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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023, and December 31, 2022:

  Fair value measurements at reporting date using:
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputs
DescriptionDecember 31, 2023(Level 1)(Level 2)(Level 3)
Assets(in millions)
Cash equivalents:
Cash equivalents (a)$9,032 $9,032 $— $— 
Commercial paper135 — 135 — 
Certificates of deposit21 — 21 — 
Time deposits100 — 100 — 
Short-term investments:
Treasury bills1,983 1,983 — — 
Certificates of deposit203 — 203 — 
Fuel derivatives:
Option contracts (b)223 — — 223 
Equity Securities280 280 — — 
Total assets$11,977 $11,295 $459 $223 
(a) Cash equivalents are primarily composed of money market investments and treasury bills.
(b) In the Consolidated Balance Sheet amounts are presented as an asset. See Note 11.

  Fair value measurements at reporting date using:
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputs
DescriptionDecember 31, 2022(Level 1)(Level 2)(Level 3)
Assets(in millions)
Cash equivalents:
Cash equivalents (a)$9,040 $9,040 $— $— 
Commercial paper179 — 179 — 
Certificates of deposit23 — 23 — 
Time deposits250— 250— 
Short-term investments:
Treasury bills2,226 2,226 — — 
Certificates of deposit124 — 124 — 
Time deposits450 — 450 — 
Fuel derivatives:
Option contracts (b)512 — — 512 
Interest rate derivatives (see Note 11)$14 $— $14 $— 
Equity Securities235 235 — — 
Total assets$13,053 $11,501 $1,040 $512 
(a) Cash equivalents are primarily composed of money market investments.
(b) In the Consolidated Balance Sheet amounts are presented as an asset. See Note 11.
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation The following tables present the Company’s activity for items measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for 2023 and 2022:
Fair value measurements using significant unobservable inputs (Level 3)
(in millions)Fuel derivatives
Balance as of December 31, 2022$512 
Total gains (losses) for the period
Included in earnings17 (a)
Included in other comprehensive income(312)
Purchases273 (b)
Settlements(267)
Balance as of December 31, 2023$223 
The amount of total losses for the period included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held as of December 31, 2023$209 
(a) Included in Other (gains) losses, net, within the Consolidated Statement of Income.
(b) The purchase of fuel derivatives is recorded on a gross basis based on the structure of the derivative instrument and whether a contract with multiple derivatives was purchased as a single instrument or separate instruments.

Fair value measurements using significant unobservable inputs (Level 3)
(in millions)Fuel derivatives
Balance as of December 31, 2021$696 
Total gains for the period
Included in earnings41 (a)
Included in other comprehensive income645 
Purchases79 (b)
Settlements(949)
Balance as of December 31, 2022$512 
The amount of total gains for the period included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held as of December 31, 2022$122 
(a) Included in Other (gains) losses, net, within the Consolidated Statement of Income.
(b) The purchase and sale of fuel derivatives is recorded on a gross basis based on the structure of the derivative instrument and whether a contract with multiple derivatives was purchased as a single instrument or separate instruments.
Fair Value Valuation Techniques
The following table presents a range and weighted average of the unobservable inputs utilized in the fair value measurements of the Company’s fuel derivatives classified as Level 3 as of December 31, 2023:

Quantitative information about Level 3 fair value measurements
 Valuation techniqueUnobservable inputPeriod (by year)RangeWeighted Average (a)
Fuel derivativesOption modelImplied volatility2024
20-41%
31 %
2025
26-28%
27 %
2026
26-27%
26 %
(a) Implied volatility weighted by the notional amount (barrels of underlying commodity) that will settle in respective period.
Fair value, by Balance Sheet Grouping
The carrying amounts and estimated fair values of the Company’s short-term and long-term debt (including current maturities), as well as the applicable fair value hierarchy tier, as of December 31, 2023, are presented in the table below. The fair values of the Company’s publicly held long-term debt are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized these agreements as Level 2. All privately held debt agreements are categorized as Level 3. The Company has determined the estimated fair value of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable. The Company utilizes indicative pricing from counterparties and a discounted cash flow method to estimate the fair value of the Level 3 items.

(in millions) Carrying valueEstimated fair valueFair value level hierarchy
5.25% Notes due 2025
1,302 1,303 Level 2
1.25% Convertible Notes due 2025
1,611 1,640 Level 2
3.00% Notes due 2026
300 285 Level 2
7.375% Debentures due 2027
111 117 Level 2
3.45% Notes due 2027
300 284 Level 2
5.125% Notes due 2027
1,727 1,737 Level 2
2.625% Notes due 2030
500 438 Level 2
1.000% Payroll Support Program Loan due 2030 (a)
976 932 Level 3
1.000% Payroll Support Program Loan due 2031 (a)
566 522 Level 3
1.000% Payroll Support Program Loan due 2031 (a)
526 481 Level 3
(a) The interest rate will change to Secured Overnight Financing Rate plus two percent on the fifth anniversary of the loans.