Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of 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.

Schedule of pass through certificates

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

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. 

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