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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of outstanding debt by category
The following table summarizes our debt as of the dates indicated below:

Summary of outstanding debt by category
Maturity
Interest Rate(s) Per Annum at
December 31,
(in millions)DatesDecember 31, 202020202019
Unsecured notes2021to20292.90%to7.38%$5,350 $5,550 
Unsecured CARES Act Payroll Support Program Loan(1)
20301.00%1,648— 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)
2023to20284.50%and 4.75%6,000 — 
SkyMiles Term Loan(2)(3)
2023to20274.75%3,000 — 
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes20257.00%3,500 — 
2020 Term Loan(2)(3)
2021to20235.75%1,493 — 
2018 Revolving Credit Facility(3)
2021to2023Undrawn— — 
Financing arrangements secured by aircraft:
Certificates(2)
2021to20282.00%to8.02%2,633 1,669 
Notes(2)(3)
2021to20320.81%to5.75%1,284 1,193 
NYTDC Special Facilities Revenue Bonds, Series 2020(2)
2026to20454.00%to5.00%1,511 — 
NYTDC Special Facilities Revenue Bonds, Series 2018(2)
2022to20364.00%to5.00%1,383 1,383 
Other financings(2)(3)
2021to20302.51%to8.75%412 196 
Other revolving credit facilities(3)
2021to2022Undrawn— — 
Total secured and unsecured debt28,214 9,991 
Unamortized (discount)/premium and debt issuance cost, net and other(240)115 
Total debt27,974 10,106 
Less: current maturities(1,443)(2,054)
Total long-term debt$26,531 $8,052 
(1) See Note 2, "Impact of the COVID-19 Pandemic," for further discussion of the terms, including the applicable interest rate.
(2)Due in installments.
(3)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.
Schedule of 2020-1 EETC issuance by class The details of the 2020-1 EETC, which is secured by 33 aircraft, are shown in the table below:
2020-1 EETC issuance by class
(in millions)Total PrincipalFixed Interest RateIssuance DateFinal Maturity Date
2020-1 Class AA Certificates$796 2.00 %March 2020June 2028
2020-1 Class A Certificates204 2.50 %March 2020June 2028
2020-1 Class B Certificates135 8.00 %April 2020June 2027
Total$1,135 
Schedule of fair value of outstanding debt 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)December 31,
2020		December 31,
2019
Net carrying amount$27,974 $10,106 
Fair value$29,800 $10,400 
Schedule of future debt maturities
The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2020:

Future debt maturities

(in millions)		Total DebtAmortization of
Debt (Discount)/Premium and Debt Issuance Cost, net and other
2021$1,480 $(62)
20221,882 (63)
20234,016 (54)
20243,126 (46)
20255,157 (23)
Thereafter12,553 8 
Total$28,214 $(240)$27,974