DEBT

3 Months Ended

Mar. 31, 2024

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, 2024			2024		2023
Unsecured Payroll Support Program Loans	2030	to	2031	1.00%			$	3,496	$	3,496
Unsecured notes	2024	to	2029	2.90%	to	7.38%	2,575		2,590
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)	2024	to	2028	4.50%	and	4.75%	4,381		4,518
SkyMiles Term Loan(1)(2)	2024	to	2027	9.07%			1,598		1,772
NYTDC Special Facilities Revenue Bonds(1)	2025	to	2045	4.00%	to	6.00%	3,591		3,656
Financing arrangements secured by aircraft:
Certificates(1)	2024	to	2028	2.00%	to	8.00%	1,582		1,591
Notes(1)(2)	2024	to	2033	4.00%	to	7.59%	94		165
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes	2025			7.00%			812		838
2018 Revolving Credit Facility(2)	2026	to	2028	Undrawn			—		—
Other financings(1)(2)	2024	to	2030	2.51%	to	5.00%	67		67
Other revolving credit facilities(2)	2024	to	2026	Undrawn			—		—
Total secured and unsecured debt							$	18,196	$	18,693
Unamortized (discount)/premium and debt issue cost, net and other							(69)		(83)
Total debt							$	18,127	$	18,610
Less: current maturities							(2,551)		(2,625)
Total long-term debt							$	15,576	$	15,985

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

(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.

Availability Under Revolving Credit Facilities

As of March 31, 2024, we had approximately $2.9 billion undrawn and available under our revolving credit facilities.

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, 2024		December 31, 2023
Net carrying amount	$	18,127	$	18,610
Fair value	$	18,000	$	18,400

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, 2024.