Debt

3 Months Ended

Mar. 31, 2020

DEBT

The following table summarizes our debt:


	Maturity					Interest Rate(s) Per Annum at							March 31,	December 31,
(in millions)	Dates					March 31, 2020							2020	2019
Unsecured notes	2020	to	2029	2.60%	to	4.38%	$	4,550	$	5,550
2020 Secured Term Loan Facility⁽¹⁾	2021					2.75%	to		2.96%		2,700	—
Financing arrangements secured by aircraft:
Certificates⁽²⁾	2020	to	2028	2.00%	to	8.02%	2,611		1,669
Notes⁽¹⁾⁽²⁾	2020	to	2025	1.37%	to	6.03%	1,243		1,193
NYTDC Special Facilities Revenue Bonds, Series 2018⁽²⁾	2022	to	2036	4.00%	to	5.00%	1,383		1,383
Other financings^(1)(2)(3)	2021	to	2030	1.99%	to	8.75%	256		196
2018 Unsecured Revolving Credit Facility⁽¹⁾	2021	to	2023	2.45%							2,650	—
Other revolving credit facilities⁽¹⁾	2020	to	2021	2.37%	to	3.21%	292		—
Total secured and unsecured debt							15,685		9,991
Unamortized premium and debt issue cost, net and other							155		115
Total debt							15,840		10,106
Less: current maturities							(4,090)		(2,054)
Total long-term debt							$	11,750	$	8,052

⁽¹⁾Certain 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.

2020 Secured Term Loan Facility

In March 2020, we entered into a $2.7 billion 364-day secured term loan facility ("the facility"). Borrowings under the facility are secured by certain aircraft. The facility also contains an accordion feature under which the aggregate commitment can be increased to $4.0 billion upon our request, provided that the new lenders agree to the existing terms of the facility. The facility contains covenants similar to our other existing borrowings. In April 2020, this loan was increased to $3.0 billion.

2020-1 EETC

We completed a $1.0 billion offering of Pass Through Certificates, Series 2020-1 ("2020-1 EETC") utilizing a pass through trust during March 2020. This amount is included in Certificates in the table above. The proceeds of this issuance were used to pay the unsecured notes that matured in the March 2020 quarter. The details of the 2020-1 EETC, which is secured by 33 aircraft, are shown in the table below:

(in millions)

Total Principal

Fixed Interest Rate

Issuance Date

Final Maturity Date

2020-1 Class AA Certificates

796

2.00%

March 2020

June 2028

2020-1 Class A Certificates

204

2.50%

March 2020

June 2028

Total

1,000

Availability Under Revolving Credit Facilities

During the March 2020 quarter, we drew $3.0 billion on our revolving credit facilities and had $21 million undrawn as of March 31, 2020. The amounts drawn are included as outstanding debt in the table above.

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.


(in millions)	March 31, 2020		December 31, 2019
Net carrying amount	$	15,840	$	10,106
Fair value	$	14,800	$	10,400

Covenants

We were in compliance with the covenants in our financing agreements at March 31, 2020.