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Debt
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Debt DEBT

The following table summarizes our debt:
 
Maturity
Interest Rate(s)(1) Per Annum at
September 30,
December 31,
(in millions)
Dates
September 30, 2019
2019
2018
Unsecured notes
2020
to
2028
2.60%
to
4.38%
$
4,050

$
4,050

Financing arrangements secured by aircraft:
 
 
 
 
 
 
 
 
Certificates(2)
2019
to
2027
3.20%
to
8.02%
1,999

1,837

Notes(2)
2019
to
2025
2.62%
to
6.37%
1,246

1,787

NYTDC Special Facilities Revenue Bonds, Series 2018(2)
2022
to
2036
4.00%
to
5.00%
1,383

1,383

Other financings(2)(3)
2021
to
2030
3.02%
to
8.75%
196

251

2018 Unsecured Revolving Credit Facility
2021
to
2023
undrawn
variable
—

—

Other revolving credit facilities
2020
to
2021
undrawn
variable
—

—

Total secured and unsecured debt
 
 
 
 
 
 
8,874

9,308

Unamortized premium and debt issue cost, net and other
 
 
 
 
 
 
151

60

Total debt
 
 
 
 
 
 
9,025

9,368

Less: current maturities
 
 
 
 
 
 
(1,953
)
(1,409
)
Total long-term debt
 
 
 
 
 
 
$
7,072

$
7,959

 
(1) 
Certain aircraft and other financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor) or another index rate, in each case plus a specified margin.
(2) 
Due in installments.
(3) 
Primarily includes unsecured bonds and debt secured by certain accounts receivable and real estate.

2019 Unsecured Term Loan

In February 2019, we entered into a $1 billion term loan issued by two lenders, which was subsequently repaid by the end of the June 2019 quarter. We used the net proceeds of the term loan to accelerate planned 2019 repurchases under our share repurchase program.

2019-1 EETC

We completed a $500 million offering of Pass Through Certificates, Series 2019-1 ("2019-1 EETC") utilizing a pass through trust during 2019. This amount is included in Certificates in the table above. The details of the 2019-1 EETC, which is secured by 14 aircraft, are shown in the table below:

(in millions)
Total Principal
Fixed Interest Rate
Issuance Date
Final Maturity Date
2019-1 Class AA Certificates
$
425

3.204%
March 2019
April 2024
2019-1 Class A Certificates
75

3.404%
March 2019
April 2024
Total
$
500

 
 
 


Availability Under Revolving Credit Facilities

The table below shows availability under revolving credit facilities, all of which were undrawn, as of September 30, 2019:
(in millions)
 
2018 Unsecured Revolving Credit Facility
$
2,650

Other revolving credit facilities
456

Total availability under revolving credit facilities
$
3,106




Fair Value of Debt

Market risk associated with our fixed- and variable-rate long-term 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. Long-term debt is primarily classified as Level 2 within the fair value hierarchy.    
(in millions)
September 30,
2019
December 31,
2018
Total debt at par value
$
8,874

$
9,308

Unamortized premium and debt issue cost, net and other
151

60

Net carrying amount
$
9,025

$
9,368

 
 
 
Fair value
$
9,300

$
9,400


Covenants

We were in compliance with the covenants in our financings at September 30, 2019.