Debt (Tables)

12 Months Ended

Dec. 31, 2021

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)	Dates			December 31, 2021			2021		2020
Unsecured notes	2022	to	2029	2.90%	to	7.38%	$	4,354	$	5,350
Unsecured Payroll Support Program Loans	2030	to	2031	1.00%			3,496		1,648
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%			2,820		3,000
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes	2025			7.00%			2,589		3,500
2020 Term Loan	n/a			n/a			—		1,493
2018 Revolving Credit Facility(2)	2023	to	2024	Undrawn			—		—
Financing arrangements secured by aircraft:
Certificates(1)	2022	to	2028	2.00%	to	8.00%	1,932		2,633
Notes(1)(2)	2022	to	2033	0.79%	to	5.75%	1,139		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)	2022	to	2030	2.51%	to	8.00%	68		412
Other revolving credit facilities(2)	2022	to	2024	Undrawn			—		—
Total secured and unsecured debt							25,292		28,214
Unamortized (discount)/premium and debt issuance cost, net and other							(208)		(240)
Total debt							25,084		27,974
Less: current maturities							(1,502)		(1,443)
Total long-term debt							$	23,582	$	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 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 payroll support 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 December 31, 2021
Payroll Support Program (PSP1)	$	5,594	$	3,946	$	1,648	6.8	1.1	%
Payroll Support Program Extension (PSP2)	3,290		2,333		957		2.4	0.4	%
Payroll Support Program 3 (PSP3)	3,069		2,178		891		1.9	0.3	%
Total	$	11,953	$	8,457	$	3,496	11.1	1.8	%

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, 2021		December 31, 2020
Net carrying amount	$	25,084	$	27,974
Fair value	$	26,900	$	29,800

Schedule of future debt maturities

The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2021:

Future debt maturities
(in millions)	Total Debt		Amortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other
2022	$	1,483	$	(54)
2023	2,516		(60)
2024	3,094		(61)
2025	4,215		(39)
2026	3,051		(8)
Thereafter	10,933		14
Total	$	25,292	$	(208)	$	25,084