Debt (Tables)

6 Months Ended

Jun. 30, 2021


Summary of outstanding debt by category
	Maturity			Interest Rate(s) Per Annum at			June 30,		December 31,
(in millions)	Dates			June 30, 2021			2021		2020
Unsecured notes	2022	to	2029	2.90%	to	7.38%	$	4,750	$	5,350
Unsecured Payroll Support Program Loan	2030			1.00%			1,648		1,648
Unsecured Payroll Support Program Extension Loan	2031			1.00%			957		—
Unsecured Payroll Support Program 3 Loan	2031			1.00%			891		—
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)	2023	to	2028	4.50%	and	4.75%	6,000		6,000
SkyMiles Term Loan(1)(2)	2023	to	2027	4.75%			3,000		3,000
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes	2025			7.00%			3,500		3,500
2020 Term Loan	n/a			n/a			—		1,493
2018 Revolving Credit Facility(2)	2022	to	2023	Undrawn			—		—
Financing arrangements secured by aircraft:
Certificates(1)	2021	to	2028	2.00%	to	8.00%	2,009		2,633
Notes(1)(2)	2021	to	2033	0.71%	to	5.75%	1,279		1,284
NYTDC Special Facilities Revenue Bonds, Series 2020(1)	2026	to	2045	4.00%	to	5.00%	1,511		1,511
NYTDC Special Facilities Revenue Bonds, Series 2018(1)	2022	to	2036	4.00%	to	5.00%	1,383		1,383
Other financings(1)(2)	2021	to	2030	2.25%	to	8.00%	594		412
Other revolving credit facilities(2)	2022			Undrawn			—		—
Total secured and unsecured debt							27,522		28,214
Unamortized (discount)/premium and debt issue cost, net and other							(257)		(240)
Total debt							27,265		27,974
Less: current maturities							(2,019)		(1,443)
Total long-term debt							$	25,246	$	26,531

(1)Due in installments.

(2)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.

Schedule of payroll support program activity

A summary of the amounts received and warrants issued under the initial payroll support program under the CARES Act and the program extensions is set forth in the following table:


Summary of payroll support program activity
(in millions)	Total		Grant		Loan		Number of Warrants	Percentage of Outstanding Shares at June 30, 2021
Payroll Support Program (PSP1)	$	5,594	$	3,946	$	1,648	6.8	1.1	%
Payroll Support Program Extension (PSP2) (1)	3,290		2,333		957		2.4	0.4	%
Payroll Support Program 3 (PSP3) (2)	3,069		2,178		891		1.9	0.3	%
Total	$	11,953	$	8,457	$	3,496	11.1	1.8	%

(1)During the June 2021 quarter the remaining $1.1 billion of this grant was recognized in government grant recognition in our income statement.

(2)During the June 2021 quarter $356 million of this grant was recognized in government grant recognition in our income statement and $1.8 billion is deferred in other accrued liabilities on our balance sheet as of June 30, 2021.

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 where applicable, underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy.


Fair value of outstanding debt
(in millions)	June 30, 2021		December 31, 2020
Net carrying amount	$	27,265	$	27,974
Fair value	$	29,600	$	29,800