Cover
Cover | 9 Months Ended |
Sep. 30, 2022 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2022 |
Document Transition Report | false |
Entity File Number | 001-5424 |
Entity Registrant Name | DELTA AIR LINES, INC. |
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 $0.0001 per share |
Trading Symbol | DAL |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0000027904 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 641,188,362 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 7,023 | $ 7,933 |
Short-term investments | 1,345 | 3,386 |
Accounts receivable, net of allowance for uncollectible accounts of $24 and $50 | 3,097 | 2,404 |
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $150 and $176 | 1,473 | 1,098 |
Prepaid expenses and other | 1,861 | 1,119 |
Total current assets | 14,799 | 15,940 |
Noncurrent Assets: | ||
Property and equipment, net of accumulated depreciation and amortization of $19,984 and $18,671 | 31,512 | 28,749 |
Operating lease right-of-use assets | 6,961 | 7,237 |
Goodwill | 9,753 | 9,753 |
Identifiable intangibles, net of accumulated amortization of $900 and $893 | 5,994 | 6,001 |
Equity investments | 1,585 | 1,712 |
Deferred income taxes, net | 935 | 1,294 |
Other noncurrent assets | 1,057 | 1,773 |
Total noncurrent assets | 57,797 | 56,519 |
Total assets | 72,596 | 72,459 |
Current Liabilities: | ||
Current maturities of debt and finance leases | 2,031 | 1,782 |
Current maturities of operating leases | 738 | 703 |
Accounts payable | 4,958 | 4,240 |
Accrued salaries and related benefits | 2,796 | 2,457 |
Fuel card obligation | 1,100 | 1,100 |
Other accrued liabilities | 1,822 | 1,746 |
Total current liabilities | 25,870 | 20,966 |
Noncurrent Liabilities: | ||
Debt and finance leases | 21,202 | 25,138 |
Pension, postretirement and related benefits | 5,470 | 6,035 |
Noncurrent operating leases | 6,865 | 7,056 |
Other noncurrent liabilities | 4,067 | 4,398 |
Total noncurrent liabilities | 42,136 | 47,606 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 651,719,217 and 649,720,387 shares issued | 0 | 0 |
Additional paid-in capital | 11,507 | 11,447 |
Retained earnings/(accumulated deficit) | 342 | (148) |
Accumulated other comprehensive loss | (6,946) | (7,130) |
Treasury stock, at cost, 10,530,855 and 9,752,872 shares | (313) | (282) |
Total stockholders' equity | 4,590 | 3,887 |
Total liabilities and stockholders' equity | 72,596 | 72,459 |
Air traffic | ||
Current Liabilities: | ||
Deferred revenue liability, current | 8,947 | 6,228 |
Noncurrent Liabilities: | ||
Deferred revenue liability, noncurrent | 150 | 130 |
Loyalty program | ||
Current Liabilities: | ||
Deferred revenue liability, current | 3,478 | 2,710 |
Noncurrent Liabilities: | ||
Deferred revenue liability, noncurrent | $ 4,382 | $ 4,849 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Allowance for uncollectible accounts | $ 24 | $ 50 |
Allowance for obsolescence | 150 | 176 |
Noncurrent Assets: | ||
Accumulated depreciation and amortization | 19,984 | 18,671 |
Accumulated amortization | $ 900 | $ 893 |
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) | 651,719,217 | 649,720,387 |
Treasury stock, at cost (shares) | 10,530,855 | 9,752,872 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Revenue: | ||||
Total operating revenue | $ 13,975 | $ 9,154 | $ 37,147 | $ 20,429 |
Operating Expense: | ||||
Salaries and related costs | 3,050 | 2,566 | 8,832 | 7,096 |
Aircraft fuel and related taxes | 3,318 | 1,552 | 8,633 | 4,056 |
Ancillary businesses and refinery | 1,349 | 1,079 | 4,449 | 2,724 |
Contracted services | 881 | 634 | 2,425 | 1,723 |
Landing fees and other rents | 562 | 524 | 1,611 | 1,477 |
Depreciation and amortization | 538 | 501 | 1,554 | 1,494 |
Regional carrier expense | 528 | 453 | 1,547 | 1,258 |
Aircraft maintenance materials and outside repairs | 487 | 433 | 1,474 | 1,014 |
Passenger commissions and other selling expenses | 546 | 308 | 1,385 | 640 |
Passenger service | 406 | 226 | 1,050 | 520 |
Aircraft rent | 131 | 105 | 380 | 313 |
Profit sharing | 237 | 0 | 291 | 0 |
Government grant recognition | 0 | (1,822) | 0 | (4,512) |
Other | 486 | 390 | 1,325 | 1,003 |
Total operating expense | 12,519 | 6,949 | 34,956 | 18,806 |
Operating Income | 1,456 | 2,205 | 2,191 | 1,623 |
Non-Operating Expense: | ||||
Interest expense, net | (248) | (314) | (791) | (1,014) |
Equity method results | 4 | (49) | (8) | (102) |
Gain/(loss) on investments, net | (245) | (223) | (613) | 251 |
Loss on extinguishment of debt | (34) | (183) | (100) | (266) |
Pension and related benefit | 73 | 111 | 218 | 337 |
Miscellaneous, net | (44) | (15) | (103) | (36) |
Total non-operating expense, net | (494) | (673) | (1,397) | (830) |
Income Before Income Taxes | 962 | 1,532 | 794 | 793 |
Income Tax Provision | (267) | (320) | (305) | (105) |
Net Income | $ 695 | $ 1,212 | $ 489 | $ 688 |
Basic Earnings Per Share (USD per share) | $ 1.09 | $ 1.90 | $ 0.77 | $ 1.08 |
Diluted Earnings Per Share (USD per share) | $ 1.08 | $ 1.89 | $ 0.76 | $ 1.07 |
Comprehensive Income | $ 757 | $ 1,294 | $ 673 | $ 926 |
Passenger | ||||
Operating Revenue: | ||||
Total operating revenue | 11,464 | 7,191 | 29,329 | 15,278 |
Cargo | ||||
Operating Revenue: | ||||
Total operating revenue | 240 | 262 | 801 | 728 |
Other | ||||
Operating Revenue: | ||||
Total operating revenue | $ 2,271 | $ 1,701 | $ 7,017 | $ 4,423 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Net Cash Provided by Operating Activities | ||
Net Cash Provided by Operating Activities | $ 5,175 | $ 2,708 |
Property and equipment additions: | ||
Flight equipment, including advance payments | (2,852) | (961) |
Ground property and equipment, including technology | (1,314) | (1,068) |
Purchase of short-term investments | (575) | (10,799) |
Redemption of short-term investments | 2,584 | 12,158 |
Purchase of equity investments | (153) | 0 |
Other, net | 121 | 252 |
Net cash used in investing activities | (2,189) | (418) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term obligations | 0 | 1,902 |
Payments on debt and finance lease obligations | (4,190) | (4,685) |
Other, net | (40) | 98 |
Net cash used in financing activities | (4,230) | (2,685) |
Net Decrease in Cash, Cash Equivalents and Restricted Cash Equivalents | (1,244) | (395) |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 8,569 | 10,055 |
Cash, cash equivalents and restricted cash equivalents at end of period | 7,325 | 9,660 |
Non-Cash Transactions: | ||
Flight and ground equipment acquired under finance leases | 84 | 873 |
Right-of-use assets acquired under operating leases | 372 | 536 |
Operating leases converted to finance leases | 279 | 31 |
Equity investments and other financings | 330 | 240 |
Current Assets: | ||
Cash and cash equivalents | 7,023 | 8,785 |
Restricted cash included in prepaid expenses and other | 149 | 162 |
Noncurrent Assets: | ||
Restricted cash included in other noncurrent assets | 153 | 713 |
Total cash, cash equivalents and restricted cash equivalents | $ 7,325 | $ 9,660 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings / (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Treasury Stock | |||
Beginning balance (shares) at Dec. 31, 2020 | 647,000,000 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 1,534 | $ 0 | $ 11,259 | $ (428) | $ (9,038) | $ (259) | |||
Beginning balance, Treasury Stock (shares) at Dec. 31, 2020 | 9,000,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (1,177) | (1,177) | |||||||
Other comprehensive income | 78 | 78 | |||||||
Common stock issued for employee equity awards (shares) | [1] | 2,000,000 | 1,000,000 | ||||||
Common stock issued for employee equity awards | [1] | 3 | 23 | $ (20) | |||||
Government grant warrant issuance | 44 | 44 | |||||||
Ending balance (shares) at Mar. 31, 2021 | 649,000,000 | ||||||||
Ending balance at Mar. 31, 2021 | 482 | $ 0 | 11,326 | (1,605) | (8,960) | $ (279) | |||
Ending balance, Treasury Stock (shares) at Mar. 31, 2021 | 10,000,000 | ||||||||
Beginning balance (shares) at Dec. 31, 2020 | 647,000,000 | ||||||||
Beginning balance at Dec. 31, 2020 | 1,534 | $ 0 | 11,259 | (428) | (9,038) | $ (259) | |||
Beginning balance, Treasury Stock (shares) at Dec. 31, 2020 | 9,000,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 688 | ||||||||
Ending balance (shares) at Sep. 30, 2021 | 650,000,000 | ||||||||
Ending balance at Sep. 30, 2021 | 2,606 | $ 0 | 11,428 | 259 | (8,800) | $ (281) | |||
Ending balance, Treasury Stock (shares) at Sep. 30, 2021 | 10,000,000 | ||||||||
Beginning balance (shares) at Mar. 31, 2021 | 649,000,000 | ||||||||
Beginning balance at Mar. 31, 2021 | 482 | $ 0 | 11,326 | (1,605) | (8,960) | $ (279) | |||
Beginning balance, Treasury Stock (shares) at Mar. 31, 2021 | 10,000,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 652 | 652 | |||||||
Other comprehensive income | 78 | 78 | |||||||
Common stock issued for employee equity awards (shares) | [1] | 1,000,000 | |||||||
Common stock issued for employee equity awards | [1] | 27 | 28 | $ (1) | |||||
Government grant warrant issuance | 42 | 42 | |||||||
Ending balance (shares) at Jun. 30, 2021 | 650,000,000 | ||||||||
Ending balance at Jun. 30, 2021 | 1,281 | $ 0 | 11,396 | (953) | (8,882) | $ (280) | |||
Ending balance, Treasury Stock (shares) at Jun. 30, 2021 | 10,000,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 1,212 | 1,212 | |||||||
Other comprehensive income | 82 | 82 | |||||||
Common stock issued for employee equity awards | [1] | 31 | 32 | $ (1) | |||||
Ending balance (shares) at Sep. 30, 2021 | 650,000,000 | ||||||||
Ending balance at Sep. 30, 2021 | 2,606 | $ 0 | 11,428 | 259 | (8,800) | $ (281) | |||
Ending balance, Treasury Stock (shares) at Sep. 30, 2021 | 10,000,000 | ||||||||
Beginning balance (shares) at Dec. 31, 2021 | 650,000,000 | ||||||||
Beginning balance at Dec. 31, 2021 | $ 3,887 | $ 0 | 11,447 | (148) | (7,130) | $ (282) | |||
Beginning balance, Treasury Stock (shares) at Dec. 31, 2021 | 9,752,872 | 10,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | $ (940) | (940) | |||||||
Other comprehensive income | 59 | 59 | |||||||
Common stock issued for employee equity awards (shares) | [2] | 2,000,000 | 1,000,000 | ||||||
Common stock issued for employee equity awards | [2] | (15) | 15 | $ (30) | |||||
Ending balance (shares) at Mar. 31, 2022 | 652,000,000 | ||||||||
Ending balance at Mar. 31, 2022 | 2,991 | $ 0 | 11,462 | (1,088) | (7,071) | $ (312) | |||
Ending balance, Treasury Stock (shares) at Mar. 31, 2022 | 11,000,000 | ||||||||
Beginning balance (shares) at Dec. 31, 2021 | 650,000,000 | ||||||||
Beginning balance at Dec. 31, 2021 | $ 3,887 | $ 0 | 11,447 | (148) | (7,130) | $ (282) | |||
Beginning balance, Treasury Stock (shares) at Dec. 31, 2021 | 9,752,872 | 10,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | $ 489 | ||||||||
Ending balance (shares) at Sep. 30, 2022 | 652,000,000 | ||||||||
Ending balance at Sep. 30, 2022 | $ 4,590 | $ 0 | 11,507 | 342 | (6,946) | $ (313) | |||
Ending balance, Treasury Stock (shares) at Sep. 30, 2022 | 10,530,855 | 11,000,000 | |||||||
Beginning balance (shares) at Mar. 31, 2022 | 652,000,000 | ||||||||
Beginning balance at Mar. 31, 2022 | $ 2,991 | $ 0 | 11,462 | (1,088) | (7,071) | $ (312) | |||
Beginning balance, Treasury Stock (shares) at Mar. 31, 2022 | 11,000,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 735 | 735 | |||||||
Other comprehensive income | 63 | 63 | |||||||
Common stock issued for employee equity awards | 22 | [2] | 23 | [2] | $ (1) | ||||
Ending balance (shares) at Jun. 30, 2022 | 652,000,000 | ||||||||
Ending balance at Jun. 30, 2022 | 3,811 | $ 0 | 11,485 | (353) | (7,008) | $ (313) | |||
Ending balance, Treasury Stock (shares) at Jun. 30, 2022 | 11,000,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 695 | 695 | |||||||
Other comprehensive income | 62 | 62 | |||||||
Common stock issued for employee equity awards | [2] | 22 | 22 | $ 0 | |||||
Ending balance (shares) at Sep. 30, 2022 | 652,000,000 | ||||||||
Ending balance at Sep. 30, 2022 | $ 4,590 | $ 0 | $ 11,507 | $ 342 | $ (6,946) | $ (313) | |||
Ending balance, Treasury Stock (shares) at Sep. 30, 2022 | 10,530,855 | 11,000,000 | |||||||
[1]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.[2]Treasury shares were withheld for payment of taxes, at a weighted average price per share of $41.00, $38.11 and $30.66 in the March 2022 quarter, June 2022 quarter and September 2022 quarter, respectively. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share) | $ 30.66 | $ 38.11 | $ 41 | $ 43.48 | $ 46.21 | $ 38.35 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021. 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 ongoing 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, 2022 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. Recent Accounting Standards Standards Effective in Future Years Fair Value of Equity Investments. In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions." Under this standard, a contractual restriction on the sale of an equity security is not considered in measuring the security's fair value. The standard also requires certain disclosures for equity securities that are subject to contractual restrictions. The ASU becomes effective January 1, 2024. Upon adoption, we do not believe it will have a material impact on the valuation of our equity investments; however, we may be required to include additional disclosures to the extent we have material equity investments subject to contractual sale restrictions. Supplier Finance Program Obligations. In September 2022, the FASB issued ASU No. 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50)." This standard requires disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The ASU becomes effective January 1, 2023, except for the rollforward requirement, which becomes effective January 1, 2024. Upon adoption, we may be required to include additional disclosures to the extent we have material supplier finance program obligations. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Passenger Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Ticket $ 10,247 $ 6,237 $ 26,005 $ 13,067 Loyalty travel awards 786 544 2,073 1,213 Travel-related services 431 410 1,251 998 Total passenger revenue $ 11,464 $ 7,191 $ 29,329 $ 15,278 Ticket We recognized approximately $3.9 billion and $1.8 billion in passenger revenue during the nine months ended September 30, 2022 and 2021, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods. In order to provide our customers more flexibility and time to plan or rebook their travel, we announced in January 2022 that all existing travel credit holders will have until December 31, 2023 to rebook their ticket for travel throughout 2024. Additionally, all Delta customers with upcoming 2022 travel or who purchase a ticket in 2022 will also have the flexibility to rebook their ticket through December 31, 2023, and travel throughout 2024. The air traffic liability classified as current as of September 30, 2022 represents our estimate of tickets and travel credits to be used within one year. We will continue to monitor our customers' travel behavior and may adjust our estimates in the future. We estimate the value of tickets that will expire unused (“ticket breakage”) and recognize the related revenue at the scheduled flight date. Our ticket breakage estimates are primarily based on historical experience, ticket contract terms and customers’ travel behavior. Given the impact of the COVID-19 pandemic on customer behavior and changes made in ticket validity terms, as well as the elimination of change fees for most tickets, our estimates of revenue that will be recognized from the air traffic liability for unused tickets may vary in future periods. Loyalty Travel Awards 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, 2022 and 2021, total cash sales from marketing agreements related to our loyalty program were $4.1 billion and $2.9 billion, respectively, which are allocated to travel and other performance obligations. Loyalty travel awards revenue is related to the redemption of miles for air travel. 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 timing of mile redemptions can vary widely; however, the majority of miles have historically been redeemed within two years of being earned. 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) 2022 2021 Balance at January 1 $ 7,559 $ 7,182 Miles earned 2,496 1,541 Miles redeemed for air travel (2,073) (1,213) Miles redeemed for non-air travel and other (122) (54) Balance at September 30 $ 7,860 $ 7,456 Travel-Related Services Travel-related services are primarily composed of services performed in conjunction with a passenger’s flight and include baggage fees, on-board sales and administrative fees. Other Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Refinery $ 1,134 $ 872 $ 3,835 $ 2,189 Loyalty program 655 453 1,877 1,260 Ancillary businesses 249 215 665 586 Miscellaneous 233 161 640 388 Total other revenue $ 2,271 $ 1,701 $ 7,017 $ 4,423 Refinery. This represents refinery sales to third parties, which are at or near cost; accordingly, the recorded margin on these sales is de minimis . Loyalty Program. This relates to brand usage by third parties and other performance obligations embedded in miles sold, including redemption of miles for non-air travel and other awards. These revenues are mainly derived from the total cash sales from marketing agreements, discussed above. Ancillary Businesses. This represents revenues from aircraft maintenance services we provide to third parties and our vacation wholesale operations. Miscellaneous. This is primarily composed of revenues related to lounge access, including access provided to certain American Express cardholders, and codeshare agreements. 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) 2022 2021 2022 2021 Domestic $ 8,154 $ 5,759 $ 22,035 $ 12,517 Atlantic 2,313 730 4,553 1,160 Latin America 659 564 2,084 1,313 Pacific 338 138 657 288 Total $ 11,464 $ 7,191 $ 29,329 $ 15,278 Operating revenue by geographic region Operating Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Domestic $ 10,118 $ 7,311 $ 28,322 $ 16,572 Atlantic 2,705 954 5,538 1,688 Latin America 752 653 2,417 1,620 Pacific 400 236 870 549 Total $ 13,975 $ 9,154 $ 37,147 $ 20,429 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (in millions) September 30, Level 1 Level 2 Level 3 Cash equivalents $ 4,443 $ 4,443 $ — $ — Restricted cash equivalents 302 302 — — Short-term investments 1,345 75 1,270 — Long-term investments 899 767 35 97 Fuel hedge contracts 23 — 23 — (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 5,450 $ 5,450 $ — $ — Restricted cash equivalents 635 635 — — Short-term investments 3,386 1,376 2,010 — Long-term investments 1,459 1,326 36 97 Fuel hedge contracts (18) — (18) — Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to certain self-insurance obligations and airport commitments as well as 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. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets on our Consolidated Balance Sheet ("balance sheet"). 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, 2022, the estimated fair value of our short-term investments was $1.3 billion. Of these investments, $711 million are expected to mature in one year or less, with the remainder maturing by the first half of 2024. 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. Long-Term Investments. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheet. Our equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations incorporate certain unobservable inputs, including non-public equity issuances and forecasts provided by our investees. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values. See Note 4, "Investments," for further information on our equity investments. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
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. Fair Value Investments. 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, foreign currency fluctuations and other valuation techniques for investments in companies without publicly-traded shares. Equity Method Investments. We record our share of our equity method investees' financial results in our income statement as described in the table below. Equity investments ownership interest and carrying value Accounting Treatment Ownership Interest Carrying Value (in millions) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Air France-KLM Fair Value 3 % 6 % $ 94 $ 165 China Eastern Fair Value 2 % 2 % 158 177 CLEAR Fair Value 6 % 6 % 189 260 Grupo Aeroméxico Equity Method (1) 20 % 51 % 424 — Hanjin KAL Fair Value (2) 15 % 13 % 259 455 Unifi Aviation Equity Method (3) 49 % 49 % 161 159 Wheels Up Fair Value (4) 21 % 21 % 60 241 Other investments Various 240 255 Equity investments $ 1,585 $ 1,712 (1) Results are included in equity method results in our income statement under non-operating expense. (2) At September 30, 2022, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (3) Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations. (4) We elected to account for our investment under the fair value option. Air France-KLM. During the June 2022 quarter, Air France-KLM ("AFKL") executed a €2.3 billion rights issue, through the issuance of 1.9 billion new AFKL shares. We participated in the rights issue on a cash neutral basis by subscribing to approximately 36 million new AFKL shares using the proceeds from the sale of part of our rights to a third party. The net impact of these transactions reduced our ownership interest to approximately 3% and the change in the fair value of our investment in AFKL is recorded in gain/(loss) on investments, net in our income statement within non-operating expense. Grupo Aeroméxico. In the March 2022 quarter, Grupo Aeroméxico ("Aeroméxico") emerged from its voluntary proceedings to reorganize under Chapter 11 of the United States bankruptcy code ("bankruptcy process"). At the conclusion of the bankruptcy process, Aeroméxico's previously outstanding capital stock was consolidated and exchanged for less than 0.01% of new capital stock, which effectively eliminated our historical 51% ownership stake. Upon emergence, Delta received a 20% equity stake in the newly restructured Aeroméxico in exchange for (1) our receivables under Aeroméxico's debtor-in-possession financing, (2) $100 million (recorded as an investing outflow on our Condensed Consolidated Statements of Cash Flows), and (3) our agreement to provide expanded commercial services to Aeroméxico in future periods. We account for our investment in Aeroméxico under the equity method of accounting and record our share of Aeroméxico's financial results in equity method results in our income statement. 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. Virgin Atlantic. Virgin Atlantic has completed an out-of-court restructuring, during which we provided strategic and operational assistance and which we continue to provide. The carrying value of our investment in Virgin Atlantic remains zero as of September 30, 2022. We maintained our 49% equity interest and continue to track our share of Virgin Atlantic's losses under the equity method of accounting, which are only recorded to the extent we make additional investments in Virgin Atlantic. LATAM. LATAM Airlines Group S.A. ("LATAM") is undergoing voluntary proceedings to reorganize under Chapter 11 of the United States bankruptcy code, and the carrying value of our investment in LATAM remains zero as of September 30, 2022. In order to support our relationship with LATAM, we are providing strategic and operational assistance through the bankruptcy process. After LATAM's refinancing in the June 2022 quarter, we have a $71 million noncurrent receivable outstanding associated with LATAM's debtor-in-possession financing. LATAM's plan of reorganization has been confirmed by the Bankruptcy Court and is expected to take effect before the end of 2022. As our pre-bankruptcy equity ownership of approximately 20% will be substantially diluted to a de minimis level, we expect to participate in certain of the offerings contemplated under the reorganization plan at an additional investment level commensurate with an equity stake of approximately 10% in the reorganized LATAM. In the September 2022 quarter, final regulatory approval was granted for our trans-American joint venture agreement with LATAM. This agreement will combine our highly complementary route networks between North and South America, with the goal of providing customers with a seamless travel experience and industry-leading connectivity. Approval was granted for a 10-year period with a subsequent reassessment and extension process. This agreement supports our strategic partnership with LATAM and the value of our $1.2 billion alliance-related indefinite-lived intangible asset. We believe the LATAM joint venture agreement will generate growth opportunities, building upon Delta's and LATAM's global footprint and joint ventures. We have classified our intangible asset as indefinite-lived as we expect to indefinitely receive the economic benefits from the relationship, similar to other joint venture arrangements between U.S. and foreign carriers that have been cleared by competition authorities in relevant foreign jurisdictions and granted antitrust immunity from the U.S. Department of Transportation ("DOT"). Antitrust immunity grants are generally subject to reporting requirements and periodic reassessment processes administered by the DOT. We have determined that there are currently no material legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our LATAM alliance-related intangible asset. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2022 2021 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% $ 3,496 $ 3,496 Unsecured notes 2023 to 2029 2.90% to 7.38% 2,997 4,354 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2023 to 2028 4.50% and 4.75% 5,144 6,000 SkyMiles Term Loan (1)(2) 2023 to 2027 6.46% 2,820 2,820 Financing arrangements secured by aircraft: Certificates (1) 2022 to 2028 2.00% to 8.00% 1,855 1,932 Notes (1)(2) 2022 to 2033 1.99% to 5.75% 915 1,139 NYTDC Special Facilities Revenue Bonds (1) 2023 to 2045 4.00% to 5.00% 2,838 2,894 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 1,542 2,589 2018 Revolving Credit Facility (2) 2023 to 2024 Undrawn — — Other financings (1)(2) 2022 to 2030 2.51% to 5.00% 67 68 Other revolving credit facilities (2) 2023 to 2024 Undrawn — — Total secured and unsecured debt $ 21,674 $ 25,292 Unamortized (discount)/premium and debt issue cost, net and other (151) (208) Total debt $ 21,523 $ 25,084 Less: current maturities (1,723) (1,502) Total long-term debt $ 19,800 $ 23,582 (1) Due in installments during the years shown above. (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. Availability Under Revolving Credit Facilities As of September 30, 2022, we had approximately $2.8 billion undrawn and available under our revolving credit facilities. In addition, we had approximately $300 million outstanding letters of credit as of September 30, 2022 that did not affect the availability of our revolving credit facilities. Early Settlement of Outstanding Notes In August 2022, we completed a cash tender offer for an aggregate purchase price of $1.5 billion, excluding accrued and unpaid interest, of certain of our outstanding debt securities. As a result of the tender offer, we repurchased the following notes: Notes Repurchased in Tender Offer (in millions) Location in debt table Principal Repurchased Amount Paid 4.500% Senior Secured Notes due 2025 SkyMiles Notes $ 856 $ 850 7.000% Senior Secured Notes due 2025 2020 Senior Secured Notes 478 498 7.375% Notes due 2026 Unsecured Notes 84 87 3.800% Notes due 2023 Unsecured Notes 65 65 Total Notes Repurchased $ 1,483 $ 1,500 In addition to the early settlement of the principal amount of the purchased notes, we recorded a loss of $34 million on extinguishment of debt in non-operating expense in our income statement. 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 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 $ 21,523 $ 25,084 Fair value $ 20,500 $ 26,900 Covenants Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at September 30, 2022. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
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) 2022 2021 2022 2021 Three Months Ended September 30, Service cost $ — $ — $ 18 $ 21 Interest cost 153 146 32 29 Expected return on plan assets (330) (381) (4) (9) Amortization of prior service credit — — (1) (2) Recognized net actuarial loss 64 88 13 15 Settlements — 1 — — Net periodic (benefit) cost $ (113) $ (146) $ 58 $ 54 Nine Months Ended September 30, Service cost $ — $ — $ 53 $ 64 Interest cost 459 437 96 88 Expected return on plan assets (990) (1,142) (12) (26) Amortization of prior service credit — — (4) (5) Recognized net actuarial loss 191 266 41 42 Settlements — 1 — — Net periodic (benefit) cost $ (340) $ (438) $ 174 $ 163 Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within pension and related benefit under non-operating expense. Expected Long-Term Rate of Return. Based on our funded status as of December 31, 2021, we have modified the strategic asset allocation mix to reduce the investment risk of the portfolio. As a result of the lower risk profile of the portfolio, the weighted average expected long-term rate of return on our defined benefit pension plan assets for 2022 net periodic benefit cost is 7.0%. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $19.9 billion at September 30, 2022. Aircraft purchase commitments (in millions) Total Three months ending December 31, 2022 $ 1,380 2023 3,440 2024 3,640 2025 4,230 2026 3,700 Thereafter 3,500 Total $ 19,890 Our future aircraft purchase commitments included the following aircraft at September 30, 2022: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 50 A321-200neo 147 A330-900neo 20 A350-900 18 B-737-900ER 3 B-737-10 100 Total 338 Aircraft Orders During the June 2022 quarter, we agreed to acquire four B-737-900ER and one A330-900 aircraft. Deliveries of the pre-owned B-737-900ER aircraft are expected to occur by the end of 2022 and delivery of the new A330-900 aircraft is expected to occur in 2024. In July 2022, we entered into a purchase agreement with Boeing for 100 Boeing 737-10 aircraft, the largest model in the 737 MAX family of aircraft, to start delivery in 2025 with the option to purchase an additional thirty 737-10 aircraft. Also in July 2022, we exercised purchase rights for 12 A220-300 aircraft with Airbus. 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, 2022 | |
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 Other Total Balance at January 1, 2022 (net of tax effect of $1,184) $ (7,170) $ 40 $ (7,130) Reclassifications into earnings (net of tax effect of $56) (1) 184 — 184 Balance at September 30, 2022 (net of tax effect of $1,128) $ (6,986) $ 40 $ (6,946) 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) |
Segments
Segments | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 was $834 million and $2.6 billion, respectively, compared to $629 million and $1.7 billion for the three and nine months ended September 30, 2021, 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, 2022 Operating revenue: $ 12,841 $ 2,599 $ 13,975 Sales to airline segment $ (504) (1) Exchanged products (834) (2) Sales of refined products (127) (3) Operating income 1,264 192 — 1,456 Interest expense, net 248 3 (3) 248 Depreciation and amortization 538 23 (23) (4) 538 Total assets, end of period 69,680 2,977 (61) 72,596 Net fair value obligations, end of period — (291) — (291) Capital expenditures 1,393 49 — 1,442 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 314 2 (2) 314 Depreciation and amortization 501 24 (24) (4) 501 Total assets, end of period 70,783 2,012 (12) 72,783 Net fair value obligations, end of period — (547) — (547) Capital expenditures 818 12 — 830 (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 for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor. (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. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Nine Months Ended September 30, 2022 Operating revenue: $ 33,312 $ 8,265 $ 37,147 Sales to airline segment $ (1,557) (1) Exchanged products (2,623) (2) Sales of refined products (250) (3) Operating income 1,676 515 — 2,191 Interest expense, net 791 7 (7) 791 Depreciation and amortization 1,554 70 (70) (4) 1,554 Capital expenditures 4,069 97 — 4,166 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 1,014 5 (5) 1,014 Depreciation and amortization 1,494 72 (72) (4) 1,494 Capital expenditures 1,994 35 — 2,029 (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 for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor. (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. Fair Value Obligations The net fair value obligations presented in the financial information by segment for the three month periods table above are related to renewable fuel compliance costs, are presented net of any related assets or fixed price purchase agreements and are based on quoted market prices and other observable information and are therefore classified as Level 2 in the fair value hierarchy. Our obligation as of September 30, 2022 was calculated using the U.S. Environmental Protection Agency's ("EPA") Renewable Fuel Standard ("RFS") volume requirements, which were finalized in the June 2022 quarter. The compliance deadlines to retire our obligations for 2020 and 2021 are in the fourth quarter of 2022 and first quarter of 2023, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE We calculate basic earnings per share by di viding net income 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 instruments, including stock options, restricted stock awards and 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 per share: Basic and diluted earnings per share Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2022 2021 2022 2021 Net income $ 695 $ 1,212 $ 489 $ 688 Basic weighted average shares outstanding 638 637 638 636 Dilutive effect of share-based instruments 3 4 3 5 Diluted weighted average shares outstanding 641 641 641 641 Basic earnings per share $ 1.09 $ 1.90 $ 0.77 $ 1.08 Diluted earnings per share $ 1.08 $ 1.89 $ 0.76 $ 1.07 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021. 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 ongoing 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, 2022 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. |
Recent Accounting Standards | Recent Accounting Standards Standards Effective in Future Years Fair Value of Equity Investments. In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions." Under this standard, a contractual restriction on the sale of an equity security is not considered in measuring the security's fair value. The standard also requires certain disclosures for equity securities that are subject to contractual restrictions. The ASU becomes effective January 1, 2024. Upon adoption, we do not believe it will have a material impact on the valuation of our equity investments; however, we may be required to include additional disclosures to the extent we have material equity investments subject to contractual sale restrictions. Supplier Finance Program Obligations. In September 2022, the FASB issued ASU No. 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50)." This standard requires disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The ASU becomes effective January 1, 2023, except for the rollforward requirement, which becomes effective January 1, 2024. Upon adoption, we may be required to include additional disclosures to the extent we have material supplier finance program obligations. |
Cash Equivalents and Restricted Cash Equivalents | Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to certain self-insurance obligations and airport commitments as well as 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. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets on our Consolidated Balance Sheet ("balance sheet"). 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 and Long-Term Investments | 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. |
Fuel Hedge Contracts | Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are primarily related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). Our fuel hedge portfolio may consist of a combination of options, swaps or futures contracts, most of which have a duration of less than three months. Option and swap contracts are valued under income approaches using option pricing models and discounted cash flow models, respectively, based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets. Futures contracts and options on futures contracts are traded on a public exchange and valued based on quoted market prices. |
Fair Value Investments | Fair Value Investments. 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, foreign currency fluctuations and other valuation techniques for investments in companies without publicly-traded shares. |
Equity Method Investments | Equity Method Investments. We record our share of our equity method investees' financial results in our income statement |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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) 2022 2021 2022 2021 Ticket $ 10,247 $ 6,237 $ 26,005 $ 13,067 Loyalty travel awards 786 544 2,073 1,213 Travel-related services 431 410 1,251 998 Total passenger revenue $ 11,464 $ 7,191 $ 29,329 $ 15,278 Other Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Refinery $ 1,134 $ 872 $ 3,835 $ 2,189 Loyalty program 655 453 1,877 1,260 Ancillary businesses 249 215 665 586 Miscellaneous 233 161 640 388 Total other revenue $ 2,271 $ 1,701 $ 7,017 $ 4,423 |
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) 2022 2021 Balance at January 1 $ 7,559 $ 7,182 Miles earned 2,496 1,541 Miles redeemed for air travel (2,073) (1,213) Miles redeemed for non-air travel and other (122) (54) Balance at September 30 $ 7,860 $ 7,456 |
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) 2022 2021 2022 2021 Domestic $ 8,154 $ 5,759 $ 22,035 $ 12,517 Atlantic 2,313 730 4,553 1,160 Latin America 659 564 2,084 1,313 Pacific 338 138 657 288 Total $ 11,464 $ 7,191 $ 29,329 $ 15,278 Operating revenue by geographic region Operating Revenue Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Domestic $ 10,118 $ 7,311 $ 28,322 $ 16,572 Atlantic 2,705 954 5,538 1,688 Latin America 752 653 2,417 1,620 Pacific 400 236 870 549 Total $ 13,975 $ 9,154 $ 37,147 $ 20,429 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets (liabilities) measured at fair value on a recurring basis | Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (in millions) September 30, Level 1 Level 2 Level 3 Cash equivalents $ 4,443 $ 4,443 $ — $ — Restricted cash equivalents 302 302 — — Short-term investments 1,345 75 1,270 — Long-term investments 899 767 35 97 Fuel hedge contracts 23 — 23 — (in millions) December 31, Level 1 Level 2 Level 3 Cash equivalents $ 5,450 $ 5,450 $ — $ — Restricted cash equivalents 635 635 — — Short-term investments 3,386 1,376 2,010 — Long-term investments 1,459 1,326 36 97 Fuel hedge contracts (18) — (18) — |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Air France-KLM Fair Value 3 % 6 % $ 94 $ 165 China Eastern Fair Value 2 % 2 % 158 177 CLEAR Fair Value 6 % 6 % 189 260 Grupo Aeroméxico Equity Method (1) 20 % 51 % 424 — Hanjin KAL Fair Value (2) 15 % 13 % 259 455 Unifi Aviation Equity Method (3) 49 % 49 % 161 159 Wheels Up Fair Value (4) 21 % 21 % 60 241 Other investments Various 240 255 Equity investments $ 1,585 $ 1,712 (1) Results are included in equity method results in our income statement under non-operating expense. (2) At September 30, 2022, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (3) Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations. (4) We elected to account for our investment under the fair value option. |
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, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Air France-KLM Fair Value 3 % 6 % $ 94 $ 165 China Eastern Fair Value 2 % 2 % 158 177 CLEAR Fair Value 6 % 6 % 189 260 Grupo Aeroméxico Equity Method (1) 20 % 51 % 424 — Hanjin KAL Fair Value (2) 15 % 13 % 259 455 Unifi Aviation Equity Method (3) 49 % 49 % 161 159 Wheels Up Fair Value (4) 21 % 21 % 60 241 Other investments Various 240 255 Equity investments $ 1,585 $ 1,712 (1) Results are included in equity method results in our income statement under non-operating expense. (2) At September 30, 2022, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. (3) Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations. (4) We elected to account for our investment under the fair value option. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2022 2021 Unsecured Payroll Support Program Loans 2030 to 2031 1.00% $ 3,496 $ 3,496 Unsecured notes 2023 to 2029 2.90% to 7.38% 2,997 4,354 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (1) 2023 to 2028 4.50% and 4.75% 5,144 6,000 SkyMiles Term Loan (1)(2) 2023 to 2027 6.46% 2,820 2,820 Financing arrangements secured by aircraft: Certificates (1) 2022 to 2028 2.00% to 8.00% 1,855 1,932 Notes (1)(2) 2022 to 2033 1.99% to 5.75% 915 1,139 NYTDC Special Facilities Revenue Bonds (1) 2023 to 2045 4.00% to 5.00% 2,838 2,894 Financing arrangements secured by slots, gates and/or routes: 2020 Senior Secured Notes 2025 7.00% 1,542 2,589 2018 Revolving Credit Facility (2) 2023 to 2024 Undrawn — — Other financings (1)(2) 2022 to 2030 2.51% to 5.00% 67 68 Other revolving credit facilities (2) 2023 to 2024 Undrawn — — Total secured and unsecured debt $ 21,674 $ 25,292 Unamortized (discount)/premium and debt issue cost, net and other (151) (208) Total debt $ 21,523 $ 25,084 Less: current maturities (1,723) (1,502) Total long-term debt $ 19,800 $ 23,582 (1) Due in installments during the years shown above. (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 repurchase amount | As a result of the tender offer, we repurchased the following notes: Notes Repurchased in Tender Offer (in millions) Location in debt table Principal Repurchased Amount Paid 4.500% Senior Secured Notes due 2025 SkyMiles Notes $ 856 $ 850 7.000% Senior Secured Notes due 2025 2020 Senior Secured Notes 478 498 7.375% Notes due 2026 Unsecured Notes 84 87 3.800% Notes due 2023 Unsecured Notes 65 65 Total Notes Repurchased $ 1,483 $ 1,500 |
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 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 $ 21,523 $ 25,084 Fair value $ 20,500 $ 26,900 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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) 2022 2021 2022 2021 Three Months Ended September 30, Service cost $ — $ — $ 18 $ 21 Interest cost 153 146 32 29 Expected return on plan assets (330) (381) (4) (9) Amortization of prior service credit — — (1) (2) Recognized net actuarial loss 64 88 13 15 Settlements — 1 — — Net periodic (benefit) cost $ (113) $ (146) $ 58 $ 54 Nine Months Ended September 30, Service cost $ — $ — $ 53 $ 64 Interest cost 459 437 96 88 Expected return on plan assets (990) (1,142) (12) (26) Amortization of prior service credit — — (4) (5) Recognized net actuarial loss 191 266 41 42 Settlements — 1 — — Net periodic (benefit) cost $ (340) $ (438) $ 174 $ 163 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future aircraft purchase commitments | Our future aircraft purchase commitments totaled approximately $19.9 billion at September 30, 2022. Aircraft purchase commitments (in millions) Total Three months ending December 31, 2022 $ 1,380 2023 3,440 2024 3,640 2025 4,230 2026 3,700 Thereafter 3,500 Total $ 19,890 Our future aircraft purchase commitments included the following aircraft at September 30, 2022: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 50 A321-200neo 147 A330-900neo 20 A350-900 18 B-737-900ER 3 B-737-10 100 Total 338 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 Other Total Balance at January 1, 2022 (net of tax effect of $1,184) $ (7,170) $ 40 $ (7,130) Reclassifications into earnings (net of tax effect of $56) (1) 184 — 184 Balance at September 30, 2022 (net of tax effect of $1,128) $ (6,986) $ 40 $ (6,946) 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) |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 Operating revenue: $ 12,841 $ 2,599 $ 13,975 Sales to airline segment $ (504) (1) Exchanged products (834) (2) Sales of refined products (127) (3) Operating income 1,264 192 — 1,456 Interest expense, net 248 3 (3) 248 Depreciation and amortization 538 23 (23) (4) 538 Total assets, end of period 69,680 2,977 (61) 72,596 Net fair value obligations, end of period — (291) — (291) Capital expenditures 1,393 49 — 1,442 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 314 2 (2) 314 Depreciation and amortization 501 24 (24) (4) 501 Total assets, end of period 70,783 2,012 (12) 72,783 Net fair value obligations, end of period — (547) — (547) Capital expenditures 818 12 — 830 (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 for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor. (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. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Nine Months Ended September 30, 2022 Operating revenue: $ 33,312 $ 8,265 $ 37,147 Sales to airline segment $ (1,557) (1) Exchanged products (2,623) (2) Sales of refined products (250) (3) Operating income 1,676 515 — 2,191 Interest expense, net 791 7 (7) 791 Depreciation and amortization 1,554 70 (70) (4) 1,554 Capital expenditures 4,069 97 — 4,166 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 1,014 5 (5) 1,014 Depreciation and amortization 1,494 72 (72) (4) 1,494 Capital expenditures 1,994 35 — 2,029 (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 for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor. (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 Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 per share: Basic and diluted earnings per share Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2022 2021 2022 2021 Net income $ 695 $ 1,212 $ 489 $ 688 Basic weighted average shares outstanding 638 637 638 636 Dilutive effect of share-based instruments 3 4 3 5 Diluted weighted average shares outstanding 641 641 641 641 Basic earnings per share $ 1.09 $ 1.90 $ 0.77 $ 1.08 Diluted earnings per share $ 1.08 $ 1.89 $ 0.76 $ 1.07 |
Revenue Recognition - Passenger
Revenue Recognition - Passenger Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 13,975 | $ 9,154 | $ 37,147 | $ 20,429 |
Passenger | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 11,464 | 7,191 | 29,329 | 15,278 |
Ticket | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 10,247 | 6,237 | 26,005 | 13,067 |
Loyalty travel awards | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 786 | 544 | 2,073 | 1,213 |
Travel-related services | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 431 | $ 410 | $ 1,251 | $ 998 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Billions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized that was previously deferred | $ 3.9 | $ 1.8 |
Cash sales of mileage credits | $ 4.1 | $ 2.9 |
Redemption period for majority of new miles (in years) | 2 years |
Revenue Recognition - Loyalty P
Revenue Recognition - Loyalty Program Liability (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Loyalty program activity | ||
Miles earned | $ 2,496 | $ 1,541 |
Miles redeemed for air travel | (2,073) | (1,213) |
Miles redeemed for non-air travel and other | (122) | (54) |
Current and noncurrent deferred revenue, ending | 7,860 | 7,456 |
Loyalty program | ||
Loyalty program activity | ||
Current and noncurrent deferred revenue, beginning | $ 7,559 | $ 7,182 |
Revenue Recognition - Other Rev
Revenue Recognition - Other Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 13,975 | $ 9,154 | $ 37,147 | $ 20,429 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,271 | 1,701 | 7,017 | 4,423 |
Refinery | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 1,134 | 872 | 3,835 | 2,189 |
Loyalty program | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 655 | 453 | 1,877 | 1,260 |
Ancillary businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 249 | 215 | 665 | 586 |
Miscellaneous | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 233 | $ 161 | $ 640 | $ 388 |
Revenue Recognition - Revenue b
Revenue Recognition - Revenue by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 13,975 | $ 9,154 | $ 37,147 | $ 20,429 |
Domestic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 10,118 | 7,311 | 28,322 | 16,572 |
Atlantic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,705 | 954 | 5,538 | 1,688 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 752 | 653 | 2,417 | 1,620 |
Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 400 | 236 | 870 | 549 |
Passenger | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 11,464 | 7,191 | 29,329 | 15,278 |
Passenger | Domestic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,154 | 5,759 | 22,035 | 12,517 |
Passenger | Atlantic | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,313 | 730 | 4,553 | 1,160 |
Passenger | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 659 | 564 | 2,084 | 1,313 |
Passenger | Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 338 | $ 138 | $ 657 | $ 288 |
Fair Value Measurements - Measu
Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value | ||
Cash equivalents | $ 4,443 | $ 5,450 |
Restricted cash equivalents | 302 | 635 |
Short-term investments | 1,345 | 3,386 |
Long-term investments | 899 | 1,459 |
Fuel hedge contracts | 23 | (18) |
Level 1 | ||
Fair Value | ||
Cash equivalents | 4,443 | 5,450 |
Restricted cash equivalents | 302 | 635 |
Short-term investments | 75 | 1,376 |
Long-term investments | 767 | 1,326 |
Fuel hedge contracts | 0 | 0 |
Level 2 | ||
Fair Value | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Short-term investments | 1,270 | 2,010 |
Long-term investments | 35 | 36 |
Fuel hedge contracts | 23 | (18) |
Level 3 | ||
Fair Value | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Long-term investments | 97 | 97 |
Fuel hedge contracts | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Short-term investments | $ 1,345 | $ 1,345 | $ 3,386 | ||
Short-term investments expected to mature in one year or less | 711 | 711 | |||
Fuel hedge contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Gain (loss) on derivatives recognized | $ 139 | $ (22) | (339) | $ (143) | |
Loss on settlement | 380 | ||||
Mark-to-market adjustments | $ 41 |
Investments - Equity Investment
Investments - Equity Investments Ownership Interest and Carrying Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Equity Investments | |||
Equity investments | $ 1,585 | $ 1,712 | |
Air France-KLM | |||
Equity Investments | |||
Ownership interest (percent) | 3% | 6% | |
Carrying value | $ 94 | $ 165 | |
China Eastern | |||
Equity Investments | |||
Ownership interest (percent) | 2% | 2% | |
Carrying value | $ 158 | $ 177 | |
CLEAR | |||
Equity Investments | |||
Ownership interest (percent) | 6% | 6% | |
Carrying value | $ 189 | $ 260 | |
Hanjin-KAL | |||
Equity Investments | |||
Ownership interest (percent) | 15% | 13% | |
Carrying value | $ 259 | $ 455 | |
Hanjin-KAL | Common and Preferred Shares | |||
Equity Investments | |||
Ownership interest (percent) | 14.80% | ||
Hanjin-KAL | Common Stock | |||
Equity Investments | |||
Ownership interest (percent) | 14.90% | ||
Wheels Up | |||
Equity Investments | |||
Ownership interest (percent) | 21% | 21% | |
Carrying value | $ 60 | $ 241 | |
Other investments | |||
Equity Investments | |||
Carrying value | $ 240 | $ 255 | |
Grupo Aeromexico | |||
Equity Investments | |||
Ownership interest (percent) | 20% | 20% | 51% |
Carrying value | $ 424 | $ 0 | |
Unifi Aviation | |||
Equity Investments | |||
Ownership interest (percent) | 49% | 49% | |
Carrying value | $ 161 | $ 159 |
Investments - Narrative (Detail
Investments - Narrative (Details) shares in Millions, € in Billions | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2022 USD ($) | Sep. 30, 2022 EUR (€) shares | Sep. 30, 2022 USD ($) shares | Jun. 30, 2022 | Dec. 31, 2021 USD ($) | |
Air France-KLM | |||||
Investments [Line Items] | |||||
Shares subscribed (in shares) | shares | 36 | ||||
Ownership interest (percent) | 3% | 6% | |||
Grupo Aeromexico | |||||
Investments [Line Items] | |||||
New capital stock after consolidation and exchange as percentage of previously outstanding (percent) | 0.01% | ||||
Air France-KLM | |||||
Investments [Line Items] | |||||
Share rights executed, value | € | € 2.3 | ||||
Number shares called by warrants (in shares) | shares | 1,900 | ||||
Grupo Aeromexico | |||||
Investments [Line Items] | |||||
Ownership interest (percent) | 20% | 20% | 51% | ||
Carrying value | $ 424,000,000 | $ 0 | |||
Virgin Atlantic | |||||
Investments [Line Items] | |||||
Ownership interest (percent) | 49% | ||||
Carrying value | $ 0 | ||||
LATAM | |||||
Investments [Line Items] | |||||
Ownership interest (percent) | 20% | ||||
Carrying value | $ 0 | ||||
Estimated ownership pending restructuring process (percent) | 10% | ||||
Agreement approval period | 10 years | ||||
Indefinite-lived intangibles | $ 1,200,000,000 | ||||
Grupo Aeromexico | |||||
Investments [Line Items] | |||||
Investment in equity method investment | $ 100,000,000 | ||||
LATAM | |||||
Investments [Line Items] | |||||
Noncurrent financing receivable | $ 71,000,000 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Debt, gross | $ 21,674 | $ 25,292 |
Unamortized (discount)/premium and debt issue cost, net and other | (151) | (208) |
Total debt | 21,523 | 25,084 |
Less: current maturities | (1,723) | (1,502) |
Total long-term debt | $ 19,800 | 23,582 |
Unsecured Payroll Support Program Loans | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 01, 2030 | |
Maturity dates range, end | Dec. 31, 2031 | |
Interest rate per annum (percent) | 1% | |
Debt, gross | $ 3,496 | 3,496 |
Unsecured notes | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 01, 2023 | |
Maturity dates range, end | Dec. 31, 2029 | |
Debt, gross | $ 2,997 | 4,354 |
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% | |
SkyMiles Notes | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 01, 2023 | |
Maturity dates range, end | Dec. 31, 2028 | |
Interest rate per annum (percent) | 4.50% | |
Debt, gross | $ 5,144 | 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. 01, 2023 | |
Maturity dates range, end | Dec. 31, 2027 | |
Interest rate per annum (percent) | 6.46% | |
Debt, gross | $ 2,820 | 2,820 |
Financing secured by aircraft - Certificates | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 01, 2022 | |
Maturity dates range, end | Dec. 31, 2028 | |
Debt, gross | $ 1,855 | 1,932 |
Financing secured by aircraft - Certificates | Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 2% | |
Financing secured by aircraft - Certificates | Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 8% | |
Financing secured by aircraft - Notes | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 01, 2022 | |
Maturity dates range, end | Dec. 31, 2033 | |
Debt, gross | $ 915 | 1,139 |
Financing secured by aircraft - Notes | Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 1.99% | |
Financing secured by aircraft - Notes | Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 5.75% | |
NYTDC Special Facilities Revenue Bonds | Bonds | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 01, 2023 | |
Maturity dates range, end | Dec. 31, 2045 | |
Debt, gross | $ 2,838 | 2,894 |
NYTDC Special Facilities Revenue Bonds | Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 4% | |
NYTDC Special Facilities Revenue Bonds | Bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 5% | |
2020 Senior Secured Notes | Secured debt | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2025 | |
Interest rate per annum (percent) | 7% | |
Debt, gross | $ 1,542 | 2,589 |
2018 Revolving Credit Facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 01, 2023 | |
Maturity dates range, end | Dec. 31, 2024 | |
Debt, gross | $ 0 | 0 |
Other financings | Secured and unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 01, 2022 | |
Maturity dates range, end | Dec. 31, 2030 | |
Debt, gross | $ 67 | 68 |
Other financings | Secured and unsecured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 2.51% | |
Other financings | Secured and unsecured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate per annum (percent) | 5% | |
Other revolving credit facilities | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2024 | |
Debt, gross | $ 0 | $ 0 |
Other revolving credit facilities | Secured and unsecured debt | ||
Debt Instrument [Line Items] | ||
Maturity dates range, start | Jan. 01, 2022 |
Debt - Availability Under Revol
Debt - Availability Under Revolving Credit Facilities (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Revolving credit facility | |
Debt Instrument [Line Items] | |
Undrawn credit facilities | $ 2,800 |
Letter of Credit | |
Debt Instrument [Line Items] | |
Outstanding letters of credit that do not affect availability of revolvers | $ 300 |
Debt - Early Settlement of Outs
Debt - Early Settlement of Outstanding Notes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Extinguishment of Debt [Line Items] | ||||
Loss on extinguishment of debt | $ 34 | $ 183 | $ 100 | $ 266 |
Secured and unsecured debt | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on extinguishment of debt | $ 34 |
Debt - Schedule of Notes Repurc
Debt - Schedule of Notes Repurchased (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Aug. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal Repurchased | $ 1,483 | |
Amount Paid | 1,500 | |
4.500% Senior Secured Notes due 2025 | Secured debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.50% | |
Principal Repurchased | 856 | |
Amount Paid | 850 | |
7.000% Senior Secured Notes due 2025 | Secured debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7% | |
Principal Repurchased | 478 | |
Amount Paid | 498 | |
7.375% Notes due 2026 | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.375% | |
Principal Repurchased | 84 | |
Amount Paid | 87 | |
3.800% Notes due 2023 | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.80% | |
Principal Repurchased | 65 | |
Amount Paid | $ 65 |
Debt - Fair Value of Debt (Deta
Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt | ||
Net carrying amount | $ 21,523 | $ 25,084 |
Fair value | $ 20,500 | $ 26,900 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 153 | 146 | 459 | 437 |
Expected return on plan assets | (330) | (381) | (990) | (1,142) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 64 | 88 | 191 | 266 |
Settlements | 0 | 1 | 0 | 1 |
Net periodic (benefit) cost | (113) | (146) | (340) | (438) |
Other Postretirement and Postemployment Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 18 | 21 | 53 | 64 |
Interest cost | 32 | 29 | 96 | 88 |
Expected return on plan assets | (4) | (9) | (12) | (26) |
Amortization of prior service credit | (1) | (2) | (4) | (5) |
Recognized net actuarial loss | 13 | 15 | 41 | 42 |
Settlements | 0 | 0 | 0 | 0 |
Net periodic (benefit) cost | $ 58 | $ 54 | $ 174 | $ 163 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Pension Benefits | |
Defined Benefit Plan Disclosure | |
Weighted average expected long-term rate of return on plan assets (percent) | 7% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2022 aircraft | Jun. 30, 2022 aircraft | Sep. 30, 2022 USD ($) | |
Future Purchase Commitments | |||
Future aircraft purchase commitments | $ | $ 19,900 | ||
Number of aircrafts ordered | 100 | ||
Number of aircraft, option exercised | 12 | ||
Number of aircraft options | 30 | ||
737-900ER | |||
Future Purchase Commitments | |||
Number of aircrafts acquired | 4 | ||
A330-900 | |||
Future Purchase Commitments | |||
Number of aircrafts acquired | 1 | ||
Future aircraft purchase commitments | |||
Future Purchase Commitments | |||
Future aircraft purchase commitments | $ | $ 19,890 |
Commitments and Contingencies_2
Commitments and Contingencies - Aircraft Commitments by Year (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Future aircraft purchase commitments: | |
Total | $ 19,900 |
Future aircraft purchase commitments | |
Future aircraft purchase commitments: | |
Three months ending December 31, 2022 | 1,380 |
2023 | 3,440 |
2024 | 3,640 |
2025 | 4,230 |
2026 | 3,700 |
Thereafter | 3,500 |
Total | $ 19,890 |
Commitments and Contingencies_3
Commitments and Contingencies - Aircraft Commitments by Fleet Type (Details) (Details) - Future aircraft purchase commitments | Sep. 30, 2022 aircraft |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 338 |
A220-300 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 50 |
A321-200neo | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 147 |
A330-900neo | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 20 |
A350-900 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 18 |
B-737-900ER | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 3 |
B-737-10 | |
Future Purchase Commitments | |
Aircraft purchase commitments, minimum quantity required | 100 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of accumulated other comprehensive loss | ||||
Beginning balance | $ 3,887 | $ 1,534 | ||
Reclassifications into earnings (net of tax effect) | 184 | 235 | ||
Changes in value (net of tax effect) | 3 | |||
Ending balance | 4,590 | 2,606 | ||
Reclassifications into earnings, tax effect | (56) | (71) | ||
Changes in value, tax effect | (1) | |||
Accumulated Other Comprehensive Income | ||||
Components of accumulated other comprehensive loss | ||||
Beginning balance | (7,130) | (9,038) | ||
Ending balance | (6,946) | (8,800) | ||
AOCI tax | (1,128) | (1,692) | $ (1,184) | $ (1,764) |
Pension and Other Benefit Liabilities | ||||
Components of accumulated other comprehensive loss | ||||
Beginning balance | (7,170) | (9,078) | ||
Reclassifications into earnings (net of tax effect) | 184 | 235 | ||
Changes in value (net of tax effect) | 3 | |||
Ending balance | (6,986) | (8,840) | ||
Other | ||||
Components of accumulated other comprehensive loss | ||||
Beginning balance | 40 | 40 | ||
Reclassifications into earnings (net of tax effect) | 0 | 0 | ||
Changes in value (net of tax effect) | 0 | |||
Ending balance | $ 40 | $ 40 |
Segments - Segment Reporting (D
Segments - Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | $ 13,975 | $ 9,154 | $ 37,147 | $ 20,429 | |
Operating income (loss) | 1,456 | 2,205 | 2,191 | 1,623 | |
Interest expense, net | 248 | 314 | 791 | 1,014 | |
Depreciation and amortization | 538 | 501 | 1,554 | 1,494 | |
Total assets, end of period | 72,596 | 72,783 | 72,596 | 72,783 | $ 72,459 |
Net fair value obligations, end of period | (291) | (547) | (291) | (547) | |
Capital expenditures | 1,442 | 830 | 4,166 | 2,029 | |
Operating Segments | Airline | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | 12,841 | 8,282 | 33,312 | 18,240 | |
Operating income (loss) | 1,264 | 2,108 | 1,676 | 1,809 | |
Interest expense, net | 248 | 314 | 791 | 1,014 | |
Depreciation and amortization | 538 | 501 | 1,554 | 1,494 | |
Total assets, end of period | 69,680 | 70,783 | 69,680 | 70,783 | |
Net fair value obligations, end of period | 0 | 0 | 0 | 0 | |
Capital expenditures | 1,393 | 818 | 4,069 | 1,994 | |
Operating Segments | Refinery | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | 2,599 | 1,696 | 8,265 | 4,177 | |
Operating income (loss) | 192 | 97 | 515 | (186) | |
Interest expense, net | 3 | 2 | 7 | 5 | |
Depreciation and amortization | 23 | 24 | 70 | 72 | |
Total assets, end of period | 2,977 | 2,012 | 2,977 | 2,012 | |
Net fair value obligations, end of period | (291) | (547) | (291) | (547) | |
Capital expenditures | 49 | 12 | 97 | 35 | |
Intersegment Sales/Other | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating income (loss) | 0 | 0 | 0 | 0 | |
Interest expense, net | (3) | (2) | (7) | (5) | |
Depreciation and amortization | (23) | (24) | (70) | (72) | |
Total assets, end of period | (61) | (12) | (61) | (12) | |
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 | (504) | (183) | (1,557) | (292) | |
Intersegment Sales/Other | Exchanged products | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | (834) | (629) | (2,623) | (1,667) | |
Intersegment Sales/Other | Sales of refined products | |||||
Segment Reporting Information, Profit (Loss) | |||||
Operating revenue | $ (127) | $ (12) | $ (250) | $ (29) |
Segments - Narrative (Details)
Segments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information, Profit (Loss) | ||||
Operating revenue | $ 13,975 | $ 9,154 | $ 37,147 | $ 20,429 |
Intersegment Sales/Other | Exchanged products | ||||
Segment Reporting Information, Profit (Loss) | ||||
Operating revenue | $ (834) | $ (629) | $ (2,623) | $ (1,667) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ 695 | $ 735 | $ (940) | $ 1,212 | $ 652 | $ (1,177) | $ 489 | $ 688 |
Basic weighted average shares outstanding (shares) | 638 | 637 | 638 | 636 | ||||
Dilutive effect of share-based awards (shares) | 3 | 4 | 3 | 5 | ||||
Diluted weighted average shares outstanding (shares) | 641 | 641 | 641 | 641 | ||||
Basic earnings/(loss) per share (USD per share) | $ 1.09 | $ 1.90 | $ 0.77 | $ 1.08 | ||||
Diluted earnings/(loss) per share (USD per share) | $ 1.08 | $ 1.89 | $ 0.76 | $ 1.07 |