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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
DEBT | DEBT The following table summarizes our debt as of the dates indicated below:
Summary of outstanding debt by category |  |  |  |  |  |  |  |
| Maturity | Interest Rate(s) Per Annum at | December 31,
(in millions) | Dates | December 31, 2022 | 2022 | 2021
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 |  | 4,354 |
Financing arrangements secured by SkyMiles assets: |  |  |  |  |  |  |  |
SkyMiles Notes(1) | 2023 | to | 2028 | 4.50% | and | 4.75% | 5,144 |  | 6,000 |
SkyMiles Term Loan(1)(2) | 2023 | to | 2027 | 7.99% | 2,820 |  | 2,820 |
Financing arrangements secured by aircraft: |  |  |  |  |  |  |  |
Certificates(1) | 2023 | to | 2028 | 2.00% | to | 8.00% | 1,802 |  | 1,932 |
Notes(1)(2) | 2023 | to | 2033 | 2.08% | to | 6.85% | 813 |  | 1,139 |
NYTDC Special Facilities Revenue Bonds(1) | 2023 | to | 2045 | 4.00% | to | 5.00% | 2,838 |  | 2,894 |
Financing arrangements secured by slots, gates and/or routes: |  |  |  |  |
2020 Senior Secured Notes | 2025 | 7.00% | 1,542 |  | 2,589 |
2018 Revolving Credit Facility(2) | 2024 | to | 2025 | Undrawn | — |  | — |
Other financings(1)(2) | 2023 | to | 2030 | 2.51% | to | 5.00% | 67 |  | 68 |
Other revolving credit facilities(2) | 2023 | to | 2025 | Undrawn | — |  | — |
Total secured and unsecured debt |  |  |  |  |  |  | 21,519 |  | 25,292 |
Unamortized (discount)/premium and debt issuance cost, net and other |  |  |  | (138) |  | (208) |
Total debt |  |  |  |  |  |  | 21,381 |  | 25,084 |
Less: current maturities |  |  |  |  |  |  | (2,055) |  | (1,502) |
Total long-term debt |  |  |  |  |  |  | $ | 19,326 |  | $ | 23,582 |
(1)Due in installments. (2)Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor) or another index rate plus a specified margin. Early Settlement of Outstanding Notes In 2022, we completed a cash tender offer for an aggregate purchase price of $1.5 billion, excluding accrued and unpaid interest, of certain of our outstanding debt securities. As a result of the tender offer, we repurchased the following notes:
Notes Repurchased in Tender Offer |  |  |  |
(in millions) | Location in debt table |  | Principal Repurchased | Amount Paid
4.500% Senior Secured Notes due 2025 | SkyMiles Notes |  | $ | 856 |  | $ | 850 |
7.000% Senior Secured Notes due 2025 | 2020 Senior Secured Notes |  | 478 |  | 498 |
7.375% Notes due 2026 | Unsecured Notes |  | 84 |  | 87 |
3.800% Notes due 2023 | Unsecured Notes |  | 65 |  | 65 |
Total Notes Repurchased |  |  | $ | 1,483 |  | $ | 1,500 |
During 2022, in addition to the cash tender offer, we also repurchased $778 million of various secured and unsecured notes on the open market. Collectively, these payments resulted in a $100 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, 2022, we had approximately $2.9 billion undrawn and available under our revolving credit facilities. In addition, we had $400 million of outstanding letters of credit as of December 31, 2022 that did not affect the availability under our revolvers. 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, 2022 | December 31, 2021
Net carrying amount | $ | 21,381 |  | $ | 25,084 |
Fair value | $ | 20,700 |  | $ | 26,900 |
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. 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, 2022. Future Maturities The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2022:
Future debt maturities |  |  |
(in millions) | Total Debt |  | Amortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other |  |
2023 | $ | 2,058 |  |  | $ | (54) |  |  |
2024 | 2,809 |  |  | (54) |  |  |
2025 | 2,882 |  |  | (36) |  |  |
2026 | 2,838 |  |  | (8) |  |  |
2027 | 2,493 |  |  | (1) |  |  |
Thereafter | 8,439 |  |  | 15 |  |  |
Total | $ | 21,519 |  |  | $ | (138) |  |  | $ | 21,381 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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