DEBT

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

DEBT

DEBT

Summary of outstanding debt by category
	Maturity			Interest Rate(s) Per Annum at			March 31,		December 31,
(in millions)	Dates			March 31, 2023			2023		2022
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		2,997
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)	2023	to	2028	4.50%	and	4.75%	5,007		5,144
SkyMiles Term Loan(1)(2)	2023	to	2027	8.56%			2,478		2,820
NYTDC Special Facilities Revenue Bonds(1)	2024	to	2045	4.00%	to	5.00%	2,778		2,838
Financing arrangements secured by aircraft:
Certificates(1)	2023	to	2028	2.00%	to	8.00%	1,790		1,802
Notes(1)(2)	2023	to	2033	6.11%	to	7.22%	553		813
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes	2025			7.00%			1,274		1,542
2018 Revolving Credit Facility(2)	2024	to	2025	Undrawn			—		—
Other financings(1)(2)	2023	to	2030	2.51%	to	5.00%	67		67
Other revolving credit facilities(2)	2023			Undrawn			—		—
Total secured and unsecured debt							$	20,440	$	21,519
Unamortized (discount)/premium and debt issue cost, net and other							(120)		(138)
Total debt							$	20,320	$	21,381
Less: current maturities							(1,830)		(2,055)
Total long-term debt							$	18,490	$	19,326

(1)Due in installments during the years shown above.

(2)Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor), Secured Overnight Financing Rate ("SOFR") or another index rate plus a specified margin.

Availability Under Revolving Credit Facilities

As of March 31, 2023, we had approximately $2.9 billion undrawn and available under our revolving credit facilities. In addition, we had approximately $400 million outstanding letters of credit as of March 31, 2023 that did not affect the availability of our revolving credit facilities.

Early Settlement of Outstanding Notes

In the March 2023 quarter, we repurchased a principal amount of $468 million of various secured notes and a portion of the SkyMiles Term Loan on the open market and made early principal repayments of $227 million on various notes secured by aircraft. These payments resulted in a $22 million loss on extinguishment of debt recorded in non-operating expense in our income statement.

Fair Value of Debt

Market risk associated with our fixed- and variable-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. 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)	March 31, 2023		December 31, 2022
Net carrying amount	$	20,320	$	21,381
Fair value	$	19,900	$	20,700

Covenants

Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at March 31, 2023.