Cover
Cover | 9 Months Ended |
Sep. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2021 |
Document Transition Report | false |
Entity File Number | 001-5424 |
Entity Registrant Name | DELTA AIR LINES, INC. |
Entity Central Index Key | 0000027904 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 58-0218548 |
Entity Address, Address Line One | Post Office Box 20706 |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30320-6001 |
City Area Code | 404 |
Local Phone Number | 715-2600 |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Trading Symbol | DAL |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 640,013,818 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 8,785 | $ 8,307 |
Short-term investments | 4,417 | 5,789 |
Accounts receivable, net of an allowance for uncollectible accounts of $78 and $89 | 2,183 | 1,396 |
Fuel inventory | 641 | 377 |
Expendable parts and supplies inventories, net of an allowance for obsolescence of $174 and $188 | 371 | 355 |
Prepaid expenses and other | 1,074 | 1,180 |
Total current assets | 17,471 | 17,404 |
Noncurrent Assets: | ||
Property and equipment, net of accumulated depreciation and amortization of $18,693 and $17,511 | 27,816 | 26,529 |
Operating lease right-of-use assets | 5,827 | 5,733 |
Goodwill | 9,753 | 9,753 |
Identifiable intangibles, net of accumulated amortization of $890 and $883 | 6,004 | 6,011 |
Cash restricted for airport construction | 713 | 1,556 |
Equity investments | 1,919 | 1,665 |
Deferred income taxes, net | 1,813 | 1,988 |
Other noncurrent assets | 1,467 | 1,357 |
Total noncurrent assets | 55,312 | 54,592 |
Total assets | 72,783 | 71,996 |
Current Liabilities: | ||
Current maturities of debt and finance leases | 2,296 | 1,732 |
Current maturities of operating leases | 636 | 678 |
Accounts payable | 4,017 | 2,840 |
Accrued salaries and related benefits | 2,198 | 2,086 |
Fuel card obligation | 1,100 | 1,100 |
Other accrued liabilities | 1,812 | 1,670 |
Total current liabilities | 20,924 | 15,927 |
Noncurrent Liabilities: | ||
Debt and finance leases | 25,523 | 27,425 |
Pension, postretirement and related benefits | 8,408 | 10,630 |
Noncurrent operating leases | 5,742 | 5,713 |
Other noncurrent liabilities | 4,613 | 4,862 |
Total noncurrent liabilities | 49,253 | 54,535 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 649,758,099 and 647,352,203 shares issued | 0 | 0 |
Additional paid-in capital | 11,428 | 11,259 |
Retained earnings/(accumulated deficit) | 259 | (428) |
Accumulated other comprehensive loss | (8,800) | (9,038) |
Treasury stock, at cost, 9,744,281 and 9,169,683 shares | (281) | (259) |
Total stockholders' equity | 2,606 | 1,534 |
Total liabilities and stockholders' equity | 72,783 | 71,996 |
Air traffic | ||
Current Liabilities: | ||
Deferred revenue liability, current | 6,246 | 4,044 |
Noncurrent Liabilities: | ||
Deferred revenue liability, noncurrent | 130 | 500 |
Loyalty program | ||
Current Liabilities: | ||
Deferred revenue liability, current | 2,619 | 1,777 |
Noncurrent Liabilities: | ||
Deferred revenue liability, noncurrent | $ 4,837 | $ 5,405 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Allowance for uncollectible accounts | $ 78 | $ 89 |
Allowance for obsolescence | 174 | 188 |
Noncurrent Assets: | ||
Accumulated depreciation and amortization | 18,693 | 17,511 |
Accumulated amortization | $ 890 | $ 883 |
Stockholders' Equity: | ||
Common stock, par value (USD per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (shares) | 1,500,000,000 | 1,500,000,000 |
Common stock, issued (shares) | 649,758,099 | 647,352,203 |
Treasury stock, at cost (shares) | 9,744,281 | 9,169,683 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Revenue: | ||||
Total operating revenue | $ 9,154 | $ 3,062 | $ 20,429 | $ 13,122 |
Operating Expense: | ||||
Salaries and related costs | 2,566 | 2,012 | 7,096 | 7,000 |
Aircraft fuel and related taxes | 1,552 | 486 | 4,056 | 2,453 |
Ancillary businesses and refinery | 1,079 | 561 | 2,724 | 1,181 |
Contracted services | 634 | 419 | 1,723 | 1,536 |
Depreciation and amortization | 501 | 545 | 1,494 | 1,813 |
Landing fees and other rents | 524 | 458 | 1,477 | 1,430 |
Regional carrier expense | 453 | 290 | 1,258 | 1,204 |
Aircraft maintenance materials and outside repairs | 433 | 106 | 1,014 | 618 |
Passenger commissions and other selling expenses | 308 | 100 | 640 | 548 |
Passenger service | 226 | 92 | 520 | 456 |
Aircraft rent | 105 | 99 | 313 | 295 |
Restructuring charges | 33 | 5,345 | (3) | 7,798 |
Government grant recognition | (1,822) | (1,315) | (4,512) | (2,595) |
Other | 357 | 250 | 1,006 | 996 |
Total operating expense | 6,949 | 9,448 | 18,806 | 24,733 |
Operating Income/(Loss) | 2,205 | (6,386) | 1,623 | (11,611) |
Non-Operating Expense: | ||||
Interest expense, net | (314) | (291) | (1,014) | (564) |
Impairments and equity method losses | (49) | (114) | (102) | (2,432) |
Gain/(loss) on investments, net | (223) | (95) | 251 | (199) |
Loss on extinguishment of debt | (183) | 0 | (266) | 0 |
Miscellaneous, net | 96 | 27 | 301 | 327 |
Total non-operating expense, net | (673) | (473) | (830) | (2,868) |
Income/(Loss) Before Income Taxes | 1,532 | (6,859) | 793 | (14,479) |
Income Tax (Provision)/Benefit | (320) | 1,480 | (105) | 2,849 |
Net Income/(Loss) | $ 1,212 | $ (5,379) | $ 688 | $ (11,630) |
Basic Earnings/(Loss) Per Share (USD per share) | $ 1.90 | $ (8.47) | $ 1.08 | $ (18.30) |
Diluted Earnings/(Loss) Per Share (USD per share) | 1.89 | (8.47) | 1.07 | (18.30) |
Cash Dividends Declared Per Share (USD per share) | $ 0 | $ 0 | $ 0 | $ 0.40 |
Comprehensive Income/(Loss) | $ 1,294 | $ (5,381) | $ 926 | $ (11,580) |
Passenger | ||||
Operating Revenue: | ||||
Total operating revenue | 7,191 | 1,938 | 15,278 | 10,185 |
Cargo | ||||
Operating Revenue: | ||||
Total operating revenue | 262 | 142 | 728 | 403 |
Other | ||||
Operating Revenue: | ||||
Total operating revenue | $ 1,701 | $ 982 | $ 4,423 | $ 2,534 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net Cash Provided by/(Used in) Operating Activities | ||
Net Cash Provided by/(Used in) Operating Activities | $ 2,708 | $ (2,507) |
Property and equipment additions: | ||
Flight equipment, including advance payments | (961) | (594) |
Ground property and equipment, including technology | (1,068) | (757) |
Proceeds from sale-leaseback transactions | 0 | 465 |
Purchase of short-term investments | (10,799) | (8,700) |
Redemption of short-term investments | 12,158 | 3,654 |
Purchase of equity investments | 0 | (2,099) |
Other, net | 252 | (159) |
Net cash used in investing activities | (418) | (8,190) |
Cash Flows from Financing Activities: | ||
Proceeds from short-term obligations | 0 | 3,261 |
Proceeds from long-term obligations | 1,902 | 22,481 |
Proceeds from sale-leaseback transactions | 0 | 2,306 |
Payments on debt and finance lease obligations | (4,685) | (2,318) |
Repurchase of common stock | 0 | (344) |
Cash dividends | 0 | (260) |
Fuel card obligation | 0 | 364 |
Other, net | 98 | (177) |
Net cash (used in)/provided by financing activities | (2,685) | 25,313 |
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash Equivalents | (395) | 14,616 |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 10,055 | 3,730 |
Cash, cash equivalents and restricted cash equivalents at end of period | 9,660 | 18,346 |
Non-Cash Transactions: | ||
Flight and ground equipment acquired under finance leases | 904 | 347 |
Right-of-use assets acquired under operating leases | 536 | 1,062 |
Other financings | 240 | 115 |
Current Assets: | ||
Cash and cash equivalents | 8,785 | 16,477 |
Restricted cash included in prepaid expenses and other | 162 | 189 |
Noncurrent Assets: | ||
Cash restricted for airport construction | 713 | 1,680 |
Total cash, cash equivalents and restricted cash equivalents | $ 9,660 | $ 18,346 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings / (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Treasury Stock | |
Beginning balance at Dec. 31, 2019 | $ 15,358 | $ 0 | $ 11,129 | $ 12,454 | $ (7,989) | $ (236) | |
Beginning balance (shares) at Dec. 31, 2019 | 652 | 9 | |||||
Net income/(loss) | (534) | (534) | |||||
Dividends declared | (257) | (257) | |||||
Other comprehensive income (loss) | 91 | 91 | |||||
Common stock issued for employee equity awards | [1] | (5) | 29 | $ (34) | |||
Common stock issued for employee equity awards (shares) | [1] | 1 | 1 | ||||
Stock purchased and retired | (344) | (104) | (240) | ||||
Stock purchased and retired (shares) | (6) | ||||||
Ending balance at Mar. 31, 2020 | 14,309 | $ 0 | 11,054 | 11,423 | (7,898) | $ (270) | |
Ending balance (shares) at Mar. 31, 2020 | 647 | 10 | |||||
Beginning balance at Dec. 31, 2019 | 15,358 | $ 0 | 11,129 | 12,454 | (7,989) | $ (236) | |
Beginning balance (shares) at Dec. 31, 2019 | 652 | 9 | |||||
Net income/(loss) | (11,630) | ||||||
Ending balance at Sep. 30, 2020 | 3,357 | $ 0 | 11,241 | 327 | (7,939) | $ (272) | |
Ending balance (shares) at Sep. 30, 2020 | 647 | 10 | |||||
Beginning balance at Mar. 31, 2020 | 14,309 | $ 0 | 11,054 | 11,423 | (7,898) | $ (270) | |
Beginning balance (shares) at Mar. 31, 2020 | 647 | 10 | |||||
Net income/(loss) | (5,717) | (5,717) | |||||
Other comprehensive income (loss) | (39) | (39) | |||||
Common stock issued for employee equity awards | [1] | 37 | 38 | $ (1) | |||
Common stock issued for employee equity awards (shares) | [1] | 0 | 0 | ||||
Government grant warrant issuance | 100 | 100 | |||||
Ending balance at Jun. 30, 2020 | 8,690 | $ 0 | 11,192 | 5,706 | (7,937) | $ (271) | |
Ending balance (shares) at Jun. 30, 2020 | 647 | 10 | |||||
Net income/(loss) | (5,379) | (5,379) | |||||
Other comprehensive income (loss) | (2) | (2) | |||||
Common stock issued for employee equity awards | [1] | 34 | 35 | $ (1) | |||
Common stock issued for employee equity awards (shares) | [1] | 0 | 0 | ||||
Government grant warrant issuance | 14 | 14 | |||||
Ending balance at Sep. 30, 2020 | 3,357 | $ 0 | 11,241 | 327 | (7,939) | $ (272) | |
Ending balance (shares) at Sep. 30, 2020 | 647 | 10 | |||||
Beginning balance at Dec. 31, 2020 | 1,534 | $ 0 | 11,259 | (428) | (9,038) | $ (259) | |
Beginning balance (shares) at Dec. 31, 2020 | 647 | 9 | |||||
Net income/(loss) | (1,177) | (1,177) | |||||
Other comprehensive income (loss) | 78 | 78 | |||||
Common stock issued for employee equity awards | [2] | 3 | 23 | $ (20) | |||
Common stock issued for employee equity awards (shares) | [2] | 2 | 1 | ||||
Government grant warrant issuance | 44 | 44 | |||||
Ending balance at Mar. 31, 2021 | 482 | $ 0 | 11,326 | (1,605) | (8,960) | $ (279) | |
Ending balance (shares) at Mar. 31, 2021 | 649 | 10 | |||||
Beginning balance at Dec. 31, 2020 | 1,534 | $ 0 | 11,259 | (428) | (9,038) | $ (259) | |
Beginning balance (shares) at Dec. 31, 2020 | 647 | 9 | |||||
Ending balance at Jun. 30, 2021 | 1,281 | $ 0 | 11,396 | (953) | (8,882) | $ (280) | |
Ending balance (shares) at Jun. 30, 2021 | 650 | 10 | |||||
Beginning balance at Dec. 31, 2020 | 1,534 | $ 0 | 11,259 | (428) | (9,038) | $ (259) | |
Beginning balance (shares) at Dec. 31, 2020 | 647 | 9 | |||||
Net income/(loss) | 688 | ||||||
Ending balance at Sep. 30, 2021 | 2,606 | $ 0 | 11,428 | 259 | (8,800) | $ (281) | |
Ending balance (shares) at Sep. 30, 2021 | 650 | 10 | |||||
Beginning balance at Mar. 31, 2021 | 482 | $ 0 | 11,326 | (1,605) | (8,960) | $ (279) | |
Beginning balance (shares) at Mar. 31, 2021 | 649 | 10 | |||||
Net income/(loss) | 652 | 652 | |||||
Other comprehensive income (loss) | 78 | 78 | |||||
Common stock issued for employee equity awards | [2] | 27 | 28 | $ (1) | |||
Common stock issued for employee equity awards (shares) | [2] | 1 | 0 | ||||
Government grant warrant issuance | 42 | 42 | |||||
Ending balance at Jun. 30, 2021 | 1,281 | $ 0 | 11,396 | (953) | (8,882) | $ (280) | |
Ending balance (shares) at Jun. 30, 2021 | 650 | 10 | |||||
Net income/(loss) | 1,212 | 1,212 | |||||
Other comprehensive income (loss) | 82 | 82 | |||||
Common stock issued for employee equity awards | [2] | 31 | 32 | $ (1) | |||
Common stock issued for employee equity awards (shares) | [2] | 0 | 0 | ||||
Ending balance at Sep. 30, 2021 | $ 2,606 | $ 0 | $ 11,428 | $ 259 | $ (8,800) | $ (281) | |
Ending balance (shares) at Sep. 30, 2021 | 650 | 10 | |||||
[1] | Treasury shares were withheld for payment of taxes, at a weighted average price per share of $56.48, $25.56 and $28.29 in the March 2020 quarter, June 2020 quarter and September 2020 quarter, respectively. | ||||||
[2] | Treasury shares were withheld for payment of taxes, at a weighted average price per share of $38.35, $46.21 and $43.48 in the March 2021 quarter, June 2021 quarter and September 2021 quarter, respectively. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share) | $ 43.48 | $ 46.21 | $ 38.35 | $ 28.29 | $ 25.56 | $ 56.48 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2020. Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented. Due to impacts from the COVID-19 pandemic and the uncertain pace of recovery, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of operating results for the entire year. We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes. Regional Carrier Expense We previously allocated certain costs (such as landing fees and other rents, salaries and related costs and contracted services) to regional carrier expense in our Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) ("income statement") based on relevant statistics (such as passenger counts). Beginning in the March 2021 quarter we ceased performing this allocation and have reclassified the costs presented in prior periods to align with this presentation. This reclassification better reflects the nature of, and how management views, these regional carrier related expenses. This allocation was approximately $900 million in 2020, including approximately $200 million in the September 2020 quarter, and $1.4 billion in 2019, including approximately $360 million in the September 2019 quarter. The remaining amounts in regional carrier expense represent the accrual of payments to our regional carriers under capacity purchase agreements and the expenses of our wholly owned regional subsidiary, Endeavor Air, Inc. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Passenger Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Ticket $ 6,237 $ 1,634 $ 13,067 $ 8,712 Loyalty travel awards 544 143 1,213 731 Travel-related services 410 161 998 742 Total passenger revenue $ 7,191 $ 1,938 $ 15,278 $ 10,185 We recognized approximately $1.8 billion and $3.0 billion in passenger revenue during the nine months ended September 30, 2021 and 2020, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods. In the March 2021 quarter, we announced the extension of the validity of all passenger tickets and travel credits purchased or expiring in 2021 to December 31, 2022. Additionally, with the exception of Basic Economy tickets, we eliminated change fees for tickets originating in North America and waived change fees for those originating outside of North America. We also implemented a waiver that allows Basic Economy tickets purchased for travel in 2021, which are normally non-changeable, to be changed without paying a fee regardless of origin or destination. We estimate the value of tickets that will expire unused (“breakage”) and recognize revenue at the scheduled flight date. Our breakage estimates are primarily based on historical experience, ticket contract terms and customers’ travel behavior. Given the change in ticket validity terms made in 2021 and the uncertainty caused by the COVID-19 pandemic, our estimates of revenue that will be recognized from the air traffic liability for unused tickets may vary in future periods. Other Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Refinery $ 872 $ 417 $ 2,189 $ 709 Loyalty program 453 343 1,260 1,086 Ancillary businesses 215 155 586 476 Miscellaneous 161 67 388 263 Total other revenue $ 1,701 $ 982 $ 4,423 $ 2,534 Refinery. This represents refinery sales to third parties, which are at or near cost; accordingly, the margin on these sales is de minimis . Loyalty Program. Our SkyMiles loyalty program allows customers to earn mileage credits ("miles") by flying on Delta, Delta Connection and other airlines that participate in the loyalty program. Customers can also earn miles through participating companies, such as credit card companies, hotels, car rental agencies and ridesharing companies, who purchase miles from us. Our most significant contract to sell miles relates to our co-brand credit card relationship with American Express. During the nine months ended September 30, 2021 and 2020, total cash sales from marketing agreements related to our loyalty program were $2.9 billion and $2.2 billion, respectively, which are allocated to travel and other performance obligations. Ancillary Businesses. Ancillary businesses includes aircraft maintenance services we provide to third parties and our vacation wholesale operations. Current Activity of the Loyalty Program. Miles are combined in one homogeneous pool and are not separately identifiable. Therefore, revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period as well as miles that were issued during the period. The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements. Loyalty program activity (in millions) 2021 2020 Balance at January 1 $ 7,182 $ 6,728 Miles earned 1,541 1,132 Miles redeemed for air travel (1,213) (731) Miles redeemed for non-air travel and other (54) (40) Balance at September 30 $ 7,456 $ 7,089 The timing of mile redemptions can vary widely; however, the majority of miles have historically been redeemed within two years of being earned. Revenue by Geographic Region Operating revenue for the airline segment is recognized in a specific geographic region based on the origin, flight path and destination of each flight segment. A significant portion of the refinery segment's revenues typically consists of fuel sales to support the airline, which is eliminated in the Condensed Consolidated Financial Statements. The remaining operating revenue for the refinery segment is included in the domestic region. Our passenger and operating revenue by geographic region is summarized in the following tables: Passenger revenue by geographic region Passenger Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Domestic $ 5,759 $ 1,647 $ 12,517 $ 7,812 Atlantic 730 132 1,160 1,014 Latin America 564 97 1,313 879 Pacific 138 62 288 480 Total $ 7,191 $ 1,938 $ 15,278 $ 10,185 Operating revenue by geographic region Operating Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Domestic $ 7,311 $ 2,585 $ 16,572 $ 10,116 Atlantic 954 240 1,688 1,353 Latin America 653 126 1,620 1,015 Pacific 236 111 549 638 Total $ 9,154 $ 3,062 $ 20,429 $ 13,122 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Assets Measured at Fair Value on a Recurring Basis (in millions) September 30, Level 1 Level 2 Level 3 Cash equivalents $ 6,098 $ 6,098 $ — $ — Restricted cash equivalents 874 874 — — Short-term investments 4,417 2,291 2,126 — Long-term investments 1,659 1,525 37 97 (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 5,755 $ 5,755 $ — $ — Restricted cash equivalents 1,747 1,747 — — Short-term investments 5,789 3,919 1,870 — Long-term investments 1,417 948 38 431 Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents are recorded in prepaid expenses and other and cash restricted for airport construction on our Consolidated Balance Sheet ("balance sheet"). Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to proceeds from debt issued to finance, among other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport. The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets. Short-Term Investments. Short-term investments consist of U.S. government and agency securities. The fair values of these investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information. As of September 30, 2021, the estimated fair value of our short-term investments was $4.4 billion. Of these investments, $3.7 billion are expected to mature in one year or less, with the remainder maturing by the first half of 2023. Investments with maturities beyond one year when purchased are classified as short-term investments if they are expected to be available to support our short-term liquidity needs. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS We have developed strategic relationships with a number of airlines and airline services companies through joint ventures and other forms of cooperation and support, including equity investments. Our equity investments reinforce our commitment to these relationships and generally enhance our ability to offer input to the investee on strategic issues and direction, in some cases through representation on the board of directors. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net in our income statement within non-operating expense and are driven by changes in stock prices, other valuation techniques for investments in companies without publicly-traded shares and foreign currency fluctuations. Our share of Unifi Aviation's financial results is recorded in contracted services in our income statement as this entity is integral to the operations of our business by providing services at our airport locations, while our share of other equity method investees' financial results is recorded in impairments and equity method losses in our income statement under non-operating expense. If an investment accounted for under the equity method experiences a loss in value that is determined to be other than temporary, we will reduce our carrying value of the investment to fair value and record the loss in impairments and equity method losses in our income statement. Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Wheels Up Fair Value 21 % 24 % $ 343 $ 210 Hanjin-KAL Fair Value 13 % 13 % 456 512 Air France-KLM Fair Value 6 % 9 % 184 235 China Eastern Fair Value 3 % 3 % 179 201 CLEAR Fair Value 6 % 6 % 340 120 Unifi Aviation Equity Method 49 % 49 % 167 154 Other investments Various 250 233 Equity investments $ 1,919 $ 1,665 Wheels Up. In July 2021, Wheels Up became a publicly-traded company through a merger with Aspirational Consumer Lifestyle Corp ("Aspirational"). Aspirational subsequently changed its name to Wheels Up Experience Inc. and its common stock trades on the New York Stock Exchange under the symbol UP. We account for our investment under the fair value option and are using the stock price to recognize fair value adjustments beginning in the September 2021 quarter. CLEAR. In the June 2021 quarter, CLEAR completed an initial public offering of Class A common stock, which trades on the New York Stock Exchange under the symbol YOU. We own shares of Alclear Holdings, LLC, which are convertible on a one-to-one basis for the Class A common stock of CLEAR. Our 6% ownership interest is determined on a fully exchanged and converted basis. We account for our investment under the fair value method and are using the stock price to recognize fair value adjustments. Other Investments. This category includes various investments that are accounted for at fair value or under the equity method, depending on our ownership interest and the level of influence conveyed by our investment. Included therein are our investments in Grupo Aeroméxico, LATAM Airlines Group S.A. ("LATAM") and Virgin Atlantic, all of which are undergoing in-court or out-of-court restructurings, and the carrying values of these investments have been reduced to and remain zero as of September 30, 2021. In order to support our relationships with these carriers, we have provided them with strategic and operational assistance through their restructurings. As of September 30, 2021, we had notes payable of approximately $525 million, which were recorded in current maturities of debt and finance leases, and receivables from those carriers recorded within other noncurrent assets, including $185 million related to our option to purchase certain obligations of a lender under Grupo Aeroméxico's restructuring process and that lender’s right to require us to purchase that portion of its obligations. GOL. During 2020, we loaned GOL Linhas Aéreas Inteligentes, the parent company of GOL Linhas Aéreas (operating as GOL), $250 million to be used exclusively to repay the term loan we had previously guaranteed. In the June 2021 quarter, GOL repaid the outstanding balance of this loan in full. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Summary of outstanding debt by category Maturity Interest Rate(s) Per Annum at September 30, December 31, (in millions) Dates September 30, 2021 2021 2020 Unsecured notes 2022 to 2029 2.90% to 7.38% $ 4,460 $ 5,350 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% 3,496 1,648 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2023 to 2028 4.50% and 4.75% 6,000 6,000 SkyMiles Term Loan (1)(2) 2023 to 2027 4.75% 2,865 3,000 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 2,823 3,500 2020 Term Loan n/a n/a — 1,493 2018 Revolving Credit Facility (2) 2022 to 2023 Undrawn — — Financing arrangements secured by aircraft: Certificates (1) 2021 to 2028 2.00% to 8.00% 1,990 2,633 Notes (1)(2) 2021 to 2033 0.70% to 5.75% 1,208 1,284 NYTDC Special Facilities Revenue Bonds, Series 2020 (1) 2026 to 2045 4.00% to 5.00% 1,511 1,511 NYTDC Special Facilities Revenue Bonds, Series 2018 (1) 2022 to 2036 4.00% to 5.00% 1,383 1,383 Other financings (1)(2) 2021 to 2030 2.25% to 8.00% 592 412 Other revolving credit facilities (2) 2022 Undrawn — — Total secured and unsecured debt 26,328 28,214 Unamortized (discount)/premium and debt issue cost, net and other (227) (240) Total debt 26,101 27,974 Less: current maturities (2,024) (1,443) Total long-term debt $ 24,077 $ 26,531 (1) Due in installments. (2) Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor) or another index rate plus a specified margin. Unsecured Payroll Support Program Extension Loans A summary of the amounts received and warrants issued under the initial payroll support program under the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") and the program extensions is set forth in the following table: Summary of payroll support program activity (in millions) Total Grant Loan Number of Warrants Percentage of Outstanding Shares at September 30, 2021 Payroll Support Program (PSP1) $ 5,594 $ 3,946 $ 1,648 6.8 1.1 % Payroll Support Program Extension (PSP2) 3,290 2,333 957 2.4 0.4 % Payroll Support Program 3 (PSP3) 3,069 2,178 891 1.9 0.3 % Total $ 11,953 $ 8,457 $ 3,496 11.1 1.8 % Grants received were recognized in government grant recognition in our income statement over the periods that the funds were intended to compensate. The PSP1 grant was recognized during 2020 and grants received from PSP2 and PSP3 have been fully recognized as of the end of September 2021. Payroll Support Program Extension (PSP2). The Consolidated Appropriations Act, 2021 was enacted on December 27, 2020, and included an extension of the payroll support program created under the CARES Act providing an additional $15 billion in grants and loans to the airline industry. In January 2021, we entered into a payroll support program extension agreement with the U.S. Department of the Treasury. During the six months ended June 30, 2021, we received a total of $3.3 billion in payroll support payments under this extension agreement, which we were required to use exclusively for the payment of employee wages, salaries and benefits and were conditioned on our agreement to refrain from conducting involuntary employee layoffs or furloughs from the date of the extension agreement through March 2021. Other conditions include prohibitions on share repurchases and dividends through March 2022 and certain limitations on executive compensation until October 2022. The Department of Transportation also has the authority until March 1, 2022 to require airlines that received payroll support program funds to maintain scheduled air service deemed necessary to any point served by the airline before March 1, 2020. These support payments consisted of $2.3 billion in a grant and $957 million in an unsecured 10-year low interest loan. In return, we entered into a promissory note for the loan and issued warrants to the U.S. Department of the Treasury to acquire approximately 2.4 million shares of Delta common stock. The loan bears interest at an annual rate of 1.00% for the first five years and the applicable Secured Overnight Financing Rate ("SOFR") plus 2.00% in the final five years. The warrants have an initial exercise price of $39.73 per share, subject to adjustment in certain cases, and a five Payroll Support Program 3 (PSP3). The American Rescue Plan Act of 2021 was enacted on March 11, 2021, and included a further extension of the payroll support program providing an additional $14 billion in grants and loans to the airline industry. In April 2021, we entered into a Payroll Support Program 3 Agreement with the U.S. Department of the Treasury. During the June 2021 quarter, we received a total of $3.1 billion in payroll support payments under this agreement, which we were required to use exclusively for the payment of employee wages, salaries and benefits and was conditioned on our agreement to refrain from conducting involuntary employee layoffs or furloughs from the date of the agreement through September 30, 2021 or the date on which we have expended all of the payroll support, whichever is later. Other conditions include prohibitions on share repurchases and dividends through September 30, 2022 and certain limitations on executive compensation until April 1, 2023. These support payments consisted of $2.2 billion in a grant and $891 million in an unsecured 10-year low interest loan. In return, we entered into a promissory note for the loan and issued warrants to the U.S. Department of the Treasury to acquire approximately 1.9 million shares of Delta common stock. The loan bears interest at an annual rate of 1.00% for the first five years and the applicable SOFR plus 2.00% in the final five years. The warrants have an initial exercise price of $47.80 per share, subject to adjustment in certain cases, and a five 2020 Term Loan In 2020 we entered into a $1.5 billion term loan secured by certain slots, gates and routes. In the March 2021 quarter, we repaid in full the term loan, which was scheduled to mature in April 2023, and incurred a $56 million loss on extinguishment of debt, which is recorded in loss on extinguishment of debt in non-operating expense in our income statement. Enhanced Equipment Trust Certificates ("EETCs") Prepayments In the June 2021 quarter, we repaid in full approximately $450 million of various EETCs which were scheduled to mature between 2022 and 2023, and incurred a $26 million loss on extinguishment of debt, which is recorded in loss on extinguishment of debt in non-operating expense in our income statement. Early Settlement of Outstanding Notes In July 2021, we completed a cash tender offer for an aggregate purchase price of $1.0 billion, excluding accrued and unpaid interest, of our outstanding 7.0% Senior Secured Notes due 2025 (the "2025 Notes"), 7.375% Notes due 2026 (the "2026 Notes") and 4.5% Senior Secured Notes due 2025 (the "2025 SkyMiles Notes"). As a result of the tender offer, we purchased 2025 Notes, included as 2020 Senior Secured Notes in the table above, with principal amount of $677 million for approximately $800 million and 2026 Notes, included in Unsecured Notes in the table above, with principal amount of $169 million for approximately $200 million. We did not purchase any of the 2025 SkyMiles Notes under the tender offer. In addition to the early settlement of the principal amount of the purchased notes, we recorded a loss of $166 million on extinguishment of debt in non-operating expense in our income statement. Throughout the September 2021 quarter we also repurchased $262 million of various secured certificates, unsecured notes and a portion of the SkyMiles Term Loan on the open market. These payments resulted in a $17 million loss on extinguishment of debt. Availability Under Revolving Facilities As of September 30, 2021, we had approximately $2.6 billion undrawn and available under our revolving credit facilities. In addition, we had outstanding letters of credit as of September 30, 2021, including approximately $300 million that reduced the availability under our revolving credit facilities and approximately $300 million that did not affect the availability of our revolving credit facilities. Fair Value of Debt Market risk associated with our fixed- and variable-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and where applicable, underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy. Fair value of outstanding debt (in millions) September 30, December 31, Net carrying amount $ 26,101 $ 27,974 Fair value $ 28,300 $ 29,800 Covenants |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Employee benefit plans net periodic (benefit) cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2021 2020 2021 2020 Three Months Ended September 30, Service cost $ — $ — $ 21 $ 24 Interest cost 146 175 29 30 Expected return on plan assets (381) (343) (9) (11) Amortization of prior service credit — — (2) (2) Recognized net actuarial loss 88 74 15 10 Special termination benefits — — — 1,260 Settlements 1 30 — — Net periodic (benefit) cost $ (146) $ (64) $ 54 $ 1,311 Nine Months Ended September 30, Service cost $ — $ — $ 64 $ 72 Interest cost 437 526 88 86 Expected return on plan assets (1,142) (1,030) (26) (33) Amortization of prior service credit — — (5) (7) Recognized net actuarial loss 266 223 42 32 Special termination benefits — — — 1,260 Settlements 1 33 — — Net periodic (benefit) cost $ (438) $ (248) $ 163 $ 1,410 Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within miscellaneous, net under non-operating expense. We have no minimum funding requirements for our defined benefit pension plans in 2021, however we voluntarily contributed $1.5 billion to these plans in the June 2021 quarter. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $16.9 billion at September 30, 2021. Also, as of September 30, 2021, we had commitments under leases that had not yet commenced of $795 million. These leases will commence between 2021 and 2024 with lease terms ranging from 7 to 12 years. Aircraft purchase commitments (in millions) Total Three months ending December 31, 2021 $ 550 2022 3,670 2023 3,100 2024 3,260 2025 2,880 Thereafter 3,430 Total $ 16,890 Our future aircraft purchase commitments included the following aircraft at September 30, 2021: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-100 4 A220-300 41 A321-200 4 A321-200neo 155 A330-900neo 26 A350-900 (1) 26 B-737-900ER 27 Total 283 (1) Includes six A350-900 lease commitments in 2021 incremental to our order book with Airbus. Aircraft Orders During the June and September 2021 quarters, we agreed with Airbus to add incremental aircraft to our order book by converting options for 55 A321neo aircraft into firm orders and replenishing 25 of our options. We expect to take delivery of our first A321neo in the first half of 2022, with deliveries of these aircraft continuing through 2027. Additionally, we agreed to move up two A350-900 deliveries and one A330-900neo delivery to occur in the second half of 2022. During the June 2021 quarter, we agreed to acquire 29 B-737-900 aircraft and enter into leases for seven A350-900 aircraft. Additionally, during the September 2021 quarter, we agreed to enter into leases for two incremental A350-900 aircraft. We began taking delivery of these preowned aircraft in the September 2021 quarter and deliveries are expected to continue through the first quarter of 2022. Phased entry into service is expected through the summer of 2023. Legal Contingencies We are involved in various legal proceedings related to employment practices, environmental issues, antitrust matters and other matters concerning our business. We record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount of loss can be reasonably estimated. Although the outcome of the legal proceedings in which we are involved cannot be predicted with certainty, we believe that the resolution of current matters will not have a material adverse effect on our Condensed Consolidated Financial Statements. Other Contingencies General Indemnifications We are the lessee under many commercial real estate leases. It is common in these transactions for us, as the lessee, to agree to indemnify the lessor and the lessor's related parties for tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased premises. This type of indemnity would typically make us responsible to indemnified parties for liabilities arising out of the conduct of, among others, contractors, licensees and invitees at, or in connection with, the use or occupancy of the leased premises. This indemnity often extends to related liabilities arising from the negligence of the indemnified parties but usually excludes any liabilities caused by either their sole or gross negligence or their willful misconduct. Our aircraft and other equipment lease and financing agreements typically contain provisions requiring us, as the lessee or obligor, to indemnify the other parties to those agreements, including certain of those parties' related persons, against virtually any liabilities that might arise from the use or operation of the aircraft or other equipment. We believe that our insurance would cover most of our exposure to liabilities and related indemnities associated with the commercial real estate leases and aircraft and other equipment lease and financing agreements described above. While our insurance does not typically cover environmental liabilities, we have insurance policies in place as required by applicable environmental laws. Some of our aircraft and other financing transactions include provisions that require us to make payments to preserve an expected economic return to the lenders if that economic return is diminished due to specified changes in laws or regulations. In some of these financing transactions, we also bear the risk of changes in tax laws that would subject payments to non-U.S. lenders to withholding taxes. We cannot reasonably estimate our potential future payments under the indemnities and related provisions described above because we cannot predict (1) when and under what circumstances these provisions may be triggered and (2) the amount that would be payable if the provisions were triggered because the amounts would be based on facts and circumstances existing at such time. Other We have certain contracts for goods and services that require us to pay a penalty, acquire inventory specific to us or purchase contract-specific equipment, as defined by each respective contract, if we terminate the contract without cause prior to its expiration date. Because these obligations are contingent on our termination of the contract without cause prior to its expiration date, no obligation would exist unless such a termination occurs. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS Components of accumulated other comprehensive loss (in millions) Pension and Other Benefit Liabilities (2) Other Total Balance at January 1, 2021 (net of tax effect of $1,764) $ (9,078) $ 40 $ (9,038) Changes in value (net of tax effect of $1) 3 — 3 Reclassifications into earnings (net of tax effect of $71) (1) 235 — 235 Balance at September 30, 2021 (net of tax effect of $1,692) $ (8,840) $ 40 $ (8,800) Balance at January 1, 2020 (net of tax effect of $1,549) $ (8,095) $ 106 $ (7,989) Changes in value (net of tax effect of $31) (102) 17 (85) Reclassifications into earnings (net of tax effect of $149) (1) 218 (83) 135 Balance at September 30, 2020 (net of tax effect of $1,431) $ (7,979) $ 40 $ (7,939) (1) Amounts reclassified from accumulated other comprehensive loss for pension and other benefit liabilities are recorded in miscellaneous, net in non-operating expense in our income statement. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | SEGMENTS Refinery Operations Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and through jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel, as well as non-jet fuel products. We use several counterparties to exchange the non-jet fuel products produced by the refinery for jet fuel consumed in our airline operations. The gross fair value of the products exchanged under these agreements during the three and nine months ended September 30, 2021 was $629 million and $1.7 billion, respectively, compared to $249 million and $1.1 billion for the three and nine months ended September 30, 2020, respectively. Segment Reporting Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended September 30, 2021 Operating revenue: $ 8,282 $ 1,696 $ 9,154 Sales to airline segment $ (183) (1) Exchanged products (629) (2) Sales of refined products (12) (3) Operating income 2,108 97 — 2,205 Interest expense, net 312 2 — 314 Depreciation and amortization 501 24 (24) (4) 501 Restructuring charges 33 — — 33 Total assets, end of period 70,771 2,012 — 72,783 Net fair value obligations, end of period (5) — (547) — (547) Capital expenditures 818 12 — 830 Three Months Ended September 30, 2020 Operating revenue: $ 2,645 $ 669 $ 3,062 Sales to airline segment $ — (1) Exchanged products (249) (2) Sales of refined products (3) (3) Operating loss (6,358) (28) — (6,386) Interest expense, net 288 3 — 291 Depreciation and amortization 545 25 (25) (4) 545 Restructuring charges 5,345 — — 5,345 Total assets, end of period 77,558 1,518 — 79,076 Net fair value obligations, end of period (5) — (68) — (68) Capital expenditures 130 3 — 133 (1) Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price by reference to the market index for the primary delivery location, which is New York Harbor, for jet fuel from the refinery. (2) Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis. (3) These sales were at or near cost; accordingly, the margin on these sales is de minimis . (4) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. (5) The fair values of these obligations, which are related to renewable fuel compliance costs, are based on quoted market prices and other observable information and are classified as Level 2 in the fair value hierarchy. At September 30, 2021 we had a gross fair value obligation of $625 million and related assets of $78 million. At September 30, 2020 we had a gross fair value obligation of $80 million and related assets of $12 million. We expect to use the assets in settling a portion of our obligations. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Nine Months Ended September 30, 2021 Operating revenue: $ 18,240 $ 4,177 $ 20,429 Sales to airline segment $ (292) (1) Exchanged products (1,667) (2) Sales of refined products (29) (3) Operating income (loss) 1,809 (186) — 1,623 Interest expense, net 1,009 5 — 1,014 Depreciation and amortization 1,494 72 (72) (4) 1,494 Restructuring charges (3) — — (3) Capital expenditures 1,994 35 — 2,029 Nine Months Ended September 30, 2020 Operating revenue: $ 12,413 $ 2,366 $ 13,122 Sales to airline segment $ (214) (1) Exchanged products (1,144) (2) Sales of refined products (299) (3) Operating loss (11,498) (113) — (11,611) Interest expense, net 564 — — 564 Depreciation and amortization 1,813 74 (74) (4) 1,813 Restructuring charges 7,798 — — 7,798 Capital expenditures 1,336 15 — 1,351 (1) Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price by reference to the market index for the primary delivery location, which is New York Harbor, for jet fuel from the refinery. (2) Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis. (3) These sales were at or near cost; accordingly, the margin on these sales is de minimis . (4) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | EARNINGS/(LOSS) PER SHARE We calculate basic earnings/(loss) per share and diluted (loss) per share by di viding net income/(loss) by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including stock options, restricted stock awards a nd warrants. Ant idilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table shows the computation of basic and diluted earnings/(loss) per share: Basic and diluted earnings/(loss) per share Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2021 2020 2021 2020 Net income/(loss) $ 1,212 $ (5,379) $ 688 $ (11,630) Basic weighted average shares outstanding 637 635 636 636 Dilutive effect of share-based awards 4 — 5 — Diluted weighted average shares outstanding 641 635 641 636 Basic earnings/(loss) per share $ 1.90 $ (8.47) $ 1.08 $ (18.30) Diluted earnings/(loss) per share $ 1.89 $ (8.47) $ 1.07 $ (18.30) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2020. Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented. Due to impacts from the COVID-19 pandemic and the uncertain pace of recovery, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of operating results for the entire year. We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes. |
Regional Carrier Expense | Regional Carrier Expense We previously allocated certain costs (such as landing fees and other rents, salaries and related costs and contracted services) to regional carrier expense in our Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) ("income statement") based on relevant statistics (such as passenger counts). Beginning in the March 2021 quarter we ceased performing this allocation and have reclassified the costs presented in prior periods to align with this presentation. This reclassification better reflects the nature of, and how management views, these regional carrier related expenses. This allocation was approximately $900 million in 2020, including approximately $200 million in the September 2020 quarter, and $1.4 billion in 2019, including approximately $360 million in the September 2019 quarter. The remaining amounts in regional carrier expense represent the accrual of payments to our regional carriers under capacity purchase agreements and the expenses of our wholly owned regional subsidiary, Endeavor Air, Inc. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | Passenger Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Ticket $ 6,237 $ 1,634 $ 13,067 $ 8,712 Loyalty travel awards 544 143 1,213 731 Travel-related services 410 161 998 742 Total passenger revenue $ 7,191 $ 1,938 $ 15,278 $ 10,185 Other Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Refinery $ 872 $ 417 $ 2,189 $ 709 Loyalty program 453 343 1,260 1,086 Ancillary businesses 215 155 586 476 Miscellaneous 161 67 388 263 Total other revenue $ 1,701 $ 982 $ 4,423 $ 2,534 |
Schedule of activity in loyalty program deferred revenue | The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements. Loyalty program activity (in millions) 2021 2020 Balance at January 1 $ 7,182 $ 6,728 Miles earned 1,541 1,132 Miles redeemed for air travel (1,213) (731) Miles redeemed for non-air travel and other (54) (40) Balance at September 30 $ 7,456 $ 7,089 |
Schedule of revenue by geographic region | Our passenger and operating revenue by geographic region is summarized in the following tables: Passenger revenue by geographic region Passenger Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Domestic $ 5,759 $ 1,647 $ 12,517 $ 7,812 Atlantic 730 132 1,160 1,014 Latin America 564 97 1,313 879 Pacific 138 62 288 480 Total $ 7,191 $ 1,938 $ 15,278 $ 10,185 Operating revenue by geographic region Operating Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Domestic $ 7,311 $ 2,585 $ 16,572 $ 10,116 Atlantic 954 240 1,688 1,353 Latin America 653 126 1,620 1,015 Pacific 236 111 549 638 Total $ 9,154 $ 3,062 $ 20,429 $ 13,122 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on a recurring basis | Assets Measured at Fair Value on a Recurring Basis (in millions) September 30, Level 1 Level 2 Level 3 Cash equivalents $ 6,098 $ 6,098 $ — $ — Restricted cash equivalents 874 874 — — Short-term investments 4,417 2,291 2,126 — Long-term investments 1,659 1,525 37 97 (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 5,755 $ 5,755 $ — $ — Restricted cash equivalents 1,747 1,747 — — Short-term investments 5,789 3,919 1,870 — Long-term investments 1,417 948 38 431 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of equity investments ownership and carrying value - fair value | Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Wheels Up Fair Value 21 % 24 % $ 343 $ 210 Hanjin-KAL Fair Value 13 % 13 % 456 512 Air France-KLM Fair Value 6 % 9 % 184 235 China Eastern Fair Value 3 % 3 % 179 201 CLEAR Fair Value 6 % 6 % 340 120 Unifi Aviation Equity Method 49 % 49 % 167 154 Other investments Various 250 233 Equity investments $ 1,919 $ 1,665 |
Summary of equity investments ownership and carrying value - equity method | Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Wheels Up Fair Value 21 % 24 % $ 343 $ 210 Hanjin-KAL Fair Value 13 % 13 % 456 512 Air France-KLM Fair Value 6 % 9 % 184 235 China Eastern Fair Value 3 % 3 % 179 201 CLEAR Fair Value 6 % 6 % 340 120 Unifi Aviation Equity Method 49 % 49 % 167 154 Other investments Various 250 233 Equity investments $ 1,919 $ 1,665 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Summary of outstanding debt by category Maturity Interest Rate(s) Per Annum at September 30, December 31, (in millions) Dates September 30, 2021 2021 2020 Unsecured notes 2022 to 2029 2.90% to 7.38% $ 4,460 $ 5,350 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% 3,496 1,648 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2023 to 2028 4.50% and 4.75% 6,000 6,000 SkyMiles Term Loan (1)(2) 2023 to 2027 4.75% 2,865 3,000 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 2,823 3,500 2020 Term Loan n/a n/a — 1,493 2018 Revolving Credit Facility (2) 2022 to 2023 Undrawn — — Financing arrangements secured by aircraft: Certificates (1) 2021 to 2028 2.00% to 8.00% 1,990 2,633 Notes (1)(2) 2021 to 2033 0.70% to 5.75% 1,208 1,284 NYTDC Special Facilities Revenue Bonds, Series 2020 (1) 2026 to 2045 4.00% to 5.00% 1,511 1,511 NYTDC Special Facilities Revenue Bonds, Series 2018 (1) 2022 to 2036 4.00% to 5.00% 1,383 1,383 Other financings (1)(2) 2021 to 2030 2.25% to 8.00% 592 412 Other revolving credit facilities (2) 2022 Undrawn — — Total secured and unsecured debt 26,328 28,214 Unamortized (discount)/premium and debt issue cost, net and other (227) (240) Total debt 26,101 27,974 Less: current maturities (2,024) (1,443) Total long-term debt $ 24,077 $ 26,531 (1) Due in installments. (2) Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor) or another index rate plus a specified margin. |
Schedule of payroll support program activity | A summary of the amounts received and warrants issued under the initial payroll support program under the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") and the program extensions is set forth in the following table: Summary of payroll support program activity (in millions) Total Grant Loan Number of Warrants Percentage of Outstanding Shares at September 30, 2021 Payroll Support Program (PSP1) $ 5,594 $ 3,946 $ 1,648 6.8 1.1 % Payroll Support Program Extension (PSP2) 3,290 2,333 957 2.4 0.4 % Payroll Support Program 3 (PSP3) 3,069 2,178 891 1.9 0.3 % Total $ 11,953 $ 8,457 $ 3,496 11.1 1.8 % |
Schedule of estimated fair value of debt instruments | The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and where applicable, underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy. Fair value of outstanding debt (in millions) September 30, December 31, Net carrying amount $ 26,101 $ 27,974 Fair value $ 28,300 $ 29,800 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of components net periodic (benefit) cost | Employee benefit plans net periodic (benefit) cost Pension Benefits Other Postretirement and Postemployment Benefits (in millions) 2021 2020 2021 2020 Three Months Ended September 30, Service cost $ — $ — $ 21 $ 24 Interest cost 146 175 29 30 Expected return on plan assets (381) (343) (9) (11) Amortization of prior service credit — — (2) (2) Recognized net actuarial loss 88 74 15 10 Special termination benefits — — — 1,260 Settlements 1 30 — — Net periodic (benefit) cost $ (146) $ (64) $ 54 $ 1,311 Nine Months Ended September 30, Service cost $ — $ — $ 64 $ 72 Interest cost 437 526 88 86 Expected return on plan assets (1,142) (1,030) (26) (33) Amortization of prior service credit — — (5) (7) Recognized net actuarial loss 266 223 42 32 Special termination benefits — — — 1,260 Settlements 1 33 — — Net periodic (benefit) cost $ (438) $ (248) $ 163 $ 1,410 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future aircraft purchase commitments | Our future aircraft purchase commitments totaled approximately $16.9 billion at September 30, 2021. Also, as of September 30, 2021, we had commitments under leases that had not yet commenced of $795 million. These leases will commence between 2021 and 2024 with lease terms ranging from 7 to 12 years. Aircraft purchase commitments (in millions) Total Three months ending December 31, 2021 $ 550 2022 3,670 2023 3,100 2024 3,260 2025 2,880 Thereafter 3,430 Total $ 16,890 Our future aircraft purchase commitments included the following aircraft at September 30, 2021: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-100 4 A220-300 41 A321-200 4 A321-200neo 155 A330-900neo 26 A350-900 (1) 26 B-737-900ER 27 Total 283 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of components of accumulated other comprehensive loss | Components of accumulated other comprehensive loss (in millions) Pension and Other Benefit Liabilities (2) Other Total Balance at January 1, 2021 (net of tax effect of $1,764) $ (9,078) $ 40 $ (9,038) Changes in value (net of tax effect of $1) 3 — 3 Reclassifications into earnings (net of tax effect of $71) (1) 235 — 235 Balance at September 30, 2021 (net of tax effect of $1,692) $ (8,840) $ 40 $ (8,800) Balance at January 1, 2020 (net of tax effect of $1,549) $ (8,095) $ 106 $ (7,989) Changes in value (net of tax effect of $31) (102) 17 (85) Reclassifications into earnings (net of tax effect of $149) (1) 218 (83) 135 Balance at September 30, 2020 (net of tax effect of $1,431) $ (7,979) $ 40 $ (7,939) (1) Amounts reclassified from accumulated other comprehensive loss for pension and other benefit liabilities are recorded in miscellaneous, net in non-operating expense in our income statement. |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended September 30, 2021 Operating revenue: $ 8,282 $ 1,696 $ 9,154 Sales to airline segment $ (183) (1) Exchanged products (629) (2) Sales of refined products (12) (3) Operating income 2,108 97 — 2,205 Interest expense, net 312 2 — 314 Depreciation and amortization 501 24 (24) (4) 501 Restructuring charges 33 — — 33 Total assets, end of period 70,771 2,012 — 72,783 Net fair value obligations, end of period (5) — (547) — (547) Capital expenditures 818 12 — 830 Three Months Ended September 30, 2020 Operating revenue: $ 2,645 $ 669 $ 3,062 Sales to airline segment $ — (1) Exchanged products (249) (2) Sales of refined products (3) (3) Operating loss (6,358) (28) — (6,386) Interest expense, net 288 3 — 291 Depreciation and amortization 545 25 (25) (4) 545 Restructuring charges 5,345 — — 5,345 Total assets, end of period 77,558 1,518 — 79,076 Net fair value obligations, end of period (5) — (68) — (68) Capital expenditures 130 3 — 133 (1) Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price by reference to the market index for the primary delivery location, which is New York Harbor, for jet fuel from the refinery. (2) Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis. (3) These sales were at or near cost; accordingly, the margin on these sales is de minimis . (4) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. (5) The fair values of these obligations, which are related to renewable fuel compliance costs, are based on quoted market prices and other observable information and are classified as Level 2 in the fair value hierarchy. At September 30, 2021 we had a gross fair value obligation of $625 million and related assets of $78 million. At September 30, 2020 we had a gross fair value obligation of $80 million and related assets of $12 million. We expect to use the assets in settling a portion of our obligations. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Nine Months Ended September 30, 2021 Operating revenue: $ 18,240 $ 4,177 $ 20,429 Sales to airline segment $ (292) (1) Exchanged products (1,667) (2) Sales of refined products (29) (3) Operating income (loss) 1,809 (186) — 1,623 Interest expense, net 1,009 5 — 1,014 Depreciation and amortization 1,494 72 (72) (4) 1,494 Restructuring charges (3) — — (3) Capital expenditures 1,994 35 — 2,029 Nine Months Ended September 30, 2020 Operating revenue: $ 12,413 $ 2,366 $ 13,122 Sales to airline segment $ (214) (1) Exchanged products (1,144) (2) Sales of refined products (299) (3) Operating loss (11,498) (113) — (11,611) Interest expense, net 564 — — 564 Depreciation and amortization 1,813 74 (74) (4) 1,813 Restructuring charges 7,798 — — 7,798 Capital expenditures 1,336 15 — 1,351 (1) Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price by reference to the market index for the primary delivery location, which is New York Harbor, for jet fuel from the refinery. (2) Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis. (3) These sales were at or near cost; accordingly, the margin on these sales is de minimis . (4) Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement. |
Earnings_(Loss) Per Share (Tabl
Earnings/(Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings/(loss) per share | The following table shows the computation of basic and diluted earnings/(loss) per share: Basic and diluted earnings/(loss) per share Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2021 2020 2021 2020 Net income/(loss) $ 1,212 $ (5,379) $ 688 $ (11,630) Basic weighted average shares outstanding 637 635 636 636 Dilutive effect of share-based awards 4 — 5 — Diluted weighted average shares outstanding 641 635 641 636 Basic earnings/(loss) per share $ 1.90 $ (8.47) $ 1.08 $ (18.30) Diluted earnings/(loss) per share $ 1.89 $ (8.47) $ 1.07 $ (18.30) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allocation [Line Items] | |||||||
Regional carrier expense | $ 453 | $ 290 | $ 1,258 | $ 1,204 | |||
Effect of allocation | |||||||
Allocation [Line Items] | |||||||
Regional carrier expense | $ (200) | $ (360) | $ (900) | $ (1,400) |
Revenue Recognition - Passenger
Revenue Recognition - Passenger Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 9,154 | $ 3,062 | $ 20,429 | $ 13,122 |
Passenger | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 7,191 | 1,938 | 15,278 | 10,185 |
Ticket | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 6,237 | 1,634 | 13,067 | 8,712 |
Loyalty travel awards | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 544 | 143 | 1,213 | 731 |
Travel-related services | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 410 | $ 161 | $ 998 | $ 742 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Billions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized that was previously deferred | $ 1.8 | $ 3 |
Cash sales of mileage credits | $ 2.9 | $ 2.2 |
Redemption period for majority of new miles (in years) | 2 years |
Revenue Recognition - Other Rev
Revenue Recognition - Other Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 9,154 | $ 3,062 | $ 20,429 | $ 13,122 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 1,701 | 982 | 4,423 | 2,534 |
Refinery | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 872 | 417 | 2,189 | 709 |
Loyalty program | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 453 | 343 | 1,260 | 1,086 |
Ancillary businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 215 | 155 | 586 | 476 |
Miscellaneous | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 161 | $ 67 | $ 388 | $ 263 |
Revenue Recognition - Loyalty P
Revenue Recognition - Loyalty Program Liability (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Loyalty Program | ||
Miles earned | $ 1,541 | $ 1,132 |
Miles redeemed for air travel | (1,213) | (731) |
Miles redeemed for non-air travel and other | (54) | (40) |
Loyalty program | ||
Loyalty Program | ||
Current and noncurrent deferred revenue, beginning | 7,182 | 6,728 |
Current and noncurrent deferred revenue, ending | $ 7,456 | $ 7,089 |
Revenue Recognition - Revenue b
Revenue Recognition - Revenue by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 9,154 | $ 3,062 | $ 20,429 | $ 13,122 |
Domestic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 7,311 | 2,585 | 16,572 | 10,116 |
Atlantic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 954 | 240 | 1,688 | 1,353 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 653 | 126 | 1,620 | 1,015 |
Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 236 | 111 | 549 | 638 |
Passenger | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 7,191 | 1,938 | 15,278 | 10,185 |
Passenger | Domestic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 5,759 | 1,647 | 12,517 | 7,812 |
Passenger | Atlantic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 730 | 132 | 1,160 | 1,014 |
Passenger | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 564 | 97 | 1,313 | 879 |
Passenger | Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 138 | $ 62 | $ 288 | $ 480 |
Fair Value Measurements - Measu
Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Cash equivalents | $ 6,098 | $ 5,755 |
Restricted cash equivalents | 874 | 1,747 |
Short-term investments | 4,417 | 5,789 |
Long-term investments | 1,659 | 1,417 |
Level 1 | ||
Fair Value | ||
Cash equivalents | 6,098 | 5,755 |
Restricted cash equivalents | 874 | 1,747 |
Short-term investments | 2,291 | 3,919 |
Long-term investments | 1,525 | 948 |
Level 2 | ||
Fair Value | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Short-term investments | 2,126 | 1,870 |
Long-term investments | 37 | 38 |
Level 3 | ||
Fair Value | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Long-term investments | $ 97 | $ 431 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Short-term investments | $ 4,417 | $ 5,789 |
Short-term investments expected to mature in one year or less | $ 3,700 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2021 | |
CLEAR | ||
Investments [Line Items] | ||
Ownership interest (percent) | 6.00% | 6.00% |
Long-term investments | $ 120 | $ 340 |
Grupo Aeromexico | ||
Investments [Line Items] | ||
Long-term investments | 0 | |
LATAM | ||
Investments [Line Items] | ||
Long-term investments | 0 | |
Virgin Atlantic | ||
Investments [Line Items] | ||
Long-term investments | 0 | |
Grupo Aeromexico, LATAM, and Virgin Atlantic | ||
Investments [Line Items] | ||
Receivable | 525 | |
Grupo Aeromexico | ||
Investments [Line Items] | ||
Receivable | 185 | |
GOL | ||
Investments [Line Items] | ||
Loan issued | $ 250 | |
Support for investee carriers | Grupo Aeromexico, LATAM, and Virgin Atlantic | ||
Investments [Line Items] | ||
Notes payable | 525 | |
Support for investee carriers | Grupo Aeromexico | ||
Investments [Line Items] | ||
Notes payable | $ 185 |
Investments - Equity Investment
Investments - Equity Investments Ownership Interest and Carrying Value (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Equity Method Investments | ||
Equity investments | $ 1,919 | $ 1,665 |
Wheels Up | ||
Equity Method Investments | ||
Ownership interest (percent) | 21.00% | 24.00% |
Carrying value | $ 343 | $ 210 |
Hanjin-KAL | ||
Equity Method Investments | ||
Ownership interest (percent) | 13.00% | 13.00% |
Carrying value | $ 456 | $ 512 |
Air France-KLM | ||
Equity Method Investments | ||
Ownership interest (percent) | 6.00% | 9.00% |
Carrying value | $ 184 | $ 235 |
China Eastern | ||
Equity Method Investments | ||
Ownership interest (percent) | 3.00% | 3.00% |
Carrying value | $ 179 | $ 201 |
CLEAR | ||
Equity Method Investments | ||
Ownership interest (percent) | 6.00% | 6.00% |
Carrying value | $ 340 | $ 120 |
Other investments | ||
Equity Method Investments | ||
Carrying value | $ 250 | $ 233 |
Unifi Aviation | ||
Equity Method Investments | ||
Ownership interest (percent) | 49.00% | 49.00% |
Carrying value | $ 167 | $ 154 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt, gross | $ 26,328 | $ 28,214 |
Unamortized (discount)/premium and debt issue cost, net and other | (227) | (240) |
Total debt | 26,101 | 27,974 |
Less: current maturities | (2,024) | (1,443) |
Total long-term debt | $ 24,077 | 26,531 |
Unsecured notes | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2022 | |
Maturity dates range, end | Dec. 31, 2029 | |
Debt, gross | $ 4,460 | 5,350 |
Unsecured notes | Unsecured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 2.90% | |
Unsecured notes | Unsecured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 7.38% | |
Unsecured Payroll Support Program Loans | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2030 | |
Maturity dates range, end | Dec. 31, 2031 | |
Interest rate per annum (percent) | 1.00% | |
Debt, gross | $ 3,496 | 1,648 |
SkyMiles Notes | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2023 | |
Maturity dates range, end | Dec. 31, 2028 | |
Debt, gross | $ 6,000 | 6,000 |
SkyMiles Notes | Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 4.50% | |
SkyMiles Notes | Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 4.75% | |
SkyMiles Term Loan | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2023 | |
Maturity dates range, end | Dec. 31, 2027 | |
Interest rate per annum (percent) | 4.75% | |
Debt, gross | $ 2,865 | 3,000 |
2020 Senior Secured Notes | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2025 | |
Interest rate per annum (percent) | 7.00% | |
Debt, gross | $ 2,823 | 3,500 |
2020 Term Loan | Secured debt | ||
Debt Instrument [Line Items] | ||
Debt, gross | $ 0 | 1,493 |
2018 Revolving Credit Facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2022 | |
Maturity dates range, end | Dec. 31, 2023 | |
Debt, gross | $ 0 | 0 |
Financing secured by aircraft - Certificates | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Oct. 1, 2021 | |
Maturity dates range, end | Dec. 31, 2028 | |
Debt, gross | $ 1,990 | 2,633 |
Financing secured by aircraft - Certificates | Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 2.00% | |
Financing secured by aircraft - Certificates | Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 8.00% | |
Financing secured by aircraft - Notes | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Oct. 1, 2021 | |
Maturity dates range, end | Dec. 31, 2033 | |
Debt, gross | $ 1,208 | 1,284 |
Financing secured by aircraft - Notes | Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 0.70% | |
Financing secured by aircraft - Notes | Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 5.75% | |
NYTDC Special Facilities Revenue Bonds, Series 2020 | Bonds | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2026 | |
Maturity dates range, end | Dec. 31, 2045 | |
Debt, gross | $ 1,511 | 1,511 |
NYTDC Special Facilities Revenue Bonds, Series 2020 | Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 4.00% | |
NYTDC Special Facilities Revenue Bonds, Series 2020 | Bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 5.00% | |
NYTDC Special Facilities Revenue Bonds, Series 2018 | Bonds | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 1, 2022 | |
Maturity dates range, end | Dec. 31, 2036 | |
Debt, gross | $ 1,383 | 1,383 |
NYTDC Special Facilities Revenue Bonds, Series 2018 | Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 4.00% | |
NYTDC Special Facilities Revenue Bonds, Series 2018 | Bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 5.00% | |
Other financings | Secured and unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Oct. 1, 2021 | |
Maturity dates range, end | Dec. 31, 2030 | |
Debt, gross | $ 592 | 412 |
Other financings | Secured and unsecured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 2.25% | |
Other financings | Secured and unsecured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 8.00% | |
Other revolving credit facilities | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2022 | |
Debt, gross | $ 0 | $ 0 |
Debt - Payroll Support Program
Debt - Payroll Support Program Activity (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 18 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Payroll Support Program | ||||
Payroll support program activity | ||||
Total | $ 11,953 | |||
Grant | 8,457 | |||
Payroll Support Program | Unsecured debt | Payroll Support Program Loans | ||||
Payroll support program activity | ||||
Loan | $ 3,496 | |||
Payroll Support Program | PSP Warrants | ||||
Payroll support program activity | ||||
Number of Warrants | 11.1 | |||
Percentage of Outstanding Shares | 1.80% | |||
PSP1 | ||||
Payroll support program activity | ||||
Total | $ 5,594 | |||
Grant | 3,946 | |||
PSP1 | Unsecured debt | Payroll Support Program 1 | ||||
Payroll support program activity | ||||
Loan | $ 1,648 | |||
PSP1 | PSP1 Warrants | ||||
Payroll support program activity | ||||
Number of Warrants | 6.8 | |||
Percentage of Outstanding Shares | 1.10% | |||
PSP2 | ||||
Payroll support program activity | ||||
Total | $ 3,290 | |||
Grant | 2,333 | |||
PSP2 | Unsecured debt | Payroll Support Program Extension | ||||
Payroll support program activity | ||||
Loan | $ 957 | |||
PSP2 | PSP2 Warrants | ||||
Payroll support program activity | ||||
Number of Warrants | 2.4 | 2.4 | 2.4 | |
Percentage of Outstanding Shares | 0.40% | |||
PSP3 | ||||
Payroll support program activity | ||||
Total | $ 3,069 | |||
Grant | 2,178 | |||
PSP3 | Unsecured debt | Payroll Support Program 3 | ||||
Payroll support program activity | ||||
Loan | $ 891 | |||
PSP3 | PSP3 Warrants | ||||
Payroll support program activity | ||||
Number of Warrants | 1.9 | 1.9 | 1.9 | |
Percentage of Outstanding Shares | 0.30% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 60 Months Ended | |||||||||
Jul. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2031 | Dec. 31, 2030 | Mar. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||||||||||
Government grant warrant issuance | $ 42,000,000 | $ 44,000,000 | $ 14,000,000 | $ 100,000,000 | ||||||||||
Aggregate cash tender offer for settlement of debt | $ 1,000,000,000 | |||||||||||||
Loss on extinguishment of debt | $ 183,000,000 | 26,000,000 | $ 0 | $ 266,000,000 | $ 0 | |||||||||
Outstanding letters of credit that reduce availability under revolvers | 300,000,000 | 300,000,000 | ||||||||||||
Outstanding letters of credit that do not affect availability of revolvers | 300,000,000 | 300,000,000 | ||||||||||||
Revolving credit facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Undrawn credit facilities | 2,600,000,000 | $ 2,600,000,000 | ||||||||||||
2020 Term Loan | Secured debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument amount | $ 1,500,000,000 | |||||||||||||
Loss on extinguishment of debt | $ 56,000,000 | |||||||||||||
EETC | Secured debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayment of debt | $ 450,000,000 | |||||||||||||
2025 and 2026 Notes | Secured and unsecured debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loss on extinguishment of debt | $ 166,000,000 | |||||||||||||
2025 Notes | Secured debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate per annum (percent) | 7.00% | |||||||||||||
Principal amount of repurchased debt | $ 677,000,000 | |||||||||||||
Payment for repurchase of debt | $ 800,000,000 | |||||||||||||
2026 Notes | Unsecured debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate per annum (percent) | 7.375% | |||||||||||||
Principal amount of repurchased debt | $ 169,000,000 | |||||||||||||
Payment for repurchase of debt | $ 200,000,000 | |||||||||||||
2025 SkyMiles Notes | Secured debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate per annum (percent) | 4.50% | |||||||||||||
Certificates, Unsecured notes, and SkyMiles Term Loan | Secured and unsecured debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Payment for repurchase of debt | 262,000,000 | |||||||||||||
Loss on extinguishment of debt | $ 17,000,000 | |||||||||||||
PSP2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from payroll support program | $ 3,290,000,000 | |||||||||||||
Grant payments received through payroll support program | $ 2,333,000,000 | |||||||||||||
PSP2 | PSP2 Warrants | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number shares called by warrants (in shares) | 2.4 | 2.4 | 2.4 | 2.4 | ||||||||||
Warrant exercise price (USD per share) | $ 39.73 | $ 39.73 | ||||||||||||
Warrants term (in years) | 5 years | |||||||||||||
Government grant warrant issuance | $ 52,000,000 | |||||||||||||
PSP2 | Payroll Support Program Extension | Unsecured debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from unsecured loan | $ 957,000,000 | |||||||||||||
Debt instrument term | 10 years | |||||||||||||
Relative fair value basis | $ 905,000,000 | $ 905,000,000 | ||||||||||||
PSP2 | Payroll Support Program Extension | Unsecured debt | Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Annual interest rate (percent) | 1.00% | |||||||||||||
PSP2 | Payroll Support Program Extension | Unsecured debt | SOFR | Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin on rate (percent) | 2.00% | |||||||||||||
PSP3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from payroll support program | 3,069,000,000 | |||||||||||||
Grant payments received through payroll support program | $ 2,178,000,000 | |||||||||||||
PSP3 | PSP3 Warrants | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number shares called by warrants (in shares) | 1.9 | 1.9 | 1.9 | 1.9 | ||||||||||
Warrant exercise price (USD per share) | $ 47.80 | $ 47.80 | ||||||||||||
Warrants term (in years) | 5 years | |||||||||||||
Government grant warrant issuance | $ 34,000,000 | |||||||||||||
PSP3 | Payroll Support Program 3 | Unsecured debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from unsecured loan | $ 891,000,000 | |||||||||||||
Debt instrument term | 10 years | |||||||||||||
Relative fair value basis | $ 857,000,000 | $ 857,000,000 | ||||||||||||
PSP3 | Payroll Support Program 3 | Unsecured debt | Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Annual interest rate (percent) | 1.00% | |||||||||||||
PSP3 | Payroll Support Program 3 | Unsecured debt | SOFR | Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin on rate (percent) | 2.00% |
Debt - Fair Value of Debt (Deta
Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt | ||
Net carrying amount | $ 26,101 | $ 27,974 |
Fair value | $ 28,300 | $ 29,800 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 146 | 175 | 437 | 526 |
Expected return on plan assets | (381) | (343) | (1,142) | (1,030) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 88 | 74 | 266 | 223 |
Special termination benefits | 0 | 0 | 0 | 0 |
Settlements | 1 | 30 | 1 | 33 |
Net periodic (benefit) cost | (146) | (64) | (438) | (248) |
Other Postretirement and Postemployment Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 21 | 24 | 64 | 72 |
Interest cost | 29 | 30 | 88 | 86 |
Expected return on plan assets | (9) | (11) | (26) | (33) |
Amortization of prior service credit | (2) | (2) | (5) | (7) |
Recognized net actuarial loss | 15 | 10 | 42 | 32 |
Special termination benefits | 0 | 1,260 | 0 | 1,260 |
Settlements | 0 | 0 | 0 | 0 |
Net periodic (benefit) cost | $ 54 | $ 1,311 | $ 163 | $ 1,410 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Billions | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure | |
Voluntary contributions | $ 1.5 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($)aircraft | Jun. 30, 2021aircraft | Sep. 30, 2021USD ($)aircraft |
Future Purchase Commitments | ||||
Commitments under leases that had not yet commenced | $ | $ 795 | $ 795 | $ 795 | |
Future aircraft purchase commitments | ||||
Future Purchase Commitments | ||||
Future aircraft purchase commitments | $ | $ 16,890 | $ 16,890 | $ 16,890 | |
Minimum | ||||
Future Purchase Commitments | ||||
Leases not yet commenced, term | 7 years | |||
Maximum | ||||
Future Purchase Commitments | ||||
Leases not yet commenced, term | 12 years | |||
A321neo | Future aircraft purchase commitments | ||||
Future Purchase Commitments | ||||
Number of aircraft with options converted to firm order | 55 | |||
Number of options replenished | 25 | |||
A350-900 | Future aircraft purchase commitments | ||||
Future Purchase Commitments | ||||
Number of aircraft for which delivery date has been accelerated | 2 | |||
Number aircraft related to lease commitments entered | 2 | 7 | ||
A330-900neo | Future aircraft purchase commitments | ||||
Future Purchase Commitments | ||||
Number of aircraft for which delivery date has been accelerated | 1 | |||
B-737-900ER | Future aircraft purchase commitments | ||||
Future Purchase Commitments | ||||
Number of aircraft per agreement | 29 |
Commitments and Contingencies_2
Commitments and Contingencies - Aircraft Commitments by Year (Details) - Future aircraft purchase commitments $ in Millions | Sep. 30, 2021USD ($) |
Future aircraft purchase commitments: | |
Three months ending December 31, 2021 | $ 550 |
2022 | 3,670 |
2023 | 3,100 |
2024 | 3,260 |
2025 | 2,880 |
Thereafter | 3,430 |
Total | $ 16,890 |
Commitments and Contingencies_3
Commitments and Contingencies - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments | Sep. 30, 2021aircraft |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 283 |
A220-100 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 4 |
A220-300 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 41 |
A321-200 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 4 |
A321-200neo | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 155 |
A330-900neo | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 26 |
A350-900 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 26 |
Number of lease commitments included in purchase commitment | 6 |
B-737-900ER | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 27 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Components of accumulated other comprehensive loss | ||
Beginning balance | $ 1,534 | $ 15,358 |
Changes in value (net of tax effect) | 3 | (85) |
Changes in value, tax effect | (1) | 31 |
Reclassifications into earnings (net of tax effect) | 235 | 135 |
Reclassifications into earnings, tax effect | (71) | 149 |
Ending balance | 2,606 | 3,357 |
Accumulated Other Comprehensive Income | ||
Components of accumulated other comprehensive loss | ||
Beginning balance | (9,038) | (7,989) |
Beginning balance, tax effect | 1,764 | 1,549 |
Ending balance | (8,800) | (7,939) |
Ending balance, tax effect | 1,692 | 1,431 |
Pension and Other Benefit Liabilities | ||
Components of accumulated other comprehensive loss | ||
Beginning balance | (9,078) | (8,095) |
Changes in value (net of tax effect) | 3 | (102) |
Reclassifications into earnings (net of tax effect) | 235 | 218 |
Ending balance | (8,840) | (7,979) |
Deferred income tax expense in AOCI that will not be recognized until obligation is fully extinguished | 750 | 750 |
Other | ||
Components of accumulated other comprehensive loss | ||
Beginning balance | 40 | 106 |
Changes in value (net of tax effect) | 0 | 17 |
Reclassifications into earnings (net of tax effect) | 0 | (83) |
Ending balance | $ 40 | $ 40 |
Segments - Narrative (Details)
Segments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information, Profit (Loss) | ||||
Operating revenue | $ 9,154 | $ 3,062 | $ 20,429 | $ 13,122 |
Intersegment Sales/Other | Exchanged products | ||||
Segment Reporting Information, Profit (Loss) | ||||
Operating revenue | $ (629) | $ (249) | $ (1,667) | $ (1,144) |
Segments - Segment Reporting (D
Segments - Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | $ 9,154 | $ 3,062 | $ 20,429 | $ 13,122 | |
Operating income (loss) | 2,205 | (6,386) | 1,623 | (11,611) | |
Interest expense, net | 314 | 291 | 1,014 | 564 | |
Depreciation and amortization | 501 | 545 | 1,494 | 1,813 | |
Restructuring charges | 33 | 5,345 | (3) | 7,798 | |
Total assets, end of period | 72,783 | 79,076 | 72,783 | 79,076 | $ 71,996 |
Net fair value obligations, end of period | (547) | (68) | (547) | (68) | |
Capital expenditures | 830 | 133 | 2,029 | 1,351 | |
Fair value of obligation | 625 | 80 | 625 | 80 | |
Fair value of asset component | 78 | 12 | 78 | 12 | |
Operating Segments | Airline | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | 8,282 | 2,645 | 18,240 | 12,413 | |
Operating income (loss) | 2,108 | (6,358) | 1,809 | (11,498) | |
Interest expense, net | 312 | 288 | 1,009 | 564 | |
Depreciation and amortization | 501 | 545 | 1,494 | 1,813 | |
Restructuring charges | 33 | 5,345 | (3) | 7,798 | |
Total assets, end of period | 70,771 | 77,558 | 70,771 | 77,558 | |
Net fair value obligations, end of period | 0 | 0 | 0 | 0 | |
Capital expenditures | 818 | 130 | 1,994 | 1,336 | |
Operating Segments | Refinery | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | 1,696 | 669 | 4,177 | 2,366 | |
Operating income (loss) | 97 | (28) | (186) | (113) | |
Interest expense, net | 2 | 3 | 5 | 0 | |
Depreciation and amortization | 24 | 25 | 72 | 74 | |
Restructuring charges | 0 | 0 | 0 | 0 | |
Total assets, end of period | 2,012 | 1,518 | 2,012 | 1,518 | |
Net fair value obligations, end of period | (547) | (68) | (547) | (68) | |
Capital expenditures | 12 | 3 | 35 | 15 | |
Intersegment Sales/Other | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating income (loss) | 0 | 0 | 0 | 0 | |
Interest expense, net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | (24) | (25) | (72) | (74) | |
Restructuring charges | 0 | 0 | 0 | 0 | |
Total assets, end of period | 0 | 0 | 0 | 0 | |
Net fair value obligations, end of period | 0 | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Intersegment Sales/Other | Sales to airline segment | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | (183) | 0 | (292) | (214) | |
Intersegment Sales/Other | Exchanged products | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | (629) | (249) | (1,667) | (1,144) | |
Intersegment Sales/Other | Sales of refined products | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | $ (12) | $ (3) | $ (29) | $ (299) |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||||
Net income/(loss) | $ 1,212 | $ 652 | $ (1,177) | $ (5,379) | $ (5,717) | $ (534) | $ 688 | $ (11,630) |
Basic weighted average shares outstanding (shares) | 637 | 635 | 636 | 636 | ||||
Dilutive effect of share-based awards (shares) | 4 | 0 | 5 | 0 | ||||
Diluted weighted average shares outstanding (shares) | 641 | 635 | 641 | 636 | ||||
Basic earnings/(loss) per share (USD per share) | $ 1.90 | $ (8.47) | $ 1.08 | $ (18.30) | ||||
Diluted earnings/(loss) per share (USD per share) | $ 1.89 | $ (8.47) | $ 1.07 | $ (18.30) |