DEBT (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022			2022		2021
Unsecured Payroll Support Program Loans	2030	to	2031	1.00%			$	3,496	$	3,496
Unsecured notes	2023	to	2029	2.90%	to	7.38%	2,997		4,354
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)	2023	to	2028	4.50%	and	4.75%	5,144		6,000
SkyMiles Term Loan(1)(2)	2023	to	2027	7.99%			2,820		2,820
Financing arrangements secured by aircraft:
Certificates(1)	2023	to	2028	2.00%	to	8.00%	1,802		1,932
Notes(1)(2)	2023	to	2033	2.08%	to	6.85%	813		1,139
NYTDC Special Facilities Revenue Bonds(1)	2023	to	2045	4.00%	to	5.00%	2,838		2,894
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes	2025			7.00%			1,542		2,589
2018 Revolving Credit Facility(2)	2024	to	2025	Undrawn			—		—
Other financings(1)(2)	2023	to	2030	2.51%	to	5.00%	67		68
Other revolving credit facilities(2)	2023	to	2025	Undrawn			—		—
Total secured and unsecured debt							21,519		25,292
Unamortized (discount)/premium and debt issuance cost, net and other							(138)		(208)
Total debt							21,381		25,084
Less: current maturities							(2,055)		(1,502)
Total long-term debt							$	19,326	$	23,582

(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 debt instrument, repurchase amount

As a result of the tender offer, we repurchased the following notes:

Notes Repurchased in Tender Offer
(in millions)	Location in debt table	Principal Repurchased		Amount Paid
4.500% Senior Secured Notes due 2025	SkyMiles Notes	$	856	$	850
7.000% Senior Secured Notes due 2025	2020 Senior Secured Notes	478		498
7.375% Notes due 2026	Unsecured Notes	84		87
3.800% Notes due 2023	Unsecured Notes	65		65
Total Notes Repurchased		$	1,483	$	1,500

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, 2022		December 31, 2021
Net carrying amount	$	21,381	$	25,084
Fair value	$	20,700	$	26,900

Schedule of future debt maturities

The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2022:

Future debt maturities
(in millions)	Total Debt		Amortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other
2023	$	2,058	$	(54)
2024	2,809		(54)
2025	2,882		(36)
2026	2,838		(8)
2027	2,493		(1)
Thereafter	8,439		15
Total	$	21,519	$	(138)	$	21,381