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FINANCIAL DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions The following table provides information about the Company’s volume of fuel hedging on an economic basis:
Maximum fuel hedged as of
December 31, 2023Derivative underlying commodity type as of
Period (by year)(gallons in millions) (a)December 31, 2023
20241,265 WTI crude oil and Brent crude oil
20251,033 Brent crude oil
2026358 Brent crude oil
(a) Due to the types of derivatives utilized by the Company and different price levels of those contracts, these volumes represent the maximum economic hedge in place and may vary significantly as market prices and the Company's flight schedule fluctuate.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The following table presents the location of all assets and liabilities associated with the Company’s derivative instruments within the Consolidated Balance Sheet:
  Asset derivativesLiability derivatives
 Balance SheetFair value atFair value atFair value atFair value at
(in millions)location12/31/202312/31/202212/31/202312/31/2022
Derivatives designated as hedges (a)    
Fuel derivative contracts (gross)Prepaid expenses and other current assets$86 $352 $— $— 
Fuel derivative contracts (gross)Other assets137 160 — — 
Interest rate derivative contractsOther assets— 14 — — 
Total derivatives designated as hedges$223 $526 $— $— 
(a) Represents the position of each trade before consideration of offsetting positions with each counterparty and does not include the impact of cash collateral deposits provided to or received from counterparties. See discussion of credit risk and collateral following in this Note.
Offsetting Assets
In addition, the Company had the following amounts associated with fuel derivative instruments and hedging activities in its Consolidated Balance Sheet:
 Balance SheetDecember 31,December 31,
(in millions)location20232022
Cash collateral deposits held from counterparties for fuel contracts - currentOffset against Prepaid expenses and other current assets$15 $106 
Cash collateral deposits held from counterparties for fuel contracts - noncurrentOffset against Other assets35 — 
Receivable from third parties for fuel contractsAccounts and other receivables12 34 
The Company had the following recognized financial assets and financial liabilities resulting from those transactions that meet the scope of the disclosure requirements as necessitated by applicable accounting guidance for balance sheet offsetting:

Offsetting of derivative assets
(in millions)
(i)(ii)(iii) = (i) + (ii)(i)(ii)(iii) = (i) + (ii)
December 31, 2023December 31, 2022
DescriptionBalance Sheet locationGross amounts of recognized assetsGross amounts offset in the Balance SheetNet amounts of assets presented in the Balance SheetGross amounts of recognized assetsGross amounts offset in the Balance SheetNet amounts of assets presented in the Balance Sheet
Fuel derivative contractsPrepaid expenses and other current assets$86 $(15)(b)$71 $352 $(106)$246 
Fuel derivative contractsOther assets$137 $(35)$102 (a)$160 $— $160 (a)
Interest rate derivative contractsOther assets$— $— $— (a)$14 $— $14 (a)
(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the Consolidated Balance Sheet in Note 16.
Offsetting Liabilities
Offsetting of derivative liabilities
(in millions)
(i)(ii)(iii) = (i) + (ii)(i)(ii)(iii) = (i) + (ii)
December 31, 2023December 31, 2022
DescriptionBalance Sheet locationGross amounts of recognized liabilitiesGross amounts offset in the Balance SheetNet amounts of liabilities presented in the Balance SheetGross amounts of recognized liabilitiesGross amounts offset in the Balance SheetNet amounts of liabilities presented in the Balance Sheet
Fuel derivative contractsPrepaid expenses and other current assets$15 $(15)(b)$— $106 $(106)$— 
Fuel derivative contractsOther assets$35 $(35)$— (a)$— $— $— (a)

(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the Consolidated Balance Sheet in Note 16.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables present the impact of derivative instruments and their location within the Consolidated Statement of Income for the years ended December 31, 2023 and 2022:
Location and amount recognized in income on cash flow hedging relationships
Year ended December 31, 2023Year ended December 31, 2022
(in millions)Fuel and oilOther operating expensesFuel and oilOther operating expenses
Total$(128)$7 $(832)$7 
(Gain) loss on cash flow hedging relationships
Commodity contracts:
Amount of gain reclassified from AOCI into income(128)— (832)— 
Interest contracts:
Amount of loss reclassified from AOCI into income— 7 — 7 

Derivatives designated and qualified in cash flow hedging relationships
 (Gain) Loss recognized in AOCI on derivatives, net of tax
 Year ended
 December 31,
(in millions)2023 2022
Fuel derivative contracts$238 $(494)
Interest rate derivatives(7)(14)
Total$231  $(508)
Derivative Instruments, Gain (Loss)
Derivatives not designated as hedges
 (Gain) Loss recognized in income on derivatives 
  
 Year ended
 December 31,Location of (gain) loss recognized in income on derivatives
(in millions)20232022
Fuel derivative contracts$(17)$(41)Other (gains) losses, net
Premiums Paid for Fuel Derivative Contracts The following table presents the impact of premiums paid (received) for fuel derivative contracts and their location within the Consolidated Statement of Income during the period the contract settles:
 Premium (benefit) expense recognized in income on derivatives  
  
 Year ended December 31,Location of premium (benefit) expense recognized in income on derivatives
 
(in millions)202320222021
Fuel derivative contracts designated as hedges$121 $105 $57 Fuel and oil
Fuel derivative contracts not designated as hedges$— $(28)$43 Other (gains) losses, net
Fair Values of Fuel Derivatives, Amounts Posted as Collateral, and Collateral Posting Threshold Amounts
The following table provides the fair values of fuel derivatives, amounts posted as collateral, and applicable collateral posting threshold amounts as of December 31, 2023, at which such postings are triggered:
 Counterparty (CP) 
(in millions)ABCDEFGHTotal
Fair value of fuel derivatives$53 $21 $36 $10 $39 $15 $31 $18 $223 
Cash collateral held from CP50 — — — — — — — 50 
Option to substitute LC for cashN/AN/A
(a)
(a)
(a)
N/A(a)N/A 
If credit rating is investment
grade, fair value of fuel
derivative level at which:		      
Cash is provided to CP
>(100)
>(50)
>(75)
>(125)
>(40)
>(65)
>(100)
>(100)
 
Cash is received from CP
>0(b)
>150(b)
>250(b)
>125(b)
>100(b)
>70(b)
>100(b)
>100(b)
 
If credit rating is non-investment
grade, fair value of fuel derivative
level at which:		      
Cash is received from CP
 (c)
 (c)
 (c)
 (c)
 (c)
 (c)
(c)
 (c)
 
(a) The Company has the option to substitute letters of credit for 100 percent of cash collateral requirement.
(b) Thresholds may vary based on changes in credit ratings within investment grade.
(c) Cash collateral is provided at 100 percent of fair value of fuel derivative contracts.