	5.2		%	3.9		%
Weighted-average variable-interest rate	5.3		%	5.2		%

Schedule of Maturities of Long-term Debt

At June 30, 2026, debt principal payments for the next five years and thereafter are as follows:

(in millions)	Total
Remainder of 2026	$	171
2027	780
2028	345
2029	893
2030	284
Thereafter	3,650
Total Principal Payments(a)	$	6,123

(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.