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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of debt instruments
These covenants require us to maintain:
Minimum unrestricted liquidity
 
Unrestricted cash, permitted investments and undrawn revolving credit facilities
$2.0 billion
Minimum collateral coverage ratio(1)
1.60:1
 
(1) 
Defined as the ratio of (a) certain of the collateral that meet specified eligibility standards to (b) the sum of the aggregate outstanding obligations under the 2015 Credit Facilities and certain other obligations.
The Pacific Facilities include affirmative, negative and financial covenants that could restrict our ability to, among other things, make investments, sell or otherwise dispose of collateral if we are not in compliance with the collateral coverage ratio tests described below, pay dividends or repurchase stock.
Minimum fixed charge coverage ratio (1)
1.20:1
Minimum unrestricted liquidity
 
Unrestricted cash, permitted investments and undrawn revolving credit facilities
$2.0 billion
Minimum collateral coverage ratio (2)
1.60:1


(1) 
Defined as the ratio of (a) earnings before interest, taxes, depreciation, amortization and aircraft rent and other adjustments to net income to (b) the sum of gross cash interest expense (including the interest portion of our capitalized lease obligations) and cash aircraft rent expense, for the 12-month period ending as of the last day of each fiscal quarter.
(2) 
Defined as the ratio of (a) certain of the collateral that meet specified eligibility standards to (b) the sum of the aggregate outstanding obligations and certain other obligations.

The following table summarizes our long-term debt:
 
Maturity
Interest Rate(s) Per Annum at
December 31,
(in millions)
Dates
December 31, 2015
2015
2014
Pacific Facilities(1):
 
 
 
 
 
 
 
 
Pacific Term Loan B-1(2)
October 2018
3.25%
variable(4)
$
1,067

$
1,078

Pacific Term Loan B-2(2)
April 2016
2.67%
variable(4)
388

392

Pacific Revolving Credit Facility
2017
to
2018
undrawn
variable(4)
—

—

2015 Credit Facilities(1):
 
 
 
 
 
 
 
 
Term Loan Facility(2)
August 2022
3.25%
variable(4)
499

—

Revolving Credit Facility
August 2020
undrawn
variable(4)
—

—

2011 Credit Facilities:
 
 
 

 

 
 
Term Loan Facility
n/a
n/a
n/a
—

1,327

Revolving Credit Facility
n/a
n/a
n/a
—

—

Financing arrangements secured by aircraft:
 
 

 
 
 
 
 
Certificates(3)
2016
to
2027
3.63%
to
9.75%
3,264

3,226

Notes(3)
2016
to
2027
0.83%
to
6.76%
2,564

2,988

Other financings(3)(5)
2016
to
2031
2.24%
to
8.75%
316

458

Other revolving credit facilities(1)
2016
to
2017
undrawn
variable(4)
—

—

Total secured and unsecured debt
 
 
 
 
 
 
8,098

9,469

Unamortized discount and debt issue cost, net
 
 
 
 
 
 
(152
)
(206
)
Total debt
 
 
 
 
 
 
7,946

9,263

Less: current maturities
 
 
 
 
 
 
(1,415
)
(1,075
)
Total long-term debt
 
 
 
 
 
 
$
6,531

$
8,188

 
(1) 
Guaranteed by substantially all of our domestic subsidiaries (the "Guarantors").
(2) 
Borrowings must be repaid annually in an amount equal to 1% per year of the original principal amount (paid in equal quarterly installments), with the balance due on the final maturity date.
(3) 
Due in installments.
(4) 
Interest rate equal to LIBOR (generally subject to a floor) or another index rate, in each case plus a specified margin. Additionally, certain aircraft and other financings are comprised of variable rate debt.
(5) 
Primarily includes loans secured by certain accounts receivable and real estate.
Schedule of additional collateral on debt
The details of the 2015-1 EETC, which is secured by 15 aircraft, are shown in the table below:
(in millions)
Total Principal
Fixed Interest Rate
Issuance Date
Final Maturity Date
2015-1 Class AA Certificates
$
313

3.625%
August 2015
July 2027
2015-1 Class A Certificates
69

3.875%
August 2015
July 2027
2015-1 Class B Certificates
118

4.250%
August 2015
July 2023
Total
$
500

 
 
 
Schedule of line of credit facilities
The table below shows availability under revolving credit facilities, all of which were undrawn, as of December 31, 2015:
(in millions)
 
Revolving Credit Facility
$
1,500

Pacific Revolving Credit Facility
450

Other revolving credit facilities
257

Total availability under revolving credit facilities
$
2,207
Summary of scheduled maturities of debt
The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2015:

(in millions)
Total Debt
 
Amortization of
Debt Discount and Debt Issue Cost, net
 
 
2016
$
1,442

 
$
(40
)
 
 
2017
869

 
(39
)
 
 
2018
2,061

 
(35
)
 
 
2019
1,189

 
(22
)
 
 
2020
456

 
(4
)
 
 
Thereafter
2,081

 
(12
)
 
 
Total
$
8,098

 
$
(152
)
 
$
7,946
Schedule of estimated fair value of debt instruments
he fair value of debt, shown below, is based primarily on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Long-term debt is principally classified as Level 2 within the fair value hierarchy.
 
December 31,
(in millions)
2015
2014
Total debt at par value
$
8,098

$
9,469

Unamortized discount and debt issue cost, net
(152
)
(206
)
Net carrying amount
$
7,946

$
9,263

Fair value
$
8,400

$
9,800