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DEBT
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
The following table summarizes our debt as of the dates indicated below:

Summary of outstanding debt by category
Maturity Dates
Interest Rate(s) Per Annum at December 31, 2023
December 31,
(in millions)20232022
Unsecured Payroll Support Program Loans2030to 20311.00%$3,496 $3,496 
Unsecured notes2024to20292.90%to7.38%2,590 2,997 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)
2024to20284.50%and 4.75%4,518 5,144 
SkyMiles Term Loan(1)(2)
2024to20279.17%1,772 2,820 
NYTDC Special Facilities Revenue Bonds(1)
2024to20454.00%to6.00%3,656 2,838 
Financing arrangements secured by aircraft:
Certificates(1)
2024to20282.00%to8.00%1,591 1,802 
Notes(1)(2)
2024to20336.72%to7.65%165 813 
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes20257.00%838 1,542 
2018 Revolving Credit Facility(2)
2026to2028Undrawn— — 
Other financings(1)(2)
2024to20302.51%to5.00%67 67 
Other revolving credit facilities(2)
2024to2026Undrawn— — 
Total secured and unsecured debt18,693 21,519 
Unamortized (discount)/premium and debt issuance cost, net and other(83)(138)
Total debt18,610 21,381 
Less: current maturities(2,625)(2,055)
Total long-term debt$15,985 $19,326 
(1)Due in installments.
(2)Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate plus a specified margin.

Early Settlement of Outstanding Notes

During 2023, we repurchased a principal amount of $1.4 billion of various secured and unsecured notes and a portion of the SkyMiles Term Loan on the open market and made early principal repayments of $585 million on various notes secured by aircraft. Collectively, these payments resulted in a $63 million loss on extinguishment of debt, which is recorded in non-operating expense in our income statement.
Availability Under Revolving Facilities

As of December 31, 2023, we had approximately $2.9 billion undrawn and available under our revolving credit facilities. In addition, we had $450 million of outstanding letters of credit as of December 31, 2023 that did not affect the availability under our revolvers.

New York Transportation Development Corporation ("NYTDC") Special Facilities Revenue Bonds, Series 2023

In the December 2023 quarter, the NYTDC issued Special Facilities Revenue Bonds ("Series 2023 Bonds") in the aggregate principal amount of $878 million. We entered into loan agreements with the NYTDC to use the proceeds from the Series 2023 Bonds to finance a portion of the costs of the construction project that is currently in process at LaGuardia Airport. The proceeds from the Series 2023 Bonds are recorded in other noncurrent assets on our balance sheets. See Note 8, "Airport Redevelopment," for further information on our LaGuardia Airport project.

We are required to pay debt service on the Series 2023 Bonds through payments under loan agreements with NYTDC, and we have guaranteed the Series 2023 Bonds.

2018 Revolving Credit Facility

In the December 2023 quarter, we entered into an amended and restated credit agreement (the "A&R Credit Facility") which amends and restates the previous 2018 revolving credit facility. The A&R Credit Facility was undrawn at the time we entered into it and at December 31, 2023. The A&R Credit Facility contains a $1.325 billion three-year revolving facility, a $1.325 billion five-year revolving facility and a $360 million three-year standby letter of credit facility. Up to $250 million of each of the three-year and the five-year facilities can also be used for the issuance of letters of credit. The A&R Credit Facility contains an accordion feature under which the aggregate commitments can be increased up to $3.65 billion subject to certain conditions.

The A&R Credit Facility is secured by a first lien on collateral consistent with the existing credit agreement, which includes our Pacific route authorities and certain related assets. We also have the option of pledging additional collateral. The A&R Credit Facility provides for the release of the lien on the collateral if we receive and maintain an investment grade rating with stable outlook from at least two of the three rating agencies (such date on which the collateral release conditions are met, the "Collateral Release Date").

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)December 31,
2023		December 31,
2022
Net carrying amount$18,610 $21,381 
Fair value$18,400 $20,700 
Covenants

Our debt agreements contain various affirmative, negative and financial covenants. For example, our credit facilities and our SkyMiles financing agreements, contain, among other things, a minimum liquidity covenant. The minimum liquidity covenant requires us to maintain at least $2.0 billion of liquidity (defined as cash, cash equivalents, short-term investments and aggregate principal amount committed and available to be drawn under our revolving credit facilities). Certain of our debt agreements also include collateral coverage ratios and limit our ability to (1) incur liens under certain circumstances, (2) dispose of collateral and (3) engage in mergers and consolidations or transfer all or substantially all of our assets. On or after the Collateral Release Date, collateral and liquidity covenants in the A&R Credit Facility will be replaced to include, among other things, (1) restrictions on our ability to place liens on, or to sell or otherwise dispose of, a designated pool of assets and (2) minimum fixed charge coverage ratio and minimum asset coverage ratio covenants. Our SkyMiles financing agreements include a debt service coverage ratio and also restrict our ability to, among other things, (1) modify the terms of the SkyMiles program, or otherwise change the policies and procedures of the SkyMiles program, in a manner that would reasonably be expected to materially impair repayment of the SkyMiles Debt, (2) sell pre-paid miles in excess of $550 million in the aggregate and (3) terminate or materially modify the intercompany arrangements governing the relationship between Delta and SkyMiles IP Ltd. with respect to the SkyMiles program.

Each of these restrictions, however, is subject to certain exceptions and qualifications that are set forth in these debt agreements. We were in compliance with the covenants in our debt agreements at December 31, 2023.

Future Maturities

The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2023:

Future debt maturities

(in millions)		Total DebtAmortization of
Debt (Discount)/Premium and Debt Issuance Cost, net and other
2024$2,633 $(49)
20252,006 (32)
20262,610 (6)
20272,315 — 
20281,884 — 
Thereafter7,245 4 
Total$18,693 $(83)$18,610