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DEBT AND FINANCING ARRANGEMENTS | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
DEBT AND FINANCING ARRANGEMENTS | DEBT AND FINANCING ARRANGEMENTS The carrying value of our outstanding debt obligations as of March 31, 2025 and December 31, 2024 consisted of the following (in millions):
| Principal Amount |  |  |  | Carrying Value |  |  |  |  |  |  |  |
|  | Maturity |  | 2025 |  | 2024 |  |  |  |  |  |  |  |
Commercial paper | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Fixed-rate senior notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.900% senior notes | 1,000 |  |  | 2025 |  | 1,000 |  |  | 1,000 |  |  |  |  |  |  |  |  |
2.400% senior notes | 500 |  |  | 2026 |  | 499 |  |  | 499 |  |  |  |  |  |  |  |  |
3.050% senior notes | 1,000 |  |  | 2027 |  | 997 |  |  | 997 |  |  |  |  |  |  |  |  |
3.400% senior notes | 750 |  |  | 2029 |  | 748 |  |  | 748 |  |  |  |  |  |  |  |  |
2.500% senior notes | 400 |  |  | 2029 |  | 398 |  |  | 398 |  |  |  |  |  |  |  |  |
4.450% senior notes | 750 |  |  | 2030 |  | 746 |  |  | 746 |  |  |  |  |  |  |  |  |
4.875% senior notes | 900 |  |  | 2033 |  | 895 |  |  | 895 |  |  |  |  |  |  |  |  |
5.150% senior notes | 900 |  |  | 2034 |  | 894 |  |  | 894 |  |  |  |  |  |  |  |  |
6.200% senior notes | 1,500 |  |  | 2038 |  | 1,486 |  |  | 1,486 |  |  |  |  |  |  |  |  |
5.200% senior notes | 500 |  |  | 2040 |  | 494 |  |  | 495 |  |  |  |  |  |  |  |  |
4.875% senior notes | 500 |  |  | 2040 |  | 492 |  |  | 492 |  |  |  |  |  |  |  |  |
3.625% senior notes | 375 |  |  | 2042 |  | 369 |  |  | 369 |  |  |  |  |  |  |  |  |
3.400% senior notes | 500 |  |  | 2046 |  | 492 |  |  | 492 |  |  |  |  |  |  |  |  |
3.750% senior notes | 1,150 |  |  | 2047 |  | 1,138 |  |  | 1,138 |  |  |  |  |  |  |  |  |
4.250% senior notes | 750 |  |  | 2049 |  | 743 |  |  | 743 |  |  |  |  |  |  |  |  |
3.400% senior notes | 700 |  |  | 2049 |  | 689 |  |  | 689 |  |  |  |  |  |  |  |  |
5.300% senior notes | 1,250 |  |  | 2050 |  | 1,232 |  |  | 1,232 |  |  |  |  |  |  |  |  |
5.050% senior notes | 1,100 |  |  | 2053 |  | 1,083 |  |  | 1,083 |  |  |  |  |  |  |  |  |
5.500% senior notes | 1,100 |  |  | 2054 |  | 1,087 |  |  | 1,087 |  |  |  |  |  |  |  |  |
5.600% senior notes | 600 |  |  | 2064 |  | 590 |  |  | 590 |  |  |  |  |  |  |  |  |
Floating-rate senior notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating-rate senior notes | 1,773 |  |  | 2049-2074 |  | 1,753 |  |  | 1,755 |  |  |  |  |  |  |  |  |
Debentures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
7.620% debentures | 276 |  |  | 2030 |  | 279 |  |  | 279 |  |  |  |  |  |  |  |  |
Pound Sterling notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5.500% notes | 86 |  |  | 2031 |  | 86 |  |  | 83 |  |  |  |  |  |  |  |  |
5.125% notes | 588 |  |  | 2050 |  | 560 |  |  | 544 |  |  |  |  |  |  |  |  |
Euro senior notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1.625% senior notes | 757 |  |  | 2025 |  | 757 |  |  | 731 |  |  |  |  |  |  |  |  |
1.000% senior notes | 541 |  |  | 2028 |  | 540 |  |  | 521 |  |  |  |  |  |  |  |  |
1.500% senior notes | 541 |  |  | 2032 |  | 540 |  |  | 521 |  |  |  |  |  |  |  |  |
Finance lease obligations (see note 10) | 459 |  |  | 2025-2118 |  | 459 |  |  | 455 |  |  |  |  |  |  |  |  |
Facility notes and bonds | 320 |  |  | 2029-2045 |  | 320 |  |  | 320 |  |  |  |  |  |  |  |  |
Other debt | 3 |  |  | 2025-2028 |  | 3 |  |  | 2 |  |  |  |  |  |  |  |  |
Total debt | $ | 21,569 |  |  |  |  | 21,369 |  |  | 21,284 |  |  |  |  |  |  |  |  |
Less: current maturities |  |  |  |  | (1,858) |  |  | (1,838) |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  | $ | 19,511 |  |  | $ | 19,446 |  |  |  |  |  |  |  |  |
Commercial Paper We are authorized to borrow up to $10.0 billion under a U.S. commercial paper program and €5.0 billion (in a variety of currencies) under a European commercial paper program. There was no commercial paper outstanding as of March 31, 2025. The amount of commercial paper outstanding under these programs in 2025 is expected to fluctuate. Debt Classification We have classified certain floating-rate senior notes that are redeemable at the option of the note holder as long-term debt in our consolidated balance sheets, due to our intent and ability to refinance the debt if the put option is exercised. Debt Repayments On April 1, 2025, our 3.900% Senior Notes with a principal balance of $1.0 billion matured and were repaid in full. Other Arrangements Subsequent to March 31, 2025, we entered into six new aircraft leases which we expect to be treated as finance leases. The structure of this arrangement requires a parent company guarantee of approximately $430 million and will be accounted for under ASC Topic 460. Sources of Credit We maintain two credit agreements with a consortium of banks. The first of these agreements provides revolving credit facilities of $1.0 billion, and expires on November 24, 2025. Amounts outstanding under this agreement bear interest at a periodic fixed rate equal to the term SOFR rate, plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of March 31, 2025 was 0.70%. Alternatively, a fluctuating rate of interest equal to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in the United States; (2) the Federal Funds effective rate plus 0.50%; or (3) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%, may be used at our discretion. The second agreement provides revolving credit facilities of $2.0 billion, and expires on November 25, 2029. Amounts outstanding under this facility bear interest at a periodic fixed rate equal to the term SOFR rate plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of March 31, 2025 was 0.70%. Alternatively, a fluctuating rate of interest equal to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in the United States; (2) the Federal Funds effective rate plus 0.50%; or (3) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%, plus an applicable margin, may be used at our discretion. If the credit ratings established by Standard & Poor's and Moody's differ, the higher rating will be used, except in cases where the lower rating is two or more levels lower. In these circumstances, the rating one step below the higher rating will be used. We are also able to request advances under these facilities based on competitive bids for the applicable interest rate. There were no amounts outstanding under these facilities as of March 31, 2025. Debt Covenants Our existing debt instruments and credit facilities subject us to certain financial covenants. As of March 31, 2025, and for all prior periods presented, we have satisfied these financial covenants. These covenants limit the amount of secured indebtedness that we may incur, and limit the amount of attributable debt in sale-leaseback transactions, to 10% of net tangible assets. As of March 31, 2025, 10% of net tangible assets was equivalent to $4.5 billion and we had $40 million in covered sale-leaseback transactions and no secured indebtedness outstanding. We do not expect these covenants to have a material impact on our liquidity. Fair Value of Debt Based on the borrowing rates currently available to us for long-term debt with similar terms and maturities, the fair value of long-term debt, including current maturities, was approximately $20.4 and $20.3 billion as of March 31, 2025 and December 31, 2024, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of all of our debt instruments.

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