| 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.
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